If you are frustrated with the numbers your company is producing and your sales are below target, the first step in increasing sales is to analyze your current situation.
Consider the following six questions to help you increase your sales. Write down your answers so that you can make well-informed decisions to obtain positive sales results. This will help you visualize what your company has already accomplished and may reveal what techniques you need to implement for higher sales results.
1. What actions have you taken thus far to properly market your business?
Make a list of all forms of marketing that your company uses. Is the list lacking in some areas? Are there markets your company is not reaching?
2. Where do the majority of your leads originate?
Leads are potential customers who might visit a website or store location. Think about which of your websites, flyers, mailers, or blast e-mails are attracting the most potential customers to your business. Do you track the source of these leads? Doing so will help you see the most effective ways to maximize your advertising budget to increase sales.
3. Where do your actual sales come from?
Not all leads produce sales. One website may attract 1000 visitors but have no actual sales. Only 100 people might view another website, with 30 people deciding to buy. If this is the case, understanding where your sales originate helps your company more effectively allocate advertising resources.
4. What is the number of leads you receive on a weekly basis?
It is critical for business owners to know the number of leads their business receives because sales do not always accurately reflect the number of leads a business has. If your sales are low, do not assume that you are not receiving leads. Rather, you need to understand why the leads are not staying with your company to buy. If business owners understand how many leads they have, they will not waste time or money ineffectively. For example, do not spend money trying to attract potential customers to a website or online store that looks unprofessional or is not user-friendly. Instead, spend the money making the website easy to use and professional-looking; then, those potential customers who come to your website will stay to buy.
5. What is the weekly conversion rate on your leads?
Weekly conversion rate calculates how many of your leads turn into actual paying customers. Understanding this ratio gives you insight into how effective your company is in persuading customers to buy. It can also show where your company is lacking in converting leads to buyers. Look at your numbers. Do you have 1 sale for every 20 leads, or only 1 sale out of 1,000? Strategize on how you can do a better job of converting current leads into customers.
6. Do you have a measurable marketing goal?
The obvious goal is increased sales. Does your company have a realistic strategy for achieving this goal? What steps have you taken to reach it?
Think about your business goals. Are you striving for more leads? Do you have plenty of leads but are aiming to close more sales? Are you trying to turn current customers into repeat buyers? Writing specific goals helps you to devise clear, efficient strategies for exceeding your target sales.
Try to objectively evaluate your company so that you may assess what is effective and where you need to make smarter decisions to increase sales.
Author: James A. (Jim) Baker
James A. Baker is the Chairman and Founder of Baker Communications. Baker is a sales training and development company specializing in helping client companies increase their sales and profits. He can be reached at 713-627-7700 or firstname.lastname@example.org