By | Dawn Castell
Have you been struggling to meet your sales targets or meeting targets but want to blow past them? If so, some tips can help.
While sales can be a daunting profession at times, there are ways you can improve your efforts and, as a result, improve your numbers. While you should look at sales dashboard examples to know the best way to set goals, it is also important to know how to reach them. Keep reading for some actionable tips you can start using today.
Set Challenging but Achievable Sales Targets
Setting goals can be tricky. You need to set targets you can achieve, but you also need to challenge yourself. Put simply, you have to find that “sweet spot” that isn’t too hard or too easy to achieve.
The question is, how can you achieve that balance? One way is with the 70% rule. This means that your goals should be achieved a minimum of 70% of the time. If this is not happening, the goals are too high, and you are at risk of de-motivating your team. However, if your goals are being achieved more than 90% of the time, they are probably too low and do not encourage your staff to do better.
Measure All Sales Activities
You have probably heard that you will improve your efforts and results when you measure what you are doing. This is true in sales, along with many other things. A good strategy is to choose three specific metrics and keep watch on them throughout the year. Some things to think about measuring include proposals delivered, prospecting time, appointments that convert, and others. Once you have chosen what you will measure, start measuring them. Over time you will be able to recognize trends and make improvements.
Manage Sales Quota Timeframes and Frequency
When setting your sales targets, you should begin with your annual revenue goal and then break this into quarterly and monthly amounts. However, when you deal with your sales team, it may be best to set your goals for much shorter time frames. This could be weekly, or in some cases, daily.
More frequent sales quotas will help to provide ongoing motivation for your team. With a monthly plan, those who started the month off badly may become less motivated once they realize they will not meet their quota for the month. This may cause them to give up altogether. Setting daily sales quotas may help to prevent this type of behavior.
Watch Your Pipeline
Take time to look at your pipeline daily. If it is low, it is a reason for concern. This concern can be a source of motivation. A good rule of thumb is to maintain three times your set quota in your sales pipeline all the time. Be sure to watch what is going on to ensure you remain focused and on track with meeting goals.
Discuss the Sales Goals All Day
It is important to talk up your sales targets. This doesn’t mean you mention it when the day starts and then ask about sales again when you are ready to close. You need to make sure you are discussing your set sales goals and your team’s performance all day long to keep the targets fresh in everyone’s mind.
Take a few minutes at the start of the shift to discuss your team’s goals and how each person is doing. This will help to ensure they are motivated and remain accountable to achieve the targets that have been set.
Improve Your Sales Close Rate
When you improve your close rate, it means you don’t need as many leads. It also means that you will reach your sales goal faster. If you have a close rate that is under 50%, you should find ways to improve it.
Ensure Your Sales Targets Are Visible
You should display the sales goals and targets you have set in the break room or backroom. You can put up a board that is dedicated just to sales, and be sure to update it regularly.
Another good idea is to make sure that your sales goals can be seen on your POS system. Some modern point of sale systems will let you actually set your sales targets. If this is possible, be sure to learn how to make the numbers visible to any relevant employees.
After you set the targets, your salespeople can monitor what they have achieved. This is helpful when it comes to encouraging more sales throughout the day.
As you can see, there are more than a few ways to improve your sales results. The information above will help ensure you are meeting your goals and that your entire team has met them, too. In the long run, this will help boost your sales and revenue, which is always a good thing.