As complex as business to business selling has become due to the people, technology and agendas, there is one thing that has remained simple and concise. There are only three ways to grow your sales.
Now, understand I did not say easy, I said simple – which will require some effort on your part to master.
So what are the three ways to grow your sales? Here they are…
Three Ways to Grow Sales
- Find New Business – This is obvious to most everyone and is the main area of emphasis for growing sales numbers. Yet, of the three it is the hardest to do profitably and it creates a major competitive environment for the targeted new businesses. Most sales people only think of this method for growing or increasing their sales numbers.
- Increase the Average Sales Size – Now this one contains the most logical, yet, most overlooked by most sales people. Increasing the average sale size of existing “satisfied” customer is the simplest sale to make. Add a product line or new service to the bundle offering, expand within the boundaries of the customer account, new divisions, departments, etc. all increase the average sale to an existing account. Find opportunities to sell more and add product or services to the sale.
- Increase the Frequency of Purchase – Now this is the home of the superstar sales people. They have discovered that greater profitability comes from greater velocity of sales. This means higher inventory turns for their company (source of higher profits) and if placed into a total solution for the customer – usually a higher profit for customer due to lower financing needs, less inventory storage, more turnover of inventory, etc. This is the play ground for the sales winners who want to make sales that also create wins for their customers.
There you have the three methods to grow or increase your sales. How many are you using? There is a major reason to focus on all three. It’s called exponential growth.
If you increase your sales by 10% in each method you get more than 10% sales growth – you actually get a 33% increase in sales
If you increase your sales by just 5% in each method, you get more than a 5% sales growth – you get a a 16% increase in sales.
Get with the program, grow all three ways and your sales growth will exceed every plan. You will gain the credibility and respect you deserve within your company.