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How to Increase Sales Starts with Embracing a Just Another 10% Belief
| Guest post by: Leanne Hoagland-Smith |
Article Overview: Is 10% very much? Learn how 10% can dramatically increase sales.
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Free Download - How to Craft an Engaging Message That Highlights What You Do to Increase Sales By Leanne Hoagland-Smith |
How to Increase Sales Starts with Embracing a Just Another 10% Belief
Is 10% very much? Would you believe that 10% can generate more than 10% in your own sales compensation not to mention the overall goal to increase sales?
When working within my sales coaching practice, I always bring out a dollar and a dime. I ask how much value is the dime compared to the dollar. Most agree that the value is just 10% and that really is not very much.
So, what would happen to your annual sales or revenue if you increased your sales behaviors or actions by just 10%? To answer this number requires you to know two important measurements of your sales results:
Your sales to earn ratio.
Average dollar value per sale
Sales cycle time
Sales Coaching Tip: A sales to earn ratio is the total number of contacts to the total number of earned sales.
Some sales training gurus call this a sales to close ratio. However, the word close is to shut down and who wants to shut down a qualified potential customer (prospect)? Sales Coaching Tip: Exchange the word prospect for the phrase qualified potential customer as you truly should be viewing that individual as a potential customer.
For example if your sales to earn ratio is for every 100 contacts you earn 10 sales, then you ratio is 10 to 1 or 10:1. By increasing your contacts by just 10% to 110 contacts, you could earn another sale. If you break this down even further, what this means is all you have to do is to make just 2 more calls each day Monday through Friday.
Knowing your average dollar value per sale is $1,000, you realize an additional $1,000 of personal income for just making 10 more calls. If you do this on a weekly basis, within one year you could add another $52,000 to your annual income. Sales Coaching Tip: Your sales cycle time (number of days from first contact to earn sale) will affect your income. This is one of the reasons you must keep your marketing tunnel (yes tunnel and not funnel) full with qualified potential customer leads.
Sales Skill Note: A funnel suggests that once you have your qualified potential customer in your funnel, you can let go and gravity takes over. However, if you are engaged in education based marketing, your goal is to walk with them through the tunnel of education and lead them out to the light generated by your product or service. This tunnel approach is far more in alignment with relationship selling.
To increase sales begins with your thoughts and your actions (sales behaviors). You must develop a just 10% more belief and then take the appropriate action. Since you know your numbers, your just 10% more belief starts to generate a self fulfilling prophecy. Very quickly, you have achieved your goal to increase sales by 10% and that has resulted in a better than 10% increase in your annual sales income.
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About the Author: Leanne Hoagland-Smith RSS for Leanne's articles - Visit Leanne's website Her book, Be the Red Jacket is a no-nonsense and quick read to help discover potential gaps that may be keeping you from your goal to increase sales. The forward is by Evan Carmichael of EvanCarmichael.com Remember if you think you cannot or you think you can either way you are right. (Henry Ford). Sales Coaching Tip: Change your thoughts; improve your results. Click here to visit Leanne's website   Leadership Assessment Business Building Check List Leadership Audit For Business |
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