How John Smibert Applies the 80/20 Rule to Territory Planning, Ep #287
The top-performing salespeople understand the importance of territory sales planning. They know that if they create a plan and\xa0work the plan\xa0they\u2019ll outperform their peers. But John Smibert believes that a strategic plan applying the 80/20 rule is. He fleshes out what that could look like in this episode of the Sales Reinvented podcast!\xa0
Outline of This Episode- [1:05] Why planning is an underrated activity
- [2:25] Stop being reactive and create a plan
- [3:55] John\u2019s ideal territory sales plan
- [6:50] The right mindset is key to success
- [7:53] Tools, tactics, or strategies to improve
- [9:40] John\u2019s territory sales planning dos and don\u2019ts
- [12:42] Match your domain expertise with your ideal customer\xa0
It\u2019s no secret that the top salespeople are great planners. They routinely run a SWOT analysis and look at their strengths, weaknesses, opportunities, and threats. It\u2019s a key strategic planning tool. You also need to identify your target and objective. Your company may give you an objective but you\u2019re the boss of your own business. You certainly need to plan for what your company expects from you but why not shoot for more?\xa0
Put the quota aside. What do you need to do to achieve your objective? Then look at your territory\u2014identify where opportunities are likely to be. What 20% of accounts will get you 80% of the value? Secondly, look at your ICP. Who are they? Do some research, identify them, and focus activity on them alone. If you don\u2019t have a plan you grab onto the first opportunities that come your way. You\u2019ll find that you\u2019ve filled your pipeline with average opportunities at best.\xa0
John\u2019s territory sales planning dos and don\u2019tsJohn hears a lot of sales managers complain that they don\u2019t see the right level of activity from their salespeople. But if their salespeople have a plan in place that has been thought through strategically, less activity is sometimes good. But John nails down some dos and don'ts that can help you focus in the right place.\xa0
- Set aside the time to create a detailed territory plan once a year. The annual plan needs to be broken down into quarterly, monthly, and weekly goals. You need to wake up every day and say, \u201cWhat do I need to do to progress my plan?\u201d\xa0
- Know where you\u2019ll get the best results and focus on them. Focusing on the right 20% will get you 80% of the results.\xa0
- Review, review, review. How do you stay on plan? What do you need to do?
- Don\u2019t create a plan and forget about it. You\u2019ve created it to help you stay on track to reach your goals.\xa0
- Don\u2019t assume every customer is the same. Market segmentation and account targeting around your expertise is important. Everyone has domain expertise, so focus on customers who value what you have to bring to the table.
Learn how to say\xa0no. You don\u2019t want to chase every opportunity that comes through the door. The top salespeople say no far more than yes because they know where the value is.\xa0
Match your domain expertise with your ideal customer\xa0John recently co-authored a book called \u201cThe Wentworth Prospect\u201d about a young lady who progressed well in her sales career with the help of a coach. It\u2019s based on a true story about a woman John actually coached. This woman\u2014named Sue\u2014was selling cybersecurity solutions. She had learned the product well and had studied cybersecurity in university, so she had developed some domain expertise.\xa0
John asked her where she wanted to focus her territory. She stated her goal was to approach mid-level organizations but that she didn\u2019t have an industry chosen. So they did some research and landed on a focus in the banking and finance industry. Why? She had a background in banking. She knew she had a unique perspective to bring to the table, her product fit well, and they were an ideal customer.\xa0
In that year, because she eliminated 80% of her territory and focused on the 20%, she blew her quota out of the water. All because she created a plan that she followed diligently.\xa0
Resources & People Mentioned Connect with John Smibert- John\u2019s Book, \u201cThe Wentworth Prospect\u201d
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