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Last week, one of my clients, we’ll call him Rick, had a demo scheduled with a prospect. They typically did the standard “show up and throw up” early in the sales cycle.
Trying to shorten the sales cycle, I asked naively, “Why does the customer want to buy? What are they trying to accomplish?” Rick couldn’t tell me. I asked if he thought the salespeople knew. He said no. I gave him an assignment: He had to find out “Why,” “Why now,” and “What’s it worth?” Otherwise, there would be no demo.
In other words, no compelling reason to buy…No demo.
So Rick took a risk and rapidly moved to a fully paid trial implementation.
Sure, long-term objectives and plans still matter, but I’ve been getting more and more inquiries focused on “what to do now.” Entrepreneurs and executives alike are demanding help improving revenues and profits right away.
Table of Contents
How do you make the quickest difference? Focus the bulk of your energy on revenue generation—in other words, sales! And don’t do it the same old way, either, because, as you may have noticed, it isn’t working that well.
Here are five ways for your sales force to bring in more business and increase sales quickly. There are no magic bullets, but just last week, I taught one of these techniques to a client (#2), and he used it to close a deal the following day! Use one or use them all. Each technique will have its effect, and each will multiply the power of the others.
1. Sell the return on investment and sell it to the CFO.
Salespeople complain that while the pipeline may be full, the deals take too long to close. Perhaps that’s why the pipe is so full! What are the reasons for this? Companies have money, and in many cases, they have needs. But many people are so scared THEIR customers aren’t going to buy THEIR wares they are loath to spend any money themselves. The result? They are only willing to spend money when they see the near-term financial payback, and the CFO is killing many deals.
The solution? Sell the return on investment, sell the payback, and sell it to the CFO. Arm your salespeople with two things: a series of case studies that document the returns from using your product and a well-defined ROI process worksheet. Work with the CFO to build the ROI case so that he or she owns it. This is the only way they will come to believe it. Make it their idea, and instead of killing your deal, they will help you close it and increase sales.
2. Forget USP. Determine your Usage Cases
Instead of focusing on why your product is the latest and greatest, you can increase sales by clarifying how potential customers will use your product to solve specific problems and produce tangible results. Then, instead of touting the “benefits” of your product—which often fall on deaf ears, anyway—engage your prospects in conversations about what costly and quantifiable problems they now have and how they might use your product or service to alleviate those.
And, as sales guru Mike Bosworth says, don’t tell them your offering IS the solution. You’re a sales “guy,” and they won’t believe you. Instead, ask them if your possible solution might help them. If they believe it does, they have accepted your solution as truth. Then, get them to tell you, in real dollar terms, what fixing that problem is worth, resulting in increased sales.
3. Increase Sales Training. Use the 10% solution.
But don’t expect one salesperson–even your superstars–to be 100% at every part of your sales process. They rarely are. But there is a way you can raise the level of every person in your sales organization immediately.
Increase sales using this process adopted from W. Edwards Demming’s optimization principle. Break your sales process into as many discrete but meaningful steps as possible. Cold calling. Letter writing. Setting appointments. Identifying pain. Writing proposals. Presenting. And so on. Find out who in your organization excels at each step, and have those reps explain their methods and mindset to the rest of your sales force. Do all the steps in a marathon session or one step at a time. Either way, the results will be amazing.
4. Use the 80/20 Rule. And get rid of the bottom 20.
There’s no room in today’s world for mediocre producers. Hold each member of your team accountable for reaching two kinds of performance benchmarks: results measurements, which include not only revenue but perhaps new accounts and repeat business, and action measurements, which might include prospecting calls, appointments, and new contacts.
Not every salesperson will be a superstar, but everyone should pay their own way—and then some. Salespeople who aren’t producing not only cost you money but also drag down the performance of your whole organization. You may not pay them very much, but why pay them anything? I suggest you do both yourself and them a favor and let them go. Don’t worry about having an empty desk: that warm chair was an expense your company doesn’t need.
If you feel it isn’t fair to “dump” them, or if your sales cycle is too long to measure short-term revenue results, give the problem reps a 30-day plan to increase their activity level in specific ways. That’s long enough to see an improvement if there will be one.
