If you don’t have a Strategy; Sales is a Mission Impossible. On the flip side Sales Professional dreams to be a Die Hard but very few know the roadmap to closing more sale. I am sharing few tactics categorized under three pillars on increasing your sales and they are
MINDSET: CHANGE YOUR MINDSET
- Stop Selling and Start consulting. Help customers solve problems or help them achieve their goals
- Close bigger order values. Work on identifying and closing bigger sales deals.
- 80/20 Rule: Listen 80% of the time and Speak 20%. Use 20% to ask relevant question and educate your customer
STEP OUT OF YOUR COMFORT ZONE
- Cross Sell: Research what additional product you can sell to your existing customers? Amazon is a prime example – it attributes up to 35% of its revenue to cross-selling – both the “Frequently Bought Together” and “Customers Who Bought This Item Also Bought”
- Upsell: Research what can you sell more to your customer. How can you make the order value bigger such as bundling services or others? Upselling encourages a customer to purchase a more expensive model in the same product family or to augment the original model with additional features. Consider JetBlue’s “Even More Space” initiative, which allows passengers to buy seats with more legroom. This upsell was projected to net JetBlue $190 million in additional revenue in 2014 (compared to $45 million in 2008, when it first launched). Travel industry works on Upsell.
- Create Referral Network: Create a referral network with a clear guideline. Help others make money and earn your good will. Or joins BNI referral network.
- Create a Partners Network: Sell Through your partner’s network and leverage their goodwill and trusted network to sell more.
STRETCH YOURSELF: When you Stretch you increase your Limit.
- Generate More Leads: Fill your funnel with more leads (TOF, MOF, and BOF). Call more, visit more, reach new territories and increase marketing efforts.
- Shorten the Sales Cycle. If your sales cycles are 8 weeks from the time you made first customer contact to getting your purchase order. Research and work on how you can reduce the sales cycle time to 7 weeks. It could be better segmenting your customers, better qualification or engaging all customers stakeholders in the business meetings.
The overriding principal of closing more sales is identifying wider options. And once you have identified options work on options that complement.