Like most b2b sales people I believed there was only one way to increase my b2b sales results – By Getting New Accounts.
This was my self proclaimed method of increasing my results and all my planning and strategy was based upon finding new customers.
Then a Sales and Marketing Guru told me there were three ways to increase my sales results and I should be constantly thinking about finding all three due to the accelerated rate of growth I would receive.
Now, accelerated rate of growth got my attention, so I listened intently to what he had to say. So, now you’re thinking – what are the three ways to grow my sales?
The Three Ways to Grow Your Sales Revenues are…
- Find New Accounts
The most common and know method for increasing revenues. Finding new business is a critical factor for your long term success. Most sales managers push their sales people for finding new business. I feel you have this one down pat.
- Increase the Average Size of Purchase
This one is different, yet, very effective for growing your revenue. The key is to get your customers to increase the average size of their purchases. This could strictly an increase in the volume of business. However, more creative sales people find ways to bundle or package their offerings to increase the average sales size. Another popular way to use this is to get a customer to buy more product mixes under their contracts. Or, move your product or service selling across departments, divisions or business units within the same company.
- Increase the Frequency of Purchase
This one is a little tricky to implement, yet, if you can get a customer to increase the number of times they place regular orders – your sales revenues will increase.
Now, think about this list and ask yourself – How can I increase all three sources of increased sales?
Oh, did I mention, if you increase each method by 10% – 10% more from new accounts, 10% more in average sale size, and 10% more in frequency of purchase – your sales revenue will grow by 33%.
That is correct – no funny math or anything like that. The effect of increasing all three elements has a compounding effect upon your sales revenue – thus the increase of 33% from our example.
Now, I don’t know how you feel about a 33% increase in sales results, but I get excited about it. And, the cool part is it only takes a 10% focus to get the 33% return. This I like even more. It’s called leveraging your efforts and the payoff is huge.
Now, you can set your goals and objectives at any level you prefer, just remember you can control your results through focus, planning and strategy. I prefer to control the type of customers I find and develop and you should too.