In my nearly 20 years as a Sales Leader at Oracle, the number of times I reviewed a territory sales plan and found that the Rep had no solid, actionable, plan was too many to bear thinking about!
In my recent post "Hope is Not a Strategy!", we looked at the effect of not having a plan to win a deal. Here we look at the importance of planning to achieve a territory sales target.
"Fail to plan, plan to fail" is a well-known saying attributed to Benjamin Franklin, one of the Founding Fathers of the United States. The phrase succinctly captures the importance of planning in achieving success, and is no more relevant than in Sales. It emphasises that without proper planning and preparation, the likelihood of failure increases significantly. It serves as a reminder of the critical role that thoughtful and strategic sales planning plays in achieving goals and objectives.
There are many frameworks that help with sales planning. The one that I used to consistently good effect at Oracle is called GOSPA. It stands for Goals, Objectives, Strategies, Plans, and Actions. It's a simple framework used to structure and organise sales planning efforts.
Here's a brief overview of each component:
Goals: Goals are the high level targets you aim to achieve within a specific timeframe. They are typically high-level and aligned with the overall objectives of the organization. Sales goals may include revenue targets, market share growth, customer acquisition goals, etc.
Objectives: Objectives are specific, measurable milestones that contribute to the attainment of your goals. They provide clarity on what needs to be accomplished to reach your targets. They should be "SMART" (Specific, Measurable, Achievable, Relevant, Time-bound) to ensure they are actionable and realistic.
Strategies: Strategies outline the broad approach or plan of action you will take to achieve your objectives. They involve identifying the most effective methods, channels, and tactics to reach your target customers, differentiate your offerings, and drive sales growth. Strategies may include market segmentation, value proposition development, competitive positioning, etc.
Plans: Plans translate your strategies into detailed, actionable steps and initiatives. They specify the activities, resources, timelines, and responsibilities required to execute your strategies effectively. Plans may include sales campaigns, lead generation activities, account management strategies, etc.
Actions: Actions are the specific tasks, activities, and behaviours that sales reps and teams must undertake to implement the plans and achieve the desired outcomes. They involve executing on the defined strategies and plans with precision and consistency, whether it's conducting prospecting calls, delivering product demonstrations, negotiating contracts, or providing post-sales support.
In my experience, by following this simple but effective GOSPA framework, sales people can align their efforts with organisational objectives, develop clear strategies and plans for achieving their goals, and execute with focus and purpose to drive success in the marketplace.
Having a plan, even a simple one, will dramatically increase the chance of success. If you want to know more, please contact me.
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