Sales are the lifeblood of any business. If products are not being sent out or services not provided, a company isn’t bringing in any revenue – and that’s bad news. Expenses will quickly overwhelm the organization, and it won’t be long until it is permanently put out of business.
Yet even if your company isn’t struggling to generate those all-important sales, it never hurts to try and get even more transactions done. The more sales you bring in, the more profit you generate – and the quicker your business can expand.
Before you can start dreaming of those positives, however, you need to know how to boost your sales numbers. The following article details five ways to make that a reality.
1. Utilize the MEDDIC sales process
The right process can go a long way to boosting your entire sales approach. It supplies a framework for your business to follow, one that considers a variety of aspects, so you target better leads, develop productive relationships, and improve your chances of sealing the deal. At least, that’s the case if you pick the right sales process.
One of the most effective methods is the MEDDIC sales process.
MEDDIC, an acronym for Metrics, Economic buyer, Decision criteria, Decision process, Identify pain, and Champion, covers the aforementioned six steps with one primary goal in mind: improving conversion rates. The process helps with gaining valuable information about customers, allowing you to turn prospects into customers during various stages of the sales cycle.
For more information, Spekit has put together an in-depth guide about the MEDDIC approach and why it’s a popular methodology for B2B sales.
2. Understand your competitors
Researching your competitors is a savvy way to gain valuable information about where your products stand in the current market. There are various attributes you can look into when analyzing the competitions’ products against your own, including:
- Price: How much are your competitors selling similar products for? How does this match up against your own products? If they’re going with a significantly lower price, for instance, this suggests you may have to tweak your own RRP – or add more value to your offerings – for a more viable impact on the market.
- Value: What type of value are your competitors supplying with their products? By being able to identify the features and benefits they utilize, you are in a better place to ensure your products deliver greater value to your target audience.
- Promotions: Your competitors can also assist with your marketing efforts. By seeing how they promote their products, you can try out these methods and see if they’re effective for your own campaigns.
3. Reward customers
An easy – but effective – way to shift products is to reward your customers. This is particularly useful when it comes to getting new customers through the door. If you can offer them something like a special introductory discount or free product, they are more likely to make that first purchase from your company.
Of course, you don’t want to forget about your current customers. You can also send them special offers to ensure they keep coming back for more. If you add a sense of urgency to a promotion, it’s more likely they will buy what you have to offer – although you don’t want to go overboard and appear desperate.
4. Incentivize employees
Your focus shouldn’t just be on rewarding your customers. You can also do the same for your employees as a motivational tactic. By incentivizing your sales team, where they receive a bonus for their efforts, they are more likely to push themselves further to secure those sales for your business.
As for how to incentivize them to improve their performance, there are numerous paths you can take. You can offer gift cards, tickets to events, days off, bonus commissions, and more.
5. Learn how to improve with performance metrics
There are several key performance indicators (KPIs) you should be utilizing to learn more about the sales of your products. If a certain product is suffering from low sales volume, you can analyze the KPIs to learn more about the situation.
Metrics you can use include conversion rate, units per transaction, and sales volume by location. With this information, you can find out if your marketing efforts are ineffective at certain stages, why customers are only purchasing a certain number of products, and the territories that are responsible for the most sales. This data can then be used to further refine your entire sales approach.