Tools:
Summary:
Territory Plan Development & Tracking Best Practices:
- Prospect Ranking by Opportunity Size: The Tracking form should list target prospects in descending order of their potential deal size, with the largest opportunities at the top. This helps prioritize efforts on high-value prospects.
- Likelihood of Purchase Assessment: Each prospect should be stack-ranked based on their likelihood to purchase within the year, incorporating factors like budget readiness, decision-making process, and need urgency.
- Revenue Goal Alignment: The total value of opportunities listed in the plan should be at least 5 times the salesperson's annual quota. This approach provides a buffer for potential fallouts, ensuring the salesperson can still meet their quota even if some deals don't materialize.
- Quarterly Closure Forecasting: The form should include a section for anticipated deal closure by quarter. This helps in planning and ensures a balanced distribution of sales across the year, preventing a heavy load towards the end.
- Dynamic Adjustment Capabilities: The territory plan should be a living document, allowing for regular updates as prospects progress through the sales funnel or new information emerges, ensuring the sales strategy remains aligned with current market conditions.
Sources:
Crossing The Chasm - Geoffrey Moore
The Seven Habits Of Highly Effective People - Stephen Covey