10 effective strategies for closing the year strong
By Sandler Systems, Inc.
It’s hard to believe, but the end of an unusual year is almost here. How’s your year been so far? Maybe it’s been understandably disappointing and you’re looking to improve what you can while you can. Or maybe you’ve thrived in the recovery and rebounded into a terrific year and simply want the momentum to continue.
Whatever your situation, here are 10 tried-and-true strategies for finishing the year strong and positioning yourself for a profitable and productive 2021.
No. 1: Actively engage in account planning
An account plan isn’t something you create in January and forget about; it’s a living, nimble document that sales teams should consistently utilize, update and share collaboratively in a team selling environment. Account plans act as strategic and tactical guides to help move future revenues into the present, based on clear understanding of client needs and pains.
No. 2: Identify and segregate your accounts
All accounts are not created equal, as Sandler’s KARE tool reminds us. KARE is an acronym for the four critical objectives that drive our interactions with established and prospective buyers: KEEP, ATTAIN, RECAPTURE, or EXPAND. These are four very different strategic priorities. Salespeople must learn to ask: which of these four groups makes the most strategic sense for me to focus on right now – and why?*
No. 3: Devise a 2021 mid-year strategy
Another strategic element to keep in mind is to revisit opportunities from earlier in the year that may have lost funding or were dropped by the customer. Remember, funding can be restored based on client need changes or the brightening of a financial outlook. Your understanding of client environments increases your competitive advantage and positions you to win deals that your adversaries have dropped from their radar.
No. 4: Understand customer financing in late Q4
While this is a complex topic, one thing you can do pretty easily is to identify excess budget in your customer’s organization through your understanding of their historical spending. This foresight can lead to pre-billing for services yet to be rendered and, in essence, warehousing money for the client to spend in the next year – with you! In many situations for clients, it’s “use it or lose it!” Make sure you clearly understand your client’s financial calendar and fiscal year. Remember – it’s not about you!
No. 5: Set more aggressive behavioral plans and actionable goals
Here’s a sales leader’s rule of thumb for a year that none of us expected: in 2021, our salesforce should execute behaviors that support business development at a level that is at least 30% higher than what they were doing prior to the outbreak of the pandemic. That’s what we are seeing among teams that are bouncing back – and note that this higher level of behavior is what’s necessary just to break even. A truly aggressive behavioral plan needs to be the starting point for each salesperson in Q4, and it needs to be set up in two different categories: behaviors that drive revenue into your organization over the next 90 days; and prospecting behaviors designed to set up the salesperson for a strong 2021.*
No. 6: Optimize your team
Sales managers, now is the time to take action on chronic underperformers while there’s still time to salvage opportunity and revenue from their territories. It’s also time to onboard new, quality sales representatives to take you through the end of the year. Even without quality replacement candidates ready, tolerating consistently poor performers sends a very negative message throughout your organization. You never hear sales managers lamenting, “I moved too quickly on releasing Tom.” It’s always the opposite.
No. 7: Be ready to make “close the file” calls
Don’t be afraid to get a “no.” If a customer has gone dark on you, make a call and say, “Since I haven’t heard back from you, I get the feeling that you’ve gone in a different direction.” Prospects who’ve moved on but never told you so will allow you to close the file. On the other hand, those who simply became distracted will often move forward with a deal after you’ve reconnected with them in this way. With time a precious commodity in your efforts to close the year strong, you can’t afford to be in the dark. Whether you close the file or identify something new that will help you win the deal, you’ve been given a gift!
No. 8: Practice strong pre-call planning and have clear next steps
Every call you make should have a clear purpose. As a manager and salesperson you should always be able to answer this question: “Where am I in this deal and what will it take to progress to the next step?” If the scenario is ambiguous for you, it is for your buyer, too. Clarity is key!
No. 9: Have client review meetings
Now’s the time for face-to-face meetings with customers who present an opportunity for expanded business. Figure out who they are and what new products or services you could be providing to them. Use your client knowledge from account planning to identify these situations with the most potential for current business, and avoid sessions focused on the “status quo.” The clock, of course, is ticking.
No. 10: Look beyond the big deal
The sales teams who are turning the corner on this year’s challenges are the ones planting lots and lots of seeds. They’re setting up large numbers of low-budget trial programs and pilot programs, also know as “monkey’s paws,” that can expand over time. A monkey’s paw is a smaller-sized deal that a buyer can say yes to quickly. You can enjoy a very successful year if you initiate lots of relationships – or strengthen an existing relationship – and close 2020 as strongly as possible, while laying the groundwork for an even stronger 2021.