Wednesday, October 25, 2023

Turning Insight into Action: Building Your Sales Playbook for 2024

It’s Fall. The temperature is dropping, leaves are changing, and there is a lot of uncertainty about the economy and politics, both logically and globally. No matter what your sales performance has been in 2023, one thing is for sure, you will be at a disadvantage if you don’t start to put together your sales playbook and growth plan for 2024.

What is a sales playbook?

A sales playbook is a resource that outlines your sales strategy, processes, and best practices. It provides your team members with relevant information about your growth goals, sales process, and sales activities/plays to execute during each stage of the selling cycle.

Why is a playbook important?

A sales playbook is vital to your company’s sales success in several ways, especially during uncertain times.

  1. Provides standardization, alignment, and scalability: Every member is more efficient, spends more time selling and less time searching for tools and answers, and is focused, consistent and effective executing your sales strategy.
  2. Supports launch of new products or services: Develop a standard play for your team to sell new products and to use existing processes and tools to build each new sales play.
  3. Use to hire and train: New hires usually have a lot to learn. Having a playbook in place will make it easier for them to get some foundational knowledge about your firm, and find answers themselves, reducing time spent searching and asking questions.
  4. Provides a better customer experience: Consistency across the organization in engaging, responding to, and answering customer questions is important to the customer experience. When a new best practice is developed, quickly scale it to support customers across the business.
  5. Reduces risk if you lose key sales leadership or personnel: When best practices are captured in the playbook, they can be reused across the team.

7 key elements of a great playbook:

Your sales playbook should be customized specifically for your company and team. It can be as detailed as you want but should include information necessary to execute your growth strategy. In general, a playbook should include:

  1. Company Overview: History, mission, value proposition, and goals.
  2. Products and Services Information: What exactly are you selling?
  3. Buyer Personas: Who are you selling each product or service to and in what channels?
  4. Sales Process Steps: Include all stages from finding leads, to qualification, to closing, and post-sale account management steps.
  5. Resources and Sales-Enablement Materials: CRM, templates, etc.
  6. KPIs and Metrics: Lead generation statistics, time to close, conversion percentage, etc.
  7. Commission Structure: What do your reps get if they go beyond their quotas?

What can you do to get started?

Whether you are a small company developing your first playbook or larger company updating your plays as you grow or diversify your product offerings, it is important to be prepared. Having a sales playbook that outlines your goals, plan, and plays ensures alignment across the organization and that your team will execute more consistently to thrive in 2024 regardless of broader market forces. The results of which support capabilities to sustain and further enhance growth in the long term.

The Author: Selena Sanderson, Managing Director Sales Advisory & Growth Practice Lead

If you would like to turn your insights into action and get started developing or enhancing your sales playbook, please join Fahrenheit Advisors and other VACEOs companies on November 1st to:

  • Clarify your growth goals
  • Develop sales plans, processes, and activities to achieve your objectives
  • Install a system of measurement to keep your team on target
  • Learn about other resources required to accomplish your plan

A cocktail hour will follow for an opportunity to network with fellow attendees.

Register for the Workshop: Building Your Sales Playbook for 2024 here.

Learn about Fahrenheit Advisors Sales Advisory Practice

Posted by Aida Pehlic at 11:41 am

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