If you want your business to bring in more money, there are only 4 methods to increase revenue: increasing the number of customers, increasing average transaction size, increasing the frequency of transactions per customer, and raising your prices.
When you want to bring in more money, remember, not every customer is a good customer. Some customers will sap your time, energy, and resources without providing the results that you’re looking for. If you’re spending a lot of energy serving customers who don’t come in often, have a low average transaction size, don’t spread the word, and complain about the price, it doesn’t make sense to attract more of those customers.
Always focus the majority of your efforts on serving your ideal customers. Your ideal customers buy early, buy often, spend the most, spread the word, and are willing to pay a premium for the value you provide.
The trick is how to attract more ideal customers, so that you can increase your sales.
So what is sales?
If you can sell, you can succeed in almost any business role. Selling is about persuading other people to accept your ideas after they have shared with you the barriers they perceive to what you are proposing. Clearly, anyone who has a job that brings them face to face with a customer has the greatest need for good selling skills, but other people, too, will benefit from becoming more persuasive.
The dawn of the new century has seen a dramatic shift in the way business is done. The internet now plays a major role in the sales process, with prospects/potential customers able in seconds to identify and explore alternative suppliers from around the globe. Information abounds, and there are few secrets. Geography is no longer a barrier to trade, and your customer is no longer likely to be content to stay with you because you both work in the same city.
Why do sales?
Sales or selling skills are critical in organisations that rely on ongoing buying from customers or clients. The ability to build relationships with customers, persuade them to make purchases and generate repeat business is at the heart of selling.
In any business organisation, sales is the department that generates revenue. No matter how good your manufacturing operation is, how cutting-edge your technology is, how tight your financial goals are or how progressive and forward-thinking your management techniques are, you must still have a sales mechanism in place, or everything else is useless.
Many companies under-invest in their sales effort, treating sales as an afterthought, to be handled after the managers solve all the manufacturing, distribution and financing issues. The best sales forces are professional, well-compensated, supported with a strong marketing effort and empowered to act, serving key client interests with marketing support, money and time.
How to increase sales?
The method we use to transfer our knowledge and experience is based on a combination of “Project-Based Learning”(PBL) and “Experiential eLearning”(EEL) which is the process of “learning” through experience, and is more specifically defined as “learning” through reflection on doing.
This method allows you to gain knowledge and skills by working for an extended period of time to investigate and respond to an authentic, engaging, and complex question, problem, or challenge, which is implemented to overcome the challenge and helps to develop critical thinking, problem solving, change management and implementation skills.
So, in this project you have the following tasks to complete to achieve the outcome below.
- Task 1 – generate leads by prospecting and lead qualification
- Task 2 – convert leads by sales follow-up, sale proposals and getting a commitment
- Task 3 – grow your customer base with excellent customer support and satisfaction
What is the outcome of this project?
Once you have completed the entire project, you would have implemented your personal sales plan and started to increase your business revenue.
You should have completed the marketing strategy project before you proceed with this project.
What is next?
Once this project is complete, you can decide on any other relevant project.