How to Create a Sales Plan that Sets You Up for Success

If you’re in investment sales, you’ve probably had this conversation: You’re in a meeting with your CEO, Portfolio Manager, or CIO, and they hit you with the big question: “So, how soon do you think we can raise a billion for this strategy?”

Now, if you’re like most sales professionals, you’re thinking, “A billion? Really? I’ll be lucky if we hit $200 million in this market!”

But here’s the thing - if there isn’t a clear, realistic plan, that billion-dollar expectation sticks. And without setting expectations up front, you’re setting yourself up for a tough ride.

That’s why setting expectations with your boss is priority number one. Before you send out one email or make a single call, you need to get on the same page with leadership about What Success Looks Like. This is about aligning visions, so your efforts and the boss’s expectations meet somewhere in reality.

Only after you’re both aligned can you sit down and map out a sales plan. The plan will be your roadmap for getting in front of the right people, building relationships, and raising money for your product or strategy.

And trust me, once you have clear expectations, that sales plan can work wonders. It keeps you on track, keeps your boss in the loop, and keeps surprises to a minimum.

In this article, we’re telling you how to build a sales plan that works - one that keeps you moving forward and keeps your leadership happy. By the end of this, you’ll have the steps to set yourself up for success.

Step 1: Setting Expectations: The Foundation of Your Sales Plan

Before you dive into planning, sit down with your boss – CEO, CIO, Portfolio Manager, or whoever has high hopes for this product – and talk expectations. Not vague, pie-in-the-sky dreams, but realistic goals grounded in market data and historical performance.

Start by asking questions like:

• What are the revenue or asset targets for this product?
• What timeline are we looking at?
• Has anyone at this firm (or any firm like ours) ever hit that number in this timeline?

And here’s a crucial step: bring data to back up your insights. You want a realistic baseline, so look at similar strategies, recent performance in your asset class, and timelines other firms have faced. This is where you set the tone for the sales plan.

Why this matters: If you skip this conversation, you’re in for a ride. When bosses see that you’ve thought through every piece of the plan, you earn their trust. Plus, it keeps you from chasing impossible targets. Expectations are set; now let’s get to the details.

Step 2: Define Your Target Channels – Who Actually Cares About This Product?

With expectations set, it’s time to nail down your target channels. Who’s most likely to find your product irresistible? Here’s where you focus on channels that match the product’s structure.

For example:

• Primary Channel: RIAs and Multi-Family Offices who might already invest in similar strategies.
• Secondary Channels: Bank/broker-dealer platforms, wirehouses, or institutional consultants like Graystone if they’re open to products like yours.

Map out each channel with specific details, including the type of accounts you’ll pursue, the geographic areas you’ll focus on, and the level of interest they’ve shown in similar funds. This is your target audience, and you’re going to want to know them well.

Pro Tip: Be realistic here. If your product is a new private credit strategy, it’s not going to be a big hit with every RIA on the planet. Think about where you’re most likely to find interest and focus on those areas.

Step 3: Plan of Attack to Engage Your Target Channels Daily

Now that you know who you’re targeting, let’s talk about the how. Think of this as the meat of your sales plan – how you’ll engage these channels on a daily and weekly basis.

Your plan of attack should include:

• Daily Outreach: Calls, emails, meetings, and networking within your primary channels.
• Profiling: Capturing feedback to understand where each prospect stands and where they might fit in the sales cycle.
• Pipeline Management: Tracking each account in your CRM (we use Salesforce) to make sure every opportunity is moving forward.

This is where you get specific. If you’re reaching out to RIAs, plan to make, let’s say, 25 asks a day. City scheduling can be a game-changer, too. Choose five cities to work through in rotation, and tailor your outreach to each location’s prospects.

The Goal: Don’t let any leads fall through the cracks. By keeping your daily outreach organized, you’ll stay on top of each prospect’s needs and know exactly where they are in the process.

Step 4: Back it Up with Data – What Does History Tell You?

This is one part of the plan that can’t be ignored. Take a look at what similar products have achieved in the market. When Dakota started marketing that mutual fund in 2013, we realized that almost all of the assets in the space were in funds with 10+ years of history. That was a big reality check, this was going to be a long game.

Adding an asset class study to your sales plan gives leadership context on what’s achievable. For example, if you find that large-cap growth funds typically take twelve to eighteen months to gain traction with RIAs, put that in your plan. The data doesn’t just back up your projections; it sets the right expectations for how long this might take.

Step 5: Create a Reporting Cadence

Here’s a critical piece that’s often overlooked: decide how and when you’ll report on your progress. At Dakota, we do daily 8 a.m. check-ins. Some may think that’s overkill, but it’s accountability gold. It keeps everyone aligned and eliminates surprises.

For your plan, set up a reporting cadence that makes sense for you and your boss. Weekly or biweekly check-ins might work best. Here’s what these reports should cover:

• Activity Reports: Number of calls, meetings, and follow-ups you made.
• Penetration Reports: How much of your target market you’ve covered.
• Pipeline Reports: Tracking where each prospect is in the sales cycle.
• Scorecards: Showing the status and next steps for each key account.

The goal is to keep everyone on the same page. When you’re reporting regularly, you create transparency and give leadership a clear picture of your efforts. And you never have to worry about them wondering what you’re up to—they already know.

Step 6: Build Metrics into the Plan: Measuring Success Along the Way

A sales plan isn’t complete without metrics. These are the benchmarks you’ll use to measure progress and keep things moving. Here are a few core metrics you might include:

• Activity Metrics: Number of daily/weekly calls, emails, and meetings.
• Pipeline Metrics: Number of accounts at each sales stage.
• Market Penetration: Percentage of your TAM (Total Addressable Market) covered.
• Sales Cycle Metrics: Average time to move an account from initial contact to closing (compare this to industry benchmarks).
• Performance Tracking: Weekly performance compared to your sales goals.
• Scorecard Metrics: Tracking status and next steps for your key accounts.

By building these metrics into your plan, you’re creating a roadmap with measurable milestones. These aren’t just numbers; they’re indicators that show if you’re moving in the right direction or if you need to adjust your strategy.

Step 7: Put it All Together: A One-Page Sales Plan for Clarity

The final step is to bring it all together in a clear, concise one-page document. Here’s what your sales plan might look like for, say, the ABC Large Cap Growth Fund:

• Strategy Name and Product Structure: Describe the fund’s strategy and structure (e.g., open-end mutual fund focused on large-cap growth).
• Target Channels: Identify primary and secondary channels, like RIAs and broker-dealers.
• Plan of Attack: Detail your daily outreach, profiling, and pipeline management.
• Tracking and Reporting: Outline your reporting schedule (weekly check-ins, for example).
• Optional Asset Class Study: Provide historical insights on similar funds’ growth timelines.
• Metrics: Include activity, pipeline, and sales cycle metrics.

This one-page plan is your guide and reference point. It gives you a clear strategy, sets up accountability, and keeps everyone on the same page.

Aligning on Success from Day One

Creating a sales plan isn’t just about having a strategy on paper. It’s about aligning expectations with leadership so you’re all working toward the same, realistic goal. When you’ve got a plan in place, everyone knows what “good” looks like, and no one’s left guessing.

At Dakota, we make a point of agreeing on What Success Looks Like from the start. And the result? Clear direction, consistent progress, and a team that stays focused on the goal.

So, don’t skip the sales plan. Set expectations, build a realistic roadmap, and align with your leadership. With a solid sales plan, you’ll be the dog, not the tail, leading the charge and building momentum every step of the way.