How To Consistently Meet and Exceed Your Revenue Goals
Sales do not happen overnight. Rather, successful businesses take the time to plan out their sales, understanding when the ebb and flow in their business happens, who their ideal customers for their product / service are, what are their motivating factor for actually purchasing, and that not all sales are going to be equal.
With this understanding, you are being proactively strategic throughout the year in planning your sales cycle and filling your sales pipeline.
When working with many of my successful clients, we develop ways to be strategic in their business, and profitable with their sales. In each case, there are typically eight key steps we focus on to achieve profitable sales. These steps are:
- Tie your sales plan to your Profit & Loss (P&L) objectives: By doing this, you keep focused on your growth goals throughout the year, as well as gaining an understanding of where you sit at any given month.
- Learn what “wow’s” your customers: Understand what products and services your business wants to sell, is good at selling, and is actually able to sell. Note that you must be able to deliver beyond your customers’ expectations…not simply meet their expectations. In a nut shell, this simply means you need to WOW your customers on every sale! If you do this, they will remain a loyal client, and most likely refer you to other potential loyal clients.
- Understand your types of customer: Drill your sales plan down to your customer level, understanding the types of customers you work with, the revenue tied to them, their purchasing habits (volume, time of the year, etc.), and potential for growth.
- Defining your customer: Define WHO your ideal customer is in terms of what their needs are vs. what their wants truly are, who they are in terms of revenue, age, gender, psychographics, and so forth. This is different than point 3 in that here, you are able to niche and focus your marketing at a specific group of people you where want to grow your customer base, rather than who your customers already are. If these two are already aligned, great!
- Align core business with customers: Understand and admit what your core business actually sells as this must be aligned to what your customers want to buy from you. For instance, if you own a hot tub company, what is it that your customers are buying from you? A hot tub? No. You are most likely selling relaxation. This is what your core business truly is – relaxation – and that is what you will sell to your customer group.
- Focus your sales team: Make sure your sales team is focused on your core business and do not go off on tangents with your potential customers, turning the potential sale away. Confirm that your team understands their goals and how they tie into the company’s goals. This will help them understand what their focus should be and how they have direct impact to your business.
- Accurate sales data: Ensure your sales team has accurate historical sales data for each of your (their) customers. This will help them tailor their sales approach to the customer, making the customer feel connected to your product / service, thereby seeing value in what your core business is…and more likely to purchase!
- Monitor your sales vs. your sales plan: Always monitor actual sales performance against your sales plan and take actions to bridge any gaps. This is why point 1 is crucial to your company. When you are able to review your P&L timely, you are able to see where you sit in relation to your sales goals and take corrective action, if required, or stay on course if you are meeting your goals.
Really, it boils down to knowing where your efforts are being spent and knowing that you should not be spending equal effort on all products and services. To set yourself, your team, and your entire business up for more sales…but not more work, develop a strategic sales plan based on your most profitable products / services and work your way back.
Interested in talking about how you can set you and your company up with a successful sales plan? Contact me today for a conversation.
