MARKETING BUZZ
BY JOE PLAIA, CURRENT CONSULTING GROUP
How to Develop and Execute Sales Strategies to Increase Profitability
R
emember when the employee screening industry was simply urine collections, lab testing, and Medical
Review Officers (MRO) services? Today, the industry has evolved from primarily providing substance abuse testing, to offering information management systems, background screening, physicals, clinical testing, and employee health and wellness services. Te market now demands use of various technologies, services, and consolidation. To achieve these demands, one must revise business plans to include multiple strategies and a plan for vertical market sales. Tose service providers that offer a comprehensive portfolio of services and a definitive value proposition to the optimal markets will achieve revenue and profit goals. Te most successful strategists will be those who effectively execute their plan. Providers should begin by reviewing
the market landscape, researching target segments’ characteristics, evaluating their resources and capabilities, assessing technology, and investigating the competition. Consideration should be given to the requirements and related costs to ramping-up administration, operations,
staffing competency, regulatory compliance credentials, resources and services; as well as sales and marketing tools, sales discovery process, presentations, proposals, and provider partnerships. Before reacting to demands by adding services and approaching new markets, conducting a marketing assessment will provide the information necessary to make the right decision.
Establish a Vision and Mission Statement with a Value Proposition If you can’t answer the question, “How does your company create value?”, how will your customers be able to? Furthermore, why should a company—
one that currently receives its services elsewhere—transfer its business to you? Being able to explain why your company is the best fit early in the sales process will give you the advantage. In an age of information overload, your position statement should elicit an emotion that will lead to further engagement. No longer are three marketing touches enough. Due to the countless media hits and the required brevity of messaging, five to six contacts are required.
One of my Consortium/Tird Party
Administrator (TPA) clients developed the following mission statement aſter our review of his business objectives and the value proposition:
“Our mission is to provide independent,
professional, accurate, and fast service in a way that reflects our total commitment to the highest operating standards in the employee screening industry. Our goal is to support and give dynamic value to every customer and stakeholder, by focusing on their unique needs. We have streamlined our operations in line with our quest to maintain a nationally accepted standard of excellence. With our broad technical capabilities and service offerings, we will deepen the effectiveness of each channel that is used to serve our customers.”
He is addressing the market evolution
by addressing the scope and complexity of the industry, the breadth of his offerings, and his commitment to deliver value and customized solutions. Would you consider buying from this provider?
Key Factors for Business Development Planning As the business environment and economic conditions change, so too should your business plan. Fundamental planning will increase efficiency, effectiveness, and most importantly, your focus. Te business plan should consist of: (1) executive summary, (2) business concept, (3) current situation, (4) objectives, (5) vision and mission, (6) ownership and structure, (7) key participants, (8) sales and marketing organization, and (9) operations plan. Te marketing plan is a comprehensive
document or blueprint that outlines a company's advertising and marketing efforts. It describes business activities
58 datia focus spring 2017
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