Creating a business plan or strategy plays an important role for the growth & expansion of any organisation which has a direct impact on revenue maximization and getting closer to the common desired goal. Strategic management results in effective planning, proper implementation of ideas. I am going to discuss the framework to know when it comes to understanding business and sales strategy for business growth.
First and foremost, formulation of short and long term business strategies help in understanding the current position & predicting the growth curve of the business in the future. Business Forecasts are a way to make predictions on and to respond to various business needs. This method drives better decision making. Usually performed by the director and sales-business strategy staff in the organisation.
Every business organisation consists of two models of business leads. Inbound and outbound. Let us explore the two models and better understand its relevance to your business.
Inbound Business Leads:
Opening a dialogue -
This completely runs on the credibility you have in the domain/ services you offer. Consisting of different parameters like having a top notch web presence by understanding your audience and ensuring them to drive their journey to achieve your goal in a systematic manner. These audiences needs to be handled in a very focused manner being a genuine reach out to your services by researched, referred, or driven through external activities.
Defining the requirements -
The next step involves qualification of that particular inquiry aligning it with your criteria which are pre-defined. Match making with regards to the need of the customer and how you can serve those requirements. Understanding the maturity of the customer have in terms of your services and driving the conversation to build confidence of we being the right choice based on experience & key differentiators and what value you bring to the table.
As these inquiries are direct opportunities to cater and require minimal efforts to convert them into an account if they match your pre-defined criteria of business. The probability of winning customers is high.
Outbound Business Leads:
Approach and Planning -
Every organisation/ individual has their unique style of reaching out to their targeted audience in different ways which suits their service/ product offering in the industry. Though it involves a traditional process of market research, data mining, campaigning and connecting with the end customer through different professional & social channels. This strategy compliments the inbound business equally and create awareness and exposure to the service offerings of the business.
Here the mantra that helps in driving the outbound sales successfully:
- - Explore
- - Prospect
- - Connect
- - Convert
Typically a sales/ business professional who is seeking opportunities through the targeted client database, takes around 3-6 months of time to convert a particular lead into an account.
Let’s explore some of the similarities and differences between the two types:
Both have the same objective of generating leads/ create demand. And coincidentally, both the methods require deep understanding of the psyche of the target audiences.
In case of inbound leads, the emphasis is on allowing the customers to control the time and channel of engagement, exchange of information. Whereas, in case of outbound leads, the business owner controls the exchange of information with no prior concrete knowledge of customer’s current requirements.
In my opinion, Building empathy is the biggest lesson to learn when it comes to fostering newer and stronger relationships with clients. And the direction of communication should be - Attract < Convert < Convince < Delight.
Being empathetic towards your clients helps you gain their trust and strengthen the foundations for future relations to bloom upon.