4 Easy Steps To Reboot Your Sales Territory In The Second Half Of The Year
Posted on July 19, 2017 by Medtech[y] Staff
It's hard to believe the second half of the year is already here. Yep, the fireworks are over and the back half sales grind has begun.
It's simple: you are either on track to make your quota or you aren't.
The family vacation in August is still happening regardless if you are on track or not. However, do you want to be stressed the entire trip or do you want to feel good about your plan to attack the rest of the year?
To take the burden off of you, we've assembled three steps that can help jumpstart the rest of your year:
1. Take An Office Day
In the real world, this is easier said than done, but it's realistic - and necessary.
Will your manager be cool with you taking an office day instead of selling out in the field?
You know what? Use this as a test.
You can tell a good manager from a bad one because a good leader understands planning is the most important part of the process. If you are a manager, take note: Be a leader and let your team take a day to plan.
If you need to split it up into two afternoons, then go that route. It will be worth your time.
Now that you have a hall pass, what do you do during the office day?
2. Work Your Compensation Plan
Review your compensation plan.
If you are behind, you need to focus on what will get you paid the most amount of money in the shortest amount of time.
If you are ahead, working the plan will help you find bonus money.
What should you look for in the compensation plan?
Compensation plans are meant to prioritize specific products that maximize revenue for your company.
Many medical sales companies call these highly prioritized products their Focus Products. Pro tip: You will always be successful if you focus on these products.
Once you thouroughly review the compensation plan, pull up your sales report for the first half of the year. If you do not have one, ask your manager to get this for you.
Request this data:
- Total First Half Revenue
- YTD Percent to Plan
- Total First Half Revenue by Account
- Total Products Sold by Account
- Percentage of Territory Revenue by Account
It may seem like a lot, but your company has it. These data sets will provide a wealth of information that you can use to increase sales in the back half of the year.
3. Re-Segment Your Accounts
Now that you understand where your revenue came from in the first half, you can start breaking it down to better understand where you can target in the second half of the year.
Once you understand the data and how your are paid, you can then go back through sales from the first half of the year and understand where you excelled and where you fell short.
Now you need to re-segment your territory and customers.
If you are unfamiliar with what we mean by segmenting your accounts, check out an article we did last year on the topic of territory management.
If you segmented your territory at the beginning of the year, go back and review how it compares to how you would segment the territory now.
For example, you may have grown an account from a non-user to one of your best accounts last quarter, so that account needs to move up from a C or D account to an A account. They need to be managed differently than last quarter.
Additionally, you need to start identifying who you can move to an A account for the back half of the year and 2018.
It's very important to tackle the beginning of each quarter like you are getting a new job and territory.
Additionally, segmenting your accounts prevents you from being a STAR rep. Have you ever heard of a STAR rep? No, not the best sales rep at the company.
A STAR rep is the one who blindly drives around their territory all day and if you look at a map of where they've been that day, it would look like the shape of a star because they've been blindly zigzagging all over town.
You don't want to be this kind of STAR. Take the time to plan out your territory so you have a specific mission each time you leave your house.
4. Sell Focus Products
At this point, the rest is easy. You have the numbers and know what products each of your accounts have ordered. You've also taken your territory planning to the next level by segmenting each account based on their current level of business.
For example, you may have an account that does a significant amount of business with you but they rarely use one of your focus products. Converting this customer (and other similar customers) will have an exponential impact on your territory revenue.
This is the type of information you wouldn't get if you don't spend the time working the process. Now that you have this data, you can spend more time with your customers getting them on board with these focus products during the back half of the year.
Replicate this process for each of your accounts and get honest with yourself. There are probably a number of accounts that do not order all the products in your bag.
Challenge yourself during the back half of this year to get new products sold.
A sneak peak of our next sales post
Sales rules to live by:
- Make yourself uncomfortable.
- Sales is a process.
- Work your plan
- Trust the process.
- Attack your territory