Sales territory management is an essential part of successfully operating a sales team. When sales territory maps are unbalanced or do not contain adequate data, sales can suffer. Sales territory mapping enables sales teams to quickly draw out areas, assign territories to individual reps and visually track their progress over time.
Creating A Sales Territory Map 101
Modern sales territory mapping software contains a multitude of tools and features that make the map creation process fast and simple. Where creating a sales territory map for your business, keep the following guidelines in mind:
Establish Sales Goals & Timelines
Sales territory mapping involves more than just importing data into business mapping software. It also involves strategies that businesses can use to reach their long-term goals. Goals may vary from business to business, but they should all be concise and have a designated time frame. For example, a sales team may have a goal of exceeding quotas regularly by the end of the year. When setting goals, it is important to be realistic and only have objectives that can be reached by a specified date. For long-term goals, it can be helpful to set shorter milestones in between more substantial goals.
Research & Purchase Sales Territory Mapping Software
Manually creating sales territory maps can be a long and complicated process. For this reason, many businesses have transitioned to sales territory mapping software. Innovative business mapping software enables companies to easily import sales data to create a map that can be continually modified and shared. Not all sales territory mapping software offers the same features and functionalities. Therefore, it is important to do research to determine which is best suited for the business. The right software can help streamline and automate the territory mapping process, saving businesses time and money in the long-run.
Segment Territories Based On Demographics
Demographics are a common basis for creating market segmentation. Businesses often use demographics to break up a larger target audience into smaller segments to make it easier to identify and track patterns. Businesses may use a wide range of demographics when performing sales territory mapping, such as age, gender, race, ethnicity, marital status, income, employment and education. Gathering the demographics of a target market before having sales reps start knocking on doors can be an effective strategy that often results in a high number of closed sales.
Utilize & Analyze Available Market Data
One of the first places that a business should look at when creating a sales territory map is market data. Market data can act as a basis for future data-driven insights and can help businesses determine if there are any areas that are being underserved or overserved. Market data can also help sales teams better gauge the amount of competition that they face from similar businesses in the area. Using information gathered from evaluating market data, businesses can uncover new opportunities and anticipate present and future needs.
Identify Which Territories Are Not Balanced
Ideally, sales territory maps should be well aligned and balanced, giving all sales reps ample opportunity to close sales; unfortunately, this is not always the case. Sometimes a sales territory map will be unbalanced, resulting in some areas being overserved and some being undeserved. When a territory is left underserved, businesses lose out on potential sales and risk having their competition move into the territory. Sales territory alignment focuses on assigning territories that have been analyzed to the proper sales reps based on performance, home location, the size of the account and similar aspects.
Create Maps That Can Be Easily Shared & Displayed
Sales territory mapping software provides sales teams with a wide range of benefits, including the ability to easily share and display maps. Once sales territory maps have been created, users have the option to save the map to a device, print it out or share it with others. This makes it easy for all members of a sales team to keep up-to-date with any changes that may occur within the territories. Sales territory mapping is a continuous process and the creation of digital maps makes it fast and simple to update or modify maps as needed.
Reach Out To An Experienced Sales Territory Mapping Company
Sales territories cannot be created and then forgotten about. The market is continuously changing, whether it is a new account, a sudden shift in demographics or new competition that has moved into the area. When these types of scenarios occur, it is important to be able to quickly develop a map that adjusts to the changing market. When used appropriately, business mapping software can help organizations reduce costs, increase sales and make better data-driven decisions. Find out more about the basics of creating a sales territory map or acquire sales territory mapping software today at Geographic Enterprises.