Starting a business is a challenging but rewarding experience. However, many new entrepreneurs struggle to make their business profitable. In fact, almost half of new businesses fail within the first five years.
To avoid being one of them, you need to have a strategic plan with well-thought-out goals and objectives to reach those aims. You also need to constantly monitor and evaluate your business performance so that you can take corrective measures before things start going downhill. As an entrepreneur, you need to know what works for your business and what doesn’t so that you can stay ahead of the game at all times.
If you are venturing into starting your own business for the first time or want to revitalise your current business strategy, here are seven steps that will help you build a successful business:
- The Importance of Sales Enablement
- Know Your Audience
- Create a Strategic Plan
- Set Benchmark Objectives
- Develop a Marketing Strategy
- Build a Great Team
- Monitor and Evaluate Results
Let's explore these steps in some more detail.
The Importance of Sales Enablement
Sales enablement is a process where you train your employees and managers to sell your products or services more effectively. The goal of this process is to maximise sales and create long-term relationships with your customers by helping them make better buying decisions.
Before you launch any marketing activities, you need to assess your sales enablement strategies. This will help you identify areas that need improvement, which in turn will allow your company to forecast its sales and revenue targets more accurately. What’s more, improving your sales enablement strategies will enable you to streamline your customer acquisition process, which is crucial if you want to increase customer retention and referrals.
Know Your Audience
Once you’ve established what your sales enablement strategy is, it’s time to focus on your target audience. You need to understand who your target customers are and what their buying behaviours are. You should also learn about your potential customers’ pain points and how your product or service will solve those issues.
If you understand your target audience, you’ll be able to determine which marketing channels work best for your business. Knowing your audience will also help you create an effective marketing strategy by choosing the best marketing channels for your business.
Create a Strategic Plan
Now that you know the type of customers you want to attract and the marketing channels you’ll use to reach them, it’s time to create a strategic plan that outlines the steps you’ll take to drive more traffic to your website and convert them into paying customers.
The first step to creating a strategic plan is to identify your marketing objectives. What are you trying to accomplish? What are your company’s goals and objectives?
Once you’ve identified your marketing objectives, you need to break them down into smaller, more manageable objectives.
The next step is to create a detailed plan of action. What are the best marketing strategies that will help you achieve your objectives? What strategies have worked in the past to drive more traffic to your site? What strategies do you want to try in the future?
Set Benchmark Objectives
Once you’ve created a strategic plan and set your marketing objectives, it’s time to set benchmark objectives. The goal of setting benchmark objectives is to help you measure your business performance so that you can make the necessary adjustments to stay ahead of the game.
Let’s say one of your marketing objectives is to increase organic search engine traffic to your website by 20%. In order to achieve this objective, you need to set benchmark objectives such as increasing your website’s page authority, improving your website’s content, and generating more backlinks.
Develop a Marketing Strategy
Now that you know your sales objectives, have set your marketing objectives, and have created a strategic plan, it’s time to develop a marketing strategy. A marketing strategy is a document that outlines the tactics you’ll use to achieve your marketing objectives.
For example, if one of your marketing objectives is to increase brand awareness, your marketing strategy should focus on building your brand’s online presence through social media ads, paid advertisements, and content marketing strategies.
Your marketing strategy will also outline the resources you’ll need to reach your objectives.
Build a Great Team
If you’re starting a new business, you’ll need to recruit employees to help you reach your sales objectives. However, you also need to recruit the right people to work for your company. You need to find people who are passionate about the services or products you offer and who have the skills and abilities to do the job well. It’s also important to hire people who will fit in with your company culture and who understand the company’s objectives and mission.
Monitor and Evaluate Results
Finally, you need to monitor and evaluate the results of your marketing strategies so that you can identify areas of improvement.
You can do this by setting up Google Analytics, running A/B tests on your website, or creating a social media analytics dashboard. You can also use software such as Sprout Social to track your social media performance and Sprout Social’s CRM integration to track your leads and generate sales reports.
By monitoring and evaluating your results, you’ll be able to improve your marketing strategies and make the necessary adjustments to stay ahead of the game.
How can Mentor Group help SMBs with Sales Enablement?
At Mentor Group, we don't believe in a one-size-fits-all approach to anything, and especially not when it comes to sales enablement. We know that running a small or medium sized business poses a unique set of challenges, and unique challenges require unique solutions.
That's why we developed Sales Academy - our sales enablement solution designed specifically for SMBs. For less than £1 per user per day, your people get on-demand training videos, designed by industry experts, to help them learn how to become elite sellers from the comfort of their own desk.
Available on any device, and without any need to download an app, you can provide your people with the skills, tools, and mentality they need to sell more often, for more money, faster than ever before.
Check out Sales Academy, and how it can transform the revenue potential of your business, now.