Increasing sales is usually the number one focus of business managers, but at a time when sales targets are becoming more and more challenging, customers are becoming more and more sophisticated, and demanding greater and greater value from supply partners, sales people are often being challenged by their Line Managers to ‘maximize sales revenues’, but what is this and how do we achieve it?
There are various papers on maximizing sales revenues, many with contrasting opinions. So, here’s my top tips on maximizing sales revenues:
I believe that to the maximizing of sales and revenues isn’t just down to one element; is like baking a cake – leave out one ingredient, put in one out of order and the results will not be what you want to achieve. From my experience and from researching various channels, I believe the cake mix to maximize sales revenues is:
- Product (or service)
Our product (or service) needs to be excellent – not good, excellent. We need to stand out from the crowded market place. Similarly, we always need to enhance – excelling today, is the bench mark of tomorrow, with our competitors often seeking to copy or improve on what we’re achieving so we must seek to evolve our product or service and become more and more creative.
Once we have the product (or service) level where we need it to be, we must ask ourselves ‘how do we penetrate the market?’ Not just the market share we already have but how do we replicate sales to a wider and/or deeper reach, and thus drive revenues? Maybe it’s selling in a different geographical location, maybe our product or service might lend itself to a different industry segment, so get creative – think differently.
In addition to the product or service, the ability to penetrate a wider and/or deeper market, we also must consider our people and our process. Our marketing must be in harmony with our sales activity, and vice versa.
To maximize our potential, to reach the targets and maximize revenues, departments need to be in sync; marketing needs to be focussed and sales personnel need to be dynamic, professional and customer centric – not just out to make a quick hit. Many organizations fail at this point, with Marketing and Sales operating in a silo environment. I’d encourage Sales and Marketing to stress test their ideas with the alternate department.
So, we have the product (or service), we have the market, the people and the systems but these elements will only get you so far. Yes, they’ll get the sale, but how do we get the client to come back again? How do we sell more to a client, either cross sell or up-sell?
We need to develop brand loyalty. Loyalty (or trust) is developed and starts in the simplest way – by doing what we say we’ll do, then immediately seeking to exceed the expectations of the client, and from that position we strengthen the relationship by overlaying added value at every connection.
I hope you find the above of some use as you strive to increase sales revenues. Do you have any other ways of maximizing sales productivity? Share your thoughts with us in the comments below.
If you’d like to discuss any issues you might be having with regards to developing sales relationships and revenues, and how we may be able to assist with those, I’d be delighted to hear from you.
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