The Backbone for any business to sustain is sales. If the wheel of sales is broken in any business it will directly lead to breakdown and in fact, 95% of businesses that shut down as per the research are because of low or no sales.
So, Let’s discover a few secrets which can help you quickly increase sales in your business.
Secret #1 Understanding the right sales channel for your business.
A big problem with many small and medium enterprises entrepreneurs is that they don’t have an effective sales channel in order to drive revenue for their business.Let’s get an understanding of what do I mean when I say having the right sales channel.
This basically means you have strategically developed a mechanism to distribute your product or service through an effective medium. Now selecting the right sales channel depends on various parameters.
For E.g.: 1.
Your Nature of business Is your distributor, manufacturer, dealer, or service provider, are you a consultant because each of these business models will have a different approach to selling the product and services they have.
So, your nature of business will help you understand whether you would want to do Direct Sales, you would want to appoint a channel partner or you would want to create an affiliate network or you would want to sell online.
So, Step 1 is understanding the nature of business, then parameter 2nd is understanding the nature of your product and service.
There are two categories of products and services in any business.
A High-Volume Product and Services.
These are essentially products or services where you will have a low margin, but you will make your profits by selling a lot of volumes.
Therefore in this category, you need to make sure that your focus should be on targeting groups or a community which in return will help you to sell your product in mass.
The other type of category is A High-Value Product & Service
A High-Volume Product and Services.
These are products or services which have high margins and high returns in this case you can look at a model for direct sales or even through affiliates.
Understanding the nature of your product or service also helps you develop an effective channel to sell your product or service so if you know that you got products that are high volume in nature you need to look at ways to acquire more dealers distributors through which you can churn more volume of product and service and thus make good money.
While if your product and services are high value then you can look into having direct sales or affiliates or online sales as your channels of revenue generation.
Secret #2: Develop an effective sales process
Another game-changer when it comes to driving sales is you must have an efficient process through which you lead your prospect and then convert them into paying customers.
So let’s understand what are the elements of the effective sales process.
Sales script :
These are effective communication structures that you test out over a period of time and then stick to the one that gives you the best results.
So you must have scripts for understanding requirements, sales presentations, handling objections, handling negotiations, effective closing, and sales follow-up.
Sales Resources :
Anything materialistic that will help you effectively close a sale is important to be part of your sales process so what are the examples of sale resources Presentation, Brochures, Case Studies, Samples, All these are essential to pass on an impactful experience in your customer’s mind to make a buying decision.
3. Sales Support :
Having Sales Support means you have effective mechanisms, resources, learning material, training, and workshops, to consistently improve your and your team’s capability in producing results and sales.
Secret #3: Building A SalesForce
In most small and medium enterprise businesses the business owner is the single source for generating revenue and sales in the company which means they are the ones who actually go take the requirements of the customer, present an effective solution, do the follow-up and eventually, close the deal.
Now initially when you are starting out it’s okay to single-handedly drive sales in your organization but if you are really looking up for scaling up your revenue and becoming a million or a billion-dollar brand then you must and you must and you must build a sales team.
So many business owners come and tell me that I am the only one who can close the deal in my company which is not an effective strategy to scale because you have limited time and your role as a business owner is not just to increase sales and revenue but many other things.
So the only way you can grow as a business is by hiring the right people to execute the sales process which you just defined for your business.
I know many of you might feel that hiring is an expense but the reality is if you will not hire then everything will stay dependent on you and you only will become the bottleneck for the growth of your business.
Secret #4 : Developing the right learning system for improving sales skills
This is where the most business owner fails so many business owners come and tell me that I got salespeople I pay them well I have got a good incentive for them but they are not performing and the only question that I ask is what are you doing to improve their knowledge, skills, and attitude.
In the majority of the cases, the answer is nothing. I want you to understand one thing sales is a game of capability. I know many business gurus might have told you that sales are the game of numbers but the reality is you need the right skill the right attitude and the right knowledge in order to generate good sales.
So one of the most crucial tasks that you must focus on as a business owner is creating the right systems to help yourself and your team members grow their capabilities to improve their effectiveness in sales.
So you must have a learning calendar for your sales team where you will help them in improving their skills and knowledge around all the aspects of your sales process.
For eg: Taking Requirements, booking an appointment, doing sales presentations, dealing with negotiation, and most importantly closing a deal you must be training your team members all year long on each of these areas so that they will be able to build their capabilities which in return will make them more effective which by default will increase your results.
So in conclusion these are 4 Secrets methodologies that every business owner must focus on in order to experience a drastic shift in their sales and revenue