What is a sales strategy? (with example)

When you run a small business, it’s important to consider how you’ll optimise your sales. Sufficient sales can bring in the revenue you need to keep your business going. To make this happen, you’ll need a sales strategy. 

If you’ve never made one, it might seem overwhelming. So, what is a sales strategy and what examples can show how to make one? We can help with that. 

This guide covers sales strategies for small businesses, including:

• What is a sales strategy?
• What should a sales strategy include? 
• What is a good sales strategy example? 

A sales strategy is a business’s plan to maximise sales potential and meet goals. This strategy outlines how you’ll find the best customers and sell your products and services. 

Effective sales strategies are specific, measurable, and actionable. They break down your objectives to earn sales and allow you to establish ways to accomplish them. 

There are two main types of sales strategy, which include: 

• Inbound strategy – this approach focuses on drawing customers into your business
• Outbound strategy – this approach focuses on finding customers you can approach and convince to purchase from you

A well-developed sales strategy can grow your business earnings and optimise your sales potential. 

The strategy will help you determine which tactics earn customers for your business. Plus, it lets you measure the success of your efforts and alter them for better results. 

If you’d like to build a sales strategy for your business, you may wonder what it typically includes. Let’s look at a few elements. 

Key performance indicators (KPIs) offer measurements to track the progress and success of a sales strategy. 

Some common KPIs include:

• Conversion rates – how many leads or visitors result in a sale or new customer 
• Sales cycle length – the time it takes from coming in contact with a lead to closing a sale, or the average length of the sales pipeline
• Sales metrics – how many sales you earn for your business, including which offerings are most popular, how numbers change over time, and customer retention

Establishing clear sales goals gives you something to aim for and helps you increase the profitability of your business. You could set your sales goals as a target number or percentage.

To learn more, check out how to set sales goals.

It’s much easier to sell your products or services if you understand what makes your business stand out from others. In other words, establish a unique selling point that can convince people to buy your offerings. 

To determine your unique selling point, consider the following questions: 

• What market does your business fit into? 
• What are common problems your audience faces? 
• How does your business solve these problems? 
• What do you offer that’s rare in the market? This might be an offering, approach, or core value that sets you apart. 

If you understand your customers well, it’s easier to convince them to make a purchase. 

So, create customer profiles to outline your ideal customer and how you can help them. These profiles can improve your sales techniques because you know who you’re working with. 

Your competitors present challenges in your sales efforts, especially if they often take your potential customers. A competitor analysis lets you assess your main competition and what they do to win customers. 

Defining your core challenges and weaknesses regarding the competition will help you establish tactics to overcome these issues.  

See also: What is competitor research?

One of the most critical parts of a sales strategy is establishing sales tactics based on your business. This section provides actionable solutions that can help you increase your sales and meet your goals. 

A few common sales tactics include:

• Lead generation and chasing 
• Customer referrals 
• Interested customer follow up
• Pricing strategies 
• Customer service and retention
• Discounts and incentives 
• Loyalty and rewards programs 
• Sales pitch to potential customers

It is easier to form an effective sales strategy if you have examples. But what is a good sales strategy example? We’ll go over a few.  

If you sell products online as a small business, you may want to build a sales strategy with this digital space in mind. 

Great KPIs for e-commerce might include: 

• Website traffic customer conversions
• Average time spent on product page
• Sales pipeline (from click to sale)

When it comes to e-commerce, there are a few tactics that might prove effective, such as:

• Discounts and incentives 
• Pricing strategies like competitive, dynamic, or bundle pricing
• Follow-up on customers who view products

If you offer services for your business rather than selling concrete products, you might approach your sales strategy differently. 

Since clients often need services seasonally or regularly, consider circling your KPIs around retention. You may also want to focus on lead conversion. 

Sales tactics that work best for service industries include: 

• Lead generation and conversion 
• Customer service and retention tactics 
• Loyalty and reward programs
• Customer referrals 

If you run a shop or sell products in person, you may approach your sales strategy to promote growth and acquire as many new customers as possible. 

Here are a few sales tactics that might help product businesses earn sales:

• Pricing strategies like competitive or premium pricing
• Lead acquisition and conversion 
• Customer service and retention 

Now that you understand what a strong sales strategy example looks like, you can build one that fits your business. Just remember to compile information to back up your KPIs and sales tactics. 

Next, check out our article on how to boost business sales. 

As you boost your sales with a strategy, you can bring more revenue into your business. But it’s critical to organise your finances to make the most of these earnings.  

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