5. Track your results and work harder
Most entrepreneurial sales organizations fail to analyze their efforts. They have no idea how much effort–or money–it takes to create a new customer. The only indication they have of whether salespeople are “doing enough” is based on the revenue numbers. The answer? Track both activity and results, and use the statistics your garner to raise performance quickly. Break your sales process into meaningful steps, counting when a rep completes one. Calculate averages and set a benchmark. And while you’re at it, analyze the percentage of deals that close whenever you complete that step. That knowledge can dramatically improve your sales forecasts.
Once you establish benchmarks–this one’s a no-brainer–RAISE THE BAR. Yes, that’s right, because the fact is, revenue isn’t coming in fast enough. Do everything discussed above to improve your sales effectiveness–then do more of it. Just working smarter isn’t going to cut it. You’re going to have to work harder as well. And anyone who doesn’t want to? See number 4 above.
Frequently Asked Questions (FAQ) on How to Increase Sales
How quickly can I expect to see results from implementing these strategies?
The timeline for seeing results from implementing these strategies can vary depending on various factors such as the current state of your business, market conditions, and the effectiveness of your execution. However, in many cases, businesses may start to see noticeable improvements in sales within a relatively short timeframe, often within a few weeks to a couple of months. Consistent implementation and monitoring of these strategies can help expedite the process and maximize results.
Are these strategies applicable to businesses of all sizes and industries?
Yes, the strategies outlined in “5 Sure Ways to Increase Sales Immediately” are designed to be versatile and adaptable, making them applicable to businesses of all sizes and industries. Whether you’re a small retail store, a service-based business, or a large corporation, these proven tactics can be tailored to suit your specific needs and objectives. By customizing the strategies to align with your business goals and target audience, you can effectively boost sales and drive growth regardless of your industry.
Can I implement these strategies without a significant financial investment?
Absolutely! While some sales strategies may require a modest investment, such as implementing a loyalty program or investing in targeted advertising, many of the tactics outlined in the article can be implemented with minimal financial resources. For example, optimizing your website for conversions, leveraging social media platforms, and improving customer service are low-cost strategies that can yield significant returns. By focusing on creativity, resourcefulness, and strategic planning, you can increase sales immediately without breaking the bank.
How can I measure the effectiveness of these sales strategies?
Measuring the effectiveness of your sales strategies is essential for assessing performance, identifying areas for improvement, and optimizing your approach. Key performance indicators (KPIs) such as sales revenue, conversion rates, customer acquisition cost, and customer satisfaction metrics can provide valuable insights into the impact of your strategies. Implementing tracking tools, conducting regular analysis, and soliciting feedback from customers can help you gauge the effectiveness of each tactic and make informed decisions to drive further success.
Are there any potential risks or challenges associated with implementing these strategies?
While the strategies outlined in the article are designed to help increase sales immediately, it’s essential to be aware of potential risks and challenges that may arise during implementation. Common challenges may include resistance from employees or stakeholders, competition in the marketplace, and unforeseen changes in consumer behavior. Additionally, some strategies may require time and effort to yield results, so patience and persistence are key. By anticipating potential challenges and proactively addressing them, you can navigate obstacles and maximize the effectiveness of your sales initiatives.
Recommended Books on Increasing Sales:
- Sales Process Excellence: Increase Customer Value, Accelerate Your Sales Funnel, Grow Your Business Kindle Edition
- Jeffrey Gitomer’s Little Red Book of Selling; 12.5 Principles of Sales Greatness, How to Make Sales FOREVER
- Seven Figure Social Selling: Over 400 Pages of Proven Social Selling Scripts, Strategies, and Secrets to Increase Sales and Make More Money Today!
- Secrets of a Master Closer: A Simpler, Easier, And Faster Way To Sell Anything To Anyone, Anytime, Anywhere
- Fanatical Prospecting: The Ultimate Guide to Opening Sales Conversations and Filling the Pipeline by Leveraging Social Selling, Telephone, Email and Cold Calling
Article originally published on June 10, 2012 and updated on March 24, 2024.
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