Sales forecasting and targeting exercises go together. Once completed, sales can develop a roadmap for achieving clear and measurable outcomes.
Make sure that the forecasts are accurate, completed by everyone, and finalized on time. Then set your sights on where and from whom your business will come from.
Many targets are based on demographics alone.
These demographics include size of company by revenue or number of employees. Others include by industry, such as manufacturing, technology, etc.
It’s also important to target on conditions.
Examples include: companies that are going through a merger, or relocating, or hiring large numbers of salespeople.
By understanding the combination of demographics and conditions, your marketing and sales teams can by better prepared. They’ll align on the content of inbound and outbound messaging and their activity to generate new opportunities.
Forecast and target by type of salesperson.
Recognize that each type of salesperson on your team may forecast and target differently. The head of sales should be trained on accurate forecasting and targeting.
Examples include revenue mix by company target, pipeline going into the forecast, transaction size and type of salesperson.
We use an A+, A, B, or C to classify each type of salesperson. The senior A+ salesperson will bring in a higher percentage than the rest of the team, the A slightly less, and so on.
Here is an example:
50% Total revenue production from A+ salesperson(s)
25% Total revenue production from A salesperson(s)
15% Total revenue production from B salesperson(s)
10% Total revenue production from C salesperson(s)
Remember to combine forecasting and targeting to both new and existing clients. Some salespeople who are hunter oriented will target new relationships, others will target getting more business by upselling and cross selling existing clients.
Make targeting a group exercise by inviting people who represent Marketing, Sales, and Operations. Different inputs and perspectives result in a richer and more comprehensive list of new places and people to contact for new business.
Target based on person as well as company.
Target based on types of person as well as types of company.
Start by developing buyer personas. Think about all the people who do or could buy from you. After that, ask yourself these questions:
Does their age matter? Where do they live? What motivates them at work? What are their goals and aspirations? Furthermore, what challenges do they face?
Use an editorial calendar to target
Develop an annual editorial calendar and target your content accordingly. This makes messaging more consistent that is used in blogs , eBooks, webinars, podcasts, vlogs, etc.
Don’t forget to develop a process for targeting on social media, such as LinkedIn. The editorial calendar will help your sales reps stay aligned on trending and relevant content.
Do you have any ideas on how you can drive marketing and sales with forecasting and targeting? Let us know in the comments!