Sales teams in all companies and industries have one goal in common:
Increase their sales!
This is also known as Scaling
As a company starts to develop their goal to increase sales, there are many ways that this can be done, but all those ways fall into one of only three categories:
Three Ways to Increase Sales:
1: More Transactions – Attract more customers or Close at a higher rate
2: Sell More to the Customers – Increase your items per transaction or your average sale price
3: Increase Customer Buying Frequency – Repeat clients, or subscription services
Sadly, many sales professionals and/or their managers are not visualizing what scaling in their company should look like. Not all ways to scale may be applicable at the same time, or not all industries have a scalable product. That’s all okay. You just need to find the first step that is the most effective, and develop the strategy for action.
1. More Customers
The first increase that many companies think of in their effort of making more money is getting more customers through our doors, on the lot, on the phone, or wherever your sales happen. The majority of advertising campaigns focus on increasing the number of client interactions.
There are several things you can do:
Advertising – If you are NOT advertising, then start. Work with a marketing company you are comfortable with to develop a campaign targeting your ideal clients. Tweak as it goes so that you’re keeping your cost per lead at a respectable level for your business.
Close Leads at a Higher Percentage – Also factor in how many leads it takes to sell the client. That is called “Cost Acquisition.” This is a calculation for how many leads per sale. Closing 5-10% better has a dramatic effect on how your number of transactions. The single biggest impact on closing better is to make your ENTIRE sales process easier.
Implement Follow-Ups – Statistics have shown that proper follow up can increase your customer conversion rates by as much as 50%! Following up with non-sold clients is a gigantic opportunity. Don’t let potential customers ever forget about you. Keep lead in your ecosystem for-ev-er. This will keep the doors for future sales open.
Encourage Referrals – These are literally free leads, but of the utmost quality. By asking satisfied customers to share your info with others takes nearly zero effort, but if a happy client sends over a friend or family member, the close rate of that referral is incredibly high. A client that was pleased with your service, will tell 3 friends or family members about your business, even without being encouraged. Imagine what would happen if you started asking them for referrals, or even better rewarding their efforts, as long as your industry allows it.
2. Sell More Per Customer
In the retail industry, we called that “increasing the basket.” Look at your business, and ask yourself, “How can I get every customer we interact with to spend more money during the sale?” You or your company has already incurred the cost of getting them to the point of buying, so you might as well maximize the deal; for the client benefit, as well as the company.
If you were to take an objective look at all the add-ons and up-sells in your product, they all benefit the client tremendously. Add-ons enhance the product, and the higher grade product has a much better performance. Never feel guilty about attachments, or showing the high-end offer. Quality outsells cheap any day of the week.
Sell more by: Increase your prices – Add high-end products or services – Upsell – Attach accessories, or supplemental products
3. Increase Customer Buying Frequency – Repeat clients, or subscription services
Sometimes we get so focused on finding new customers that we miss out on the gold mine in our own book of business. It’s drastically easier to sell to those clients people who already know and trust you. Capitalize on the hard work you’ve already invested in winning over loyal customers.
Here are some growth ideas:
Offer Client Exclusive Specials
Customer appreciation offers help clients feel an exclusivity. These are almost a guaranteed way to get a client back to your office. It’ll be a thank you offer, plus selling them more in the process.
Add New Products & Services
Find out what your clients want that you don’t currently offer. By increasing the number of products you have available, you’ll have more chances to get them back onto a sales call. Your clients will feel heard, know that you’re looking out for them, and thank you with cash money.
Regular Communication of Your Services
In most cases, prospects begin shopping on one item that you offer. That is usually what brought them in, but in almost all cases, not all they may need or want. Clients will need to know your full scope of product & service offerings. You will need to continue to reposition yourself on a regular basis. You must also let them know about upcoming specials, new releases, plan updates, and whatever else is a need-to-know event. Keep selling them on the benefits of the products or services you offer.
Here is an exercise of questions you can use to dial in your opportunities:
What is my maximum customer cap? #
What is my per client revenue? $
How many more clients do I need? #
How can I make more per client?
What is a bolt-on service(s) I can add within my industry, or related to it?
What is a need in my industry that I can fulfill?
How can I replicate that service and sell it 24/7?
Can I offer an affiliate or referral program? If so, how much would it pay?
Can I create an agent salesforce?
How much would I make on each agent’s client? $
How many clients can they service? #
Where do I find these agents?
Could I teach or coach this?
How much could I charge?
Remember to keep it simple. #itaintrocketsurgey
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