The most important part of making a product is making sure you can sell it! We have created this guide to help you do just that.
First, Have a Sales Goal in Mind
You need to have alignment within your company. To do that, you need to create sales goals. Goals will allow you to have a benchmark and standards to keep you and your company in check. Sales reps are going to need a way to measure their progress, and goals are an excellent way to do that.
Not all goals need to make x many sales by the end of the month. You can have all sorts of different purposes for sales teams, like have each rep make one more call a day to prospects, or send ten more emails per day, or increase your conversion rate of closes from 5% to 6%. Start with something very manageable.
Keep Your Goals SMART
The key is to make sure the goals that you set are reasonably achievable. Use this popular acronym to help you out: SMART (Specific, Measurable, Attainable, Relevant, Time-bound)
Always create your goals with this foundation in mind. That means don't make a goal of "more sales." Make a goal of 5 more cases of wine sold in the next 2-week cycle. By that metric, every two days should be a new case sale, so in 10 business days, you'll have five more cases sold!
Take a step back with me here so we can drill this down.
Our goal is:
SPECIFIC - 5 more cases of wine sold.
MEASURABLE - We have 2 weeks to sell 5 more cases.
ATTAINABLE - It's not a vast stretch to sell 5 more cases every 2 weeks.
RELEVANT - By selling 5 more cases a week, there will be a compounding effect on our income over time.
TIME-BOUND - we have 2 weeks to increase our sales efforts.
Once the goal has been created, and it has a measurable task associated with it, spread the word! Your team needs to clearly understand what the goal is and what everyone is working towards. Don't be top-down with it, explain to your team why these particular goals are essential, and why they're expected to achieve them.
Doing so will better help motivate your subordinates. Being inclusive about the goals helps motivate your team and help them understand the why behind the goals. You need your team, so make sure you equip them with all the necessary knowledge.
You have a goal, made it SMART, and communicated it to the team and they have bought into it. Now what?
Make sure everyone is taking steps towards achieving the goal that's what! If Henry is not able to go from 10 phone calls a day to 15, find out why! Is he spending too much time talking? Does he need extra mentoring? Having goals allows you to see who is lagging and who are excelling and correct the situation. Don't just make a goal and forget about it, make a goal and see to it that everyone is following through on it, and if they're not, understand why and make adjustments.
SMART goals help in creating compounding effects in your business. If you can get to 15 outbound calls a day from 10, and you know that it takes about 10 calls to get a sale, you're going to close a new deal every two days, which is a considerable increase over time!
Failure is...an option?
Not all SMART goals will be achieved. Don't let that discourage you. The reason you made the goal SMART, to begin with, is so you can monitor it and adjust it. When you don't meet your goals, ask yourself why. Maybe you need more training support for your sales team, perhaps a new hire needs some mentorship, possibly your pitch doesn't handle objections very well, it could be a number of different things!
The point is to make sure that you learn from your mistake. As long as you can understand why the goal was not able to be achieved, you're on track to success. Don't leave your team out of the conversation! Ask questions like:
Was the goal too hard to achieve? Was it too lofty? Did I give enough support for the goal to be completed? Was the time frame too short of achieving the goal?
As you hear the answers make sure to take them to heart. It will give you much insight into the state of your business and inform you of the next steps you need to take.
Give me some Data!
The most important part is to make sure you're collecting data along the way. If possible use a customer relationship manager (CRM) to keep track of prospects and deal stages. The most important thing you can do is to make sure you have a pipeline. Something like this:
As your work prospects make sure they keep track of them in a CRM. This allows for everyone on the team to be in better orientation on whats going on at the company and will allow YOU to start collecting data on how your sales efforts are going. The data could help you create a loyal cohort!
If everyone on the team is working together and putting prospects into the pipeline then you start to see how many leads are coming in, how many are getting worked on, and how many end up becoming customers. It’s hard to create SMART goals without any data to work with, so if you don’t have one yet, make sure to incorporate a CRM into your sales structure.
Give me Some Carat
From this methodology, you will inevitably have your representatives achieve their goals. Make sure to reward them! Give them that raise, some more paid time off, or just some good old’ fashioned recognition. Reward the achievers, and make sure to mentor the laggards.
If you take anything away from this, get a CRM! From there you can iterate on creating SMART goals with the data you start collecting. You must know what your closing ratio, that way you can make assessments like “I am going to need 15 phone calls to make 1 sale.” It will allow you to better forecast your business revenue too.
We hope this article helps you out. If you want help with your branding efforts, then click here and check out our ebook!