As a sales professional, you might be familiar with the SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis. This insightful tool is valuable to business leaders as well as salespeople as it allows you to create a sales-focused grid (each section of the four-part grid represents a different aspect of the four words attributed to the SWOT acronym) to help identify the selling strengths you have and can continue to build on, weaknesses to improve, available business opportunities and the threats you, your company or product faces. By understanding your strengths and weaknesses, you’ve taken the first step in improving your selling strategies and techniques before diving in to building an effective sales plan.
The SWOT Analysis can especially benefit five key areas in the sales process. From looking for prospects to closing the sale, this tool can improve one or more of the sales process areas you may find yourself struggling with.
The SWOT Analysis can help you better understand how you currently search for prospects and what you can do to win them. The 'Opportunities' part of the SWOT Analysis is a great tool for identifying the different clients you should be targeting, why they need your product and what information you should present to them.
If one of your strengths is 'charisma' and a weakness is 'slow to respond,' build on your charisma and practice responding faster to present yourself as a genuine salesperson with a sincere interest in meeting your prospects’ needs. By also identifying opportunities to ask questions and provide important information, you will make the prospect value and trust you more, thus helping you build rapport.
The SWOT Analysis can also help you improve the qualifying process. Understanding your strengths and weaknesses will help you be able to confidently determine what the prospect will buy, when they will buy and under what agreement conditions (price, quantity and length) they will need to close a deal.
Your communication and demonstration skills will also benefit from the SWOT Analysis. Understanding the best talking points of your sales presentation and what needs to be included will certainly help you position your product as the best option for your prospect. Each part of the SWOT Analysis is valuable for this part of the sales process as identifying your strengths and weaknesses can provide a confidence boost and determining opportunities and threats can help you answer many questions.
Closing the sale
Asking for the sale is one of the more intimidating positions to be in, but it’s also where, as salespeople, we all want to be. Strengths like 'consistent follow-ups' and identifying threats like 'my product isn’t the cheapest option' will help you determine how to best approach an offer, handle objections and negotiate confidently before officially closing the sale.
With your refined sales strategies and techniques from taking this analysis, you’ll be well on your way to becoming an expert sales closer. If you’d like to evaluate your sales SWOT Analysis, visit Stephanie Chung and Associates website.
By Stephanie Chung. Stephanie Chung and Associates offer sales coaching, sales training, and executive mentorship services nationwide that help you work smarter, not harder. Chung is an executive coach, trainer and advisor as well as a public speaker backed by more than 25 years of team management, business development, and sales leadership experience. She counsels sales executives and business professionals in a diverse array of strategies and tactics. Chung is also a public speaker and a contributor of The Change Book Series.