What is the way to grow sales? The common answer that comes out is, close more deals.
This is common thinking that implies growing sales => closing more deals.
What if we tell you there are actually other ways to grow sales.
Now growing sales doesn’t mean more deals only. The key to growing sales is to increase revenue and profit.
There are 4 levers to achieve this. Let see each of these.
Get more deals
With more deals, It all starts pipeline creating using various methods. There are various methods to grow the pipeline. But it is also about keeping this as the #1 priority
Here are simple steps to having a healthy sales pipeline flow:
Set a clear goal for new leads. Not many people have clear goals for new leads. Having a clear goal alone helps you start focusing on this activity.
Make this list building a regular work. Depending on the business type list building activities change. Focus on 2-3 list-building activities always. Read more here on generating new leads and appointments.
Being innovative and using new methods. Cold calling, emailing, networking is common methods. But today, there are better methods especially of using LinkedIn, E-mail automation. Explore those.
Get bigger deals
Here are few suggestions that you can implement to close bigger deals
Envision yourself closing bigger deals. This is more of belief. If you want to close bigger deals you must first believe and look for clients that can give you big orders.
Bigger purchases have different buying processes. Every type of client is different and it’s tough to know how each one works. Learn the buying process of companies and start tweaking your sales right from initial engagement.
Target bigger companies that have a budget. Target companies that are big in the industry and learn to know how to get the attention of big companies.
Get higher conversions
Here are few suggestions on increasing conversion. This is the safest and implementable step.
Work with the right people In B2B it is important to engage the right people. Focus on those who have the power and the ability to make decisions. They can give you a yes or no on their own. If you find that you’re not getting through to the right people, you may need to work on that skill.
Go before you’re invited Studies show if you are first to contact a vendor, then you increase success by 50% compared to the competition. Get in front of a potential customer when they are not yet buying more. Lead nurturing is the key part. If you let the buyer come to you, then it is likely he will go to competitors and your chance will be low.
Qualify the lead and drop if not right Increasing your conversion rate is really more about searching for opportunities rather than trying to convince someone to buy. If you want to be more effective at sales, create a good buyer profile and stick with it. If you’re talking to a prospect who doesn’t fit the profile, move on quickly.
Be a business expert It could be said that this is the most important key of all. People and companies buy because they have a need, a want or both. If you can understand what those are and do your best to address their pains and meet gains, you can easily increase conversion.
Reduce the time of sales
Understand the Decision-making process of your client.
Companies operate at their own speed. Though it is a common understanding that, small companies and startups are fast in decision making whereas big companies with many departments take their own time, it is important to know what is the decision-making process of your client is.
Ask your prospect what is decision-making process is. Don’t assume you know how to push each prospect through the stages of your pipeline. At each stage, ask them what is required to move forward to the next step. Do this a few times and you’ll learn how decisions are made in a particular company. You’ll probably discover industry-specific decision-making patterns as well.
Handle objections like “think about it”.
Handling objections is a key skill. If one of your prospects tells you “Let me think about it and get back to you.” Do not just say fine. Instead, you can respond with, “Great, can you give me an idea of what you’d like to think about and maybe I can provide additional information to help in the process.” There are various other objections you must have ready scripts, processes to handle.
Know when to walk away.
Finally, the reality is not many can end up buying. You must know when to stop following up and put them on hold. Generally, those who are in need, buy quickly. Some do wait for some time but eventually buy. If you cannot make prospects move forward in decision making put them on hold and get back later.