02 Jul How to increase sales in business
To be in pursuit of new people to buy your product or service is an important part of the entire sales process. It does seem a tough road ahead but with the strategy to increase sales revenue, you can increase sales and achieve your targets.
So a quick question – Does your business flourish or perish when it comes to sales? If the answer is yes, then you’re not alone. Many businesses get prone to such dramatic swings. Yet, simple strategies and rules can often reduce or even solve the problem. You have to be rigorous about your sales process from the time you generate a lead to the moment you close your sale.
How to increase Sales in business
Thumb rule no 1 – Being systematic about generating leads
You need to ensure that your company systematically generates enough leads in the pipeline to keep the business running. Entrepreneurs often get caught in daily firefighting and forget all about how it would implicate your business in the not so distant future. Therefore plan the number of appointments you intend to secure with your prospective clients on a weekly basis and meet those targets, then use the rest of the time to handle your ongoing sales projects.
Thumb rule no 2 – Know your sales cycle
The type of business that you run regulates your sales cycle. The amount of time you take between an initial meeting with a prospective client and the closing of a deal can vary from one company to the other. But what you need to understand is exactly how much time it takes for you on an average, (measured in days, weeks or months) to calculate the length of your sales cycle? Let us break it down and analyze
1. Make a list of at least 20 recently closed sales
2. Make a note of how long each closure took
3. Estimate the average
4. Use Customer Relationship Management (CRM) technology to get a better picture of your sales pipeline, identify top clients and target specific groups
Thumb rule no 3 – Know your numbers
You need to look at the number of closed transactions you want every month as well as the average sales cycle. This is important because every company needs a minimum number of prospects at any given time just to maintain sales. You should also know what proportion of prospects you closed the sales with. These figures help you set targets for your company and sales machinery runs smoothly.
For instance, if your business aims to sell three items per month; then on average, it might take four months from the first contact with a client to close a sale. 1 out of 4 prospects which were followed up by your sales staff eventually would have bought, which means you have a close ratio of 25%.
Thumb rule no 4 – Actively seek referrals
One of the important rules of thumb for any business is to get referrals from satisfied clients. In other words, your business is spreading via word of mouth. Once a potential client is identified during a conversation, you may ask if it is alright to call that prospective client and mention that the existing client has referred. Then you can take it forward by fixing up a meeting with them.
Thumb rule no 5 – Focus on securing appointments
The last thumb rule strictly maintains that you should never make a sales pitch on the phone. Always try to secure a F2F meeting and be prompt about it. Prospects might get turned off if too much time is taken on the telephone, especially on the initial call. It is equally important to secure the next meeting once you’ve met for the first time. Trust me you want to be present in their calendar. Securing a second meeting advances you closer to a closed sale.
The Bonus thumb rule – Follow up and listen
Always build a strong relationship with clients and maintain consistent sales with them. This not only makes them your business transaction but also they become a part of your business family. Taking a proactive approach in meetings with clients by making notes will help them open up. They like to share their requirements in depth when your clients see that you’re taking time to listen and write down what they are saying.
Hope, mentioned the thumb rule will help you to answer how to get more sales. Stay tuned with Walkter Beacon Lab for having more update in sales and business and what new technology should be implemented.