To optimize your sales performance, make the most sales possible and drive your growth, sales territory mapping is essential. Harvard Business Review highlights that businesses that optimize their sales territories see an increase in sales by 7%, contributing to higher revenues and more growth. In this article, we will look at how you can create an effective sales territory map to boost your sales and drive your growth.
Sales territory mapping is the process of laying out the geographical areas on the map that your sales representatives will attempt to cover to win deals. The purpose of sales territory mapping is to have a clear idea of where you want to focus your resources to meet your sales targets, making it easier to create strategies to do so. Territories can be divided by businesses by:
This section will go through the different tips that businesses can follow to ensure that they get the most out of mapping their sales territories.
Your sales territory map should be strategized to assist your business in meeting its goals and objectives. This means that the first step you take before anything else is outlining your overall goals and objectives, so you are able to effectively align your sales territory map with this.
Evaluating your market will give you insightful information that you can use to strategize your sales territory mapping more effectively. This can include information on the industry you are in, where it is geographically performing well, competition and more. As well as this, evaluating your past sales and success can give you good insights into what kind of customers you should be targeting and where they are.
To map your sales territory effectively, you must segment your customers. By segmenting your customers, you will have a better understanding of where to focus your resources to get the best results, and who your customers are. Common ways to effectively segment your customers for effective sales territory mapping are on:
Now that you have segmented customers, you must decide how you would like to assign your potential territories. Depending on your business and industry, you may assign territories differently. Some businesses may assign territories based on geographical location, while others assign territories based on industry. Managers must use the insights gained from segmenting their target market and evaluating the market to choose how to assign territories to align with the business’s goals and objectives.
Once you have assigned territories for your business to pursue, it is now time to manage these territories to try to get the best performance from them possible. Sales territory management is the process of a manager overseeing the performance of territories to try to make the most sales possible to boost your business’s revenue. Based on the data collected while tracking the performance of your territory, managers should always be thinking of new ways to adjust, improve and new areas to enter. This will ensure that your business is constantly growing and generating revenue.
A great way to be effective with sales territories is to split your sales representatives up into different teams for different territories. This is a fantastic way to keep your territories balanced and have your sales representatives all performing to a high standard with an equal workload.
By using sales territory mapping, your business will experience big benefits such as:
A competitive advantage – By using sales territory mapping, you will give your business the chance to get a foothold in an area with customers before competitors, potentially creating geographical locations that have customers that are loyal to your product or service
Increased sales – You will experience an increase in the number of sales from sales territory mapping. This is because your sales representatives will be matched with customers that better suit your business, and also balance out your team members’ workloads.
Increase your brand awareness – Strategically entering new geographical areas will result in your brand awareness increasing. When you enter a new area, you will be exposed to new potential customers, create new contacts, and discover new leads. This will result in your business getting more awareness, making more deals, and experiencing growth.
Make data-driven strategic expansions – With sales territory mapping, you can keep track of what territories you occupy and where new opportunities are for expansion in new territories. This will help your business make strategic decisions on what territories to try to enter, and if there are any territories that should be left.
If you want to effectively plan your sales territory map with insightful data to ensure maximum growth, then TEB is the software for you. TEB is a sales automation CRM software that will give your business useful insightful insights into all areas of your business to streamline the strategizing process when mapping sales territories. The way TEB does this is with unique features such as:
Book a demo with us where we will show you these features, and many more, live. View first-hand how your TEB will drive your sales, increase revenue, and grow your business
