Territory management is the development and implementation of a selling strategy that defines the plan and purpose for systemically covering your territory or accounts.
Done right, it is a wide scale plan that pulls together multiple facets of your organization in a unified effort to drive new business growth, enhance the productivity of your sales reps, improve sales coverage, streamline your organizational selling procedures and create a structure for performance measurement. For organizations looking for repeatability and scalability it’s an absolute necessity.
To work as intended, the definition of this comprehensive selling strategy must be a function of the organization as a whole, not just the sales representative(s). This is because even the best sales representatives have a tendency to work within their comfort zone and while they may be producing results on their own, as an organization you are not maximizing your opportunities.
Think sports. Letting sales representatives come up with their own individual territory management plans could be compared to throwing five guys out on a basketball court with no playbook, no coach and no defined roles. Sure they might score some points, but the likelihood that they are working to their potential is slim.
Instead, a good sales manager sets goals and makes sure his or her team follows the same play book so they reach those goals together.
A great manager takes that one step further and also pulls in the marketing team to build and consistently execute effective lead generation marketing and targeted email campaigns to support the sales efforts, build the brand and communicate a consistent story about what makes the product compelling.
When done in conjunction with outbound calls and introductory emails from the sales representatives the widespread marketing initiatives will help them work through their territories and identify organizations that are buying now or intend to buy in the future.
So, where do you get started?
To execute successful territory management, the underlying infrastructure needs to be in place.
- You need an active sales manager with a key understanding of the ideal client who will work with the team to set goals, coach on how to get them, ensure that procedures are followed and consistently review progress.
- You need a CRM system and you need to know how to use it.
- You need to define overall objectives and success measures.
- You need to define the steps of the sales cycle properly and actively manage the activities inside each stage of the cycle.
Create a plan early based on what you know about the marketplace. Structure your contact relationship management system accordingly so that it will provide you insight into how you are moving leads to opportunities to clients. Consistently review progress. Adjust strategy as necessary.
If you have the operational expertise to run your business, but are constrained by current sales efforts, NuGrowth Solutions can help. Leverage our expert sales and lead gen marketing teams to increase revenue for your business. Contact us today.