Rood 1
Thomas Rood
Dr. Hoeppner
MAR 4403
9/25/2022
STEP 2: BUILD A STRATEGIC PLAN
Part A:
Establishing a strategic plan is critical for the sales management process as it provides a framework that guides decision-making in the preceding steps, hence guiding the company toward its desired revenue growth. Therefore, referencing McEVOY Medical Production Inc., current strategies, the knowledge gained from the SWOT analysis should act as a base for making decisions moving forward.
1. One weakness that is worth noting is the company’s heavy reliance on existing customers with contracts for growth at the expense of finding strategies that can also attract new customers. To support the company’s growth target of 10 percent, we will establish new sales strategies (what) that appeal to the new customer base as well as the existing customers. The strategy will be based on leveraging social media platforms (how) through the contracting of strategic media influencers to promote the company’s products online to appeal to the targeted audience. Hence, the strategy will help in expanding customer base (benefit) building towards the company desired growth goal and hopefully influence the acquisition and retention of lifelong customers (what it will deliver).
2. The other challenge of concern is the company’s sales team’s inability to close long-term customers due to their lack of a long-term sales plan. In support of the 10 percent growth target, we will establish a long-term sales plan, which will be pursued through the enhancement of brand awareness and having quarterly sales goals. This will positively impact the perception of the medical products among its customers and challenge the sales team’s motivation for work. Long term sales plan strategy will help nurture a sense of permanency that assures both the customers and sales team of reliable service. It also instills a bright vision into the future and reinforces the commitment towards achieving the 140 million mark of revenue increase by 2025.
3. Another area of concern is the frail customer confidence in sales rep capabilities and commitments. To support the 10 percent increase in revenue we will establish fast and efficient customer response and support. This will be achieved through developing and implementing sales training programs at McEVOY about how to timely respond to customers’ dissatisfaction and concerns. If the sales team is competent to handle the customer’s responses, it will help in enhancing the company’s brand loyalty, bolstering customer’s confidence and their desire to associate with the company’s products. This strategy will enhance customer satisfaction rate and reduces potentials loss of customers to other brands thus encouraging fast growth that will help in attaining the 10 percent growth rate..
4. The company also needs to address the issue of distribution that exposes them to differentiation challenges due to imitation of their products by other manufactures and sales teams. When product differentiation becomes difficult, it becomes detrimental for a brand, as it eliminates reasons for customers to choose that particular brand over its competitors. In order to pursue the 10 percent growth, we will contract reputable professional distributors and differentiate the company’s products. This will be achieved by having the company approach reputable brands and uniquely price its products from its competitors by providing coupons tailored for customers or lowering prices. Thus, the strategy will help safe guard McEVOY products from imitation and create a unique identity for McEVOY products establishing a distinct identity from the competing brands. This will enhance company’s image on quality services and give customers reason to maintain reliance on the specific product hence a nurturing lifelong customers.
5. Lack of a comprehensive sales report is another weakness worth noting. Lack of detailed data on sales can also be a problem for the company, especially when it comes to decision-making and establishing progress and challenges of the sales department. To support the pursuit of 10 percent revenue growth, we will create a comprehensive system that provides detailed data reports. This can be formed by encouraging the sales team to fill in comprehensive daily and monthly reports on their sales, customers’ requests, and comments. This strategy will go a long way to help in the sales decision-making process or manufacturing process.
6. One positive area that the company has is that the sales teams have great emotional intelligence and can be assertive during sales rather than aggressive. In building an effective sales strategy that will lead to the 10 percent growth in revenue this strength can be leveraged to support in building a positive relationship with the customers. Therefore, we will encourage sales representative to engage on a one on one contact with the client. This will bolster a sense of being understood and heard, hence, enhancing customers’ confidence and build trust. This strategy will support in fostering a mutual relationship that will increase the company’s revenue growth through customer’s commitment to work with the company.
7. Another existing strength that the sales team posses is the presence of an interactive website which will be leveraged when building an effective sales strategic plan for the sales team. To support the targeted 10 percent growth the presence of interactive websites will be used to upload the company’s merchandise on sale, the offers or coupons, and guide materials within the websites for customers to easily access and interact with. This will ease customer’s interaction with the sales team, the products and training on product use, access to best deals and information as well as ease of choosing the product that meets their needs. The use of websites will provide an online presence that will increase customer base enabling faster growth that will increase the revenue growth.
8. Also, the CEO’s commitment to investing in the company’s growth will be leveraged in establishing sale strategic plan. In order to support the desired growth rate the CEO’s commitment to invest in the company growth will be used to encourage the sales team to come up with ideas and suggestions on how to drive revenue within the organization. Once, practical ideas are established the CEO will be consulted to invest on the ideas in order to push for the desired company’s growth. The expected return for this move is to see the company move towards the ten percent growth in revenue by 2023.
9. Besides, the sales strategic plan aims to leverage the marketing team remarkable positive impact on the material and its push to the customers. The marketing materials send out are eye-catching for new customers and potential customers. This strength will be leveraged to provide value-addition to products making them more appealing to customers and improve the odds of them agreeing with what the marketing team is selling. This strategy aims at in increasing customers consumption by enhancing their responsiveness to the products, thus, driving the move towards revenue growth.
10. An opportunity that can be leveraged is that untapped rural market. To pursue the 10 percent revenue growth there, we will establish a sale team plan aims at tapping into the explored rural market. The strategy will aim to expand the market potential by extending the company’s reach to remote areas. This will help maximize market potential leading to enhanced growth. Also, it will impact the brand presence in a wider geographical sphere. To achieve this company will increase its production of the products, expand its marketing team, or partner with distributors operating in remote areas to supply its items. The goal is to reach more customers which will translate to more revenue.
Part B: Value-enhancing actions the sales team should engage in for the company’s customer
1. Encourage one-on-one engagement with customers through the use of emails, phone calls, or physical contact if the need arises to address emerging issues and guarantee customers the best service.
2. Communication of scheduled delivery time that can be carried out through phone calls and email. This encourages reinforcement of customer satisfaction and appreciation for having trusted them for its services.
3. Follow up on how the customer is finding the purchased products which involves the sales person making inquiry if the item is operating as expected, whether the customer needs help with its operation, and whether the item is worth the support they needed.
4. Facilitating ease of purchase and delivery. The salesperson will make orders, follow up on the process from disbursement of the items by the company through to delivery to the customer, and communicate with both the clients and the distributors through calls or email up to the point of delivery to ease the transaction process and eliminate any possible arising challenges during the process.
5. During the order or contract, the salesperson will collect the relevant details of the customers from their official names, their contacts, location of distribution as well as the number of items to be purchased and distributed that will help them aid the transaction with minimal customer inconveniences.
Part C: Sales process for sales representatives to followw
1. First contact: The salesperson should reach out and introduce themselves to the potential customers.
2. Qualifying the prospect: Ensure the customer can use any of the company’s products to establish if they can be persuaded to be a paying customer.
3. Nurture your prospect: Educate them on the available products including those they can benefit from, be attentive to their views and needs and be ready to sell the product’s key features. Inform customers of all the benefits of the product giving reasons why a customer should choose it over a competitor.
4. Answer questions: Address questions or concerns that the customer presents. Assure the customer that the product is worth the value. Be friendly, educational, and patient.
5. Close and Follow up: Finalize the purchase with the customer and do a follow-up on the customer’s experience.