9 Strategies to Accelerate Your Sales Revenue
In times of high productivity, you may turn your focus to KPI’s to manage and monitor the flow of sales through your business. However, even in times of growth, it remains an important key factor of all businesses to keep strategizing for the potential growth of sales revenue.
Sales acceleration is a crucial factor in ensuring that all aspects and resources of your business are moving forward. How is your top sales-people performing? Are your client base needs being adequately met and developed?
In this article;
- Review the Company Sales Strategy
- Evaluate the Sales Team
- Sales Bonus
- Sales Territories
- Company-Wide Training
- Evaluate Your Client Base
- Product Evaluations
- Lead Time Efficiency
Put Your Company Under The Microscope.
Review the Company Sales Strategy
It is vital that your company is continuously sustaining its competitive edge in its target market. Understanding how you stand out from your competitors, and how to exploit this to grow sales revenue requires constant focus in an ever-growing marketplace.
A comprehensive sales strategy will ensure that your sales team understands the opportunities and threats in the marketplace.
To ensure that your company continues to grow its sales revenue, the company software should be reviewed and updated accordingly.
Software is not only to monitor and track sales data, but it is essential to provide necessary marketing and sales training to both sales teams and clients.
Evaluate the Sales Team
Your company will have team members of differing abilities. It is good practice to run an in-house audit to ensure all staff are fully up to date on training practices and sales strategies and are implementing these with clients. A one-to-one review gives your team a chance to air any concerns or make any suggestions that may not be covered in meetings.
In addition, you should ensure all the sales team are exploiting their sales contacts and client base to grow new leads and potential clients. A new team member may have prior client relationships that can be developed for your companies benefit.
An incentive system, such as on-target bonus earnings on sales revenue, is a worthwhile strategy to motivate the whole team. While some companies are resistant to the idea of a bonus structure, it is a proven industry method to improve sales.
Target-based rewards allow a sales team to self-monitor their progress through sales metrics.
If your sales team is divided into territories, are these generating the sales revenue as expected by forecasting data? Merging or dividing up sales territories can increase sales.
You can utilize your best sales representative by placing them in the high grossing territory to generate increased returns.
Along with evaluating your sales team, you need to take a holistic view of the company as a whole. Your sales, marketing, and development teams should have a symbiotic relationship that benefits the company. These relations can be developed through in-house training days.
Evaluate Your Client Base
A company needs to maintain a constant dialogue with its client base. While it is tempting to give less time to those ‘easy’ clients who bring in a continual stream of sales revenue and only focus on new sales, it is not advisable.
A good client is always open to new product lines. However, it is vital that they feel valued by their supplier. Ensuring your sales staff are up to date on new products, along with client incentives, can help grow existing relationships and ensure that your client base feels valued.
As there are good clients, there are also bad clients. If a client is taking up a lot of your sales team’s time without placing orders or is returning too much product unsold, it may be time to cut ties with this client politely.
It is essential to monitor the quality and design of your product. Complacency may set in with a successful product, but it is critical to stay competitive.
Along with forecasting for future client needs, it is vital to monitor marketplace trends.
Lead Time Efficiency
How long it takes your product to travel through the pipeline from manufacture/design to the client will have a substantial effect on how your company is viewed in your potential marketplace. Time is money, and clients will look elsewhere if they experience repeated delays in product delivery.
It is vital to manage the journey of your product and handle any disruptions in the pipeline. Clear dialogue between departments will hi-light these issues. If the sales team is aware of a potential delay, it allows time for them to start a dialogue and reassure your clients.
Failure to prepare is preparing to fail.
It can be time-consuming to take an in-depth assessment of your own company’s strengths and weaknesses. However, the companies that make time to assess all aspects of their business are the companies that future-proof themselves against losses of sales revenue.
What’s your view on accelerating your sales revenue? Do you think these strategies work? Share your ideas in the comments section below.