Companies are under increasing pressure to accomplish more with fewer resources in the current business environment. Utilizing smartly structured territories is one method to boost productivity and boost revenue. Effective territories can increase coverage and revenue, lower travel expenses, and improve the chances of success for sales reps.
However, given how quickly the corporate environment is changing, conventional territory planning procedures might not be adequate going forward. Companies need to adopt new territory planning techniques and tactics in order to stay up with the rate of change.
Start with quality data
Data has become more important than ever in the age of territory planning that we are currently in. Understanding a territory’s genuine value is crucial for designing balanced and effective territorial alignments. To get the best outcomes, businesses must start with high-quality data.
Because it enables businesses to better understand customer behavior, sales performance, and other important elements that have an impact on territory design, data quality is essential for territory planning. Without reliable data, businesses risk making assumptions about client wants or sales potential that are incorrect, resulting in poorly designed territories that fail to produce the desired outcomes.
Focus on market segmentation
To make sure that your territory strategy meets the needs of your clients, it is crucial to segment your market. Although many sales organizations begin by focusing on their own requirements, such as revenue goals, it is important to keep in mind that these objectives cannot be met without a strategy that benefits your clients.
Market segmentation is the process of breaking the market down into smaller, easier-to-manage divisions based on shared traits like demographics, consumer wants, or purchasing patterns. Companies can increase their chances of success by segmenting the market and developing territorial plans that are suited to the unique requirements of each segment.
Select your segments
Your business objectives can be prioritized using segments, but it’s crucial to keep in mind that different regions may do so based on their own qualities. For example, one area might be committed to servicing a specific industry, while another might place a higher priority on supporting businesses of a specific size. You can use your resources more wisely and accomplish your company objectives more quickly if you are aware of the particular requirements and traits of each territory.
Create efficient territory plans at scale
The next step is to allocate sales agents to their various territories after developing effective and equitable territory plans. This can include:
Spread the word about the plan: It’s important to let everyone know about the territorial plan and assignments, including salespeople, managers, and support staff.
Provide training: Give sales reps the required training and support before they start working in their new regions. This will help them succeed.
Establish clear expectations and goals: Establish specific objectives and benchmarks for each region and sales representative in line with the general priorities and objectives of your company.
ALSO READ: Bringing Sales and Marketing Together to Increase Revenue