ANALYZING SALES TECHNIQUES
If you are frustrated with the numbers your company is producing and your
sales are below target, the first step in increasing sales is to analyze your
current situation.
Consider the following six questions to help you increase your sales. Write
down your answers so that you can make well-informed decisions to obtain
positive sales results. This will help you visualize what your company has
already accomplished and may reveal what techniques you need to implement for
higher sales results.
1. What actions have you taken thus far to properly market your business?
Make a list of all forms of marketing that your company uses. Is the list
lacking in some areas? Are there markets your company is not reaching?
2. Where do the majority of your leads originate?
Leads are potential customers who might visit a website or store location.
Think about which of your websites, flyers, mailers, or blast e-mails are
attracting the most potential customers to your business. Do you track the
source of these leads? Doing so will help you see the most effective ways to
maximize your advertising budget to increase sales.
3. Where do your actual sales come from?
Not all leads produce sales. One website may attract 1000 visitors but have
no actual sales. Only 100 people might view another website, with 30 people
deciding to buy. If this is the case, understanding where your sales originate
helps your company more effectively allocate advertising resources.
4. What is the number of leads you receive on a weekly basis?
It is critical for business owners to know the number of leads their business
receives because sales do not always accurately reflect the number of leads a
business has. If your sales are low, do not assume that you are not receiving
leads. Rather, you need to understand why the leads are not staying with your
company to buy. If business owners understand how many leads they have, they
will not waste time or money ineffectively. For example, do not spend money
trying to attract potential customers to a website or online store that looks
unprofessional or is not user-friendly. Instead, spend the money making the
website easy to use and professional-looking; then, those potential customers
who come to your website will stay to buy.
5. What is the weekly conversion rate on your leads?
Weekly conversion rate calculates how many of your leads turn into actual
paying customers. Understanding this ratio gives you insight into how effective
your company is in persuading customers to buy. It can also show where your
company is lacking in converting leads to buyers. Look at your numbers. Do you
have 1 sale for every 20 leads, or only 1 sale out of 1,000? Strategize on how
you can do a better job of converting current leads into customers.
6. Do you have a measurable marketing goal?
The obvious goal is increased sales. Does your company have a realistic
strategy for achieving this goal? What steps have you taken to reach it?
Think about your business goals. Are you striving for more leads? Do you have
plenty of leads but are aiming to close more sales? Are you trying to turn
current customers into repeat buyers? Writing specific goals helps you to devise
clear, efficient strategies for exceeding your target sales.
Try to objectively evaluate your company so that you may assess what is
effective and where you need to make smarter decisions to increase sales.
Author: James A. (Jim) Baker
James A. Baker is the Chairman and Founder of Baker
Communications. Baker is a sales training and
development company specializing in helping client
companies increase their sales and profits. He can
be reached at 713-627-7700 or
jim.baker@bakercommunications.com.
