Sales Strategy is a documented plan used by companies for positioning and selling their products and services. The goal is to differentiate the company from its competitors in the market and allow it to carve out a profitable niche.
Sales strategy acts as a set of guidelines that gives an idea of how to make a sale by directing marketing and sales efforts. It is a useful planning tool as it allows the sales team to have goals that are Specific, Measurable, Achievable, Relevant, and Time-Based (SMART).
The advantage of having a proper sales strategy is that it gives a clear route for the sales and marketing team to follow. It accomplishes this by identifying the appropriate markets and channels, gives a proper understanding of the competition and market trends, and thereby allows the team to stay organized.
Whether in a multi-million dollar company or a startup, proper marketing is crucial. As such, sales strategy is an essential component of any such company.