"Let your plans be dark and impenetrable as night, and when you move, fall like a thunderbolt"
—Sun Tzu
Sun Tzu's quote "Let your plans be dark and impenetrable as night, and when you move, fall like a thunderbolt" is as relevant to sales strategy as it is to warfare. In today's competitive business landscape, it is essential to have a well-planned, strategic and quick approach to sales in order to beat the competition. Here are some ways to apply Sun Tzu's principles to your sales strategy:
Prepare
The first sales call is a critical moment in every sales process. It is essential to make a good first impression and to establish rapport with the customer quickly. To prepare for your first sales call, do diligent research on the customer and their overall needs. Use social media and other online resources to gather information about the customer's business, industry, and pain points. Be prepared with a clear value proposition and a well-thought-out sales pitch, and the possible competitive landscape.
ATD Stat: According to a study by CSO Insights, found that companies with a formal sales process that includes pre-call planning and research had a 24.3% higher win rate than those without a formal process.
Derive the Customer's Needs
The shortest distance between two points is a straight line, and one of the keys to successful sales is understanding the customer's needs, and defining the journey to the desired business outcome. Ask questions and listen carefully to the customer's responses. Use the information you gather to tailor your sales approach to the customer's specific needs. This will help you to establish trust with the customer and to position yourself as a valuable partner.
ATD Stat: According to a survey by HubSpot, sales reps who actively listen and understand the buyer's needs are 4.2 times more likely to close the deal.
Plant Landmines for the Competition
Sun Tzu emphasizes the importance of deception & tactics to fluster the enemy in warfare. In sales, this can take the form of planting landmines for the competition. Do your research on the competition and identify their weaknesses, and focus the customer on your strong points. Use this information to position yourself as a superior alternative. Highlight your strengths and differentiate yourself from the competition. This will make it more difficult for the competition to gain a foothold with the customer and win the deal.
ATD Stat: According to a study by InsideView, sales reps who understand their competitors and market conditions are 81% more likely to be high performers compared to those who do not.
Rapid Response
In warfare, the ability to move quickly and respond rapidly is critical. In sales, this means responding quickly to customer inquiries and requests. Make sure to be responsive to the customer's needs and to provide timely and accurate information. This will help to establish a positive relationship with the customer and to position yourself as a reliable partner.
ATD Stat: A Lead Response Management study found that reps that responded to leads within five minutes were 100 times more likely to reach the lead than those that responded after 30 minutes.
Customer Service
In warfare, well planned logistics & support are required to insure momentum. In sales, customer service plays a similar role. Providing excellent customer service can be the key to winning the customer's loyalty and establishing a long-term relationship and victory. Make sure to follow up with the customer after the sale and to provide ongoing support and assistance as needed.
ATD Stat: Additionally, a study by Bain & Company found that increasing customer retention rates by just 5% can increase profits by 25% to 95%.
Treat every day like a battle you want to win, and with a well-planned and strategic approach to sales, you can do just that. Fight on!