In life, anything that has long-term sustainability must have a solid foundation. The same is true in business. The success of a company or organization largely depends upon its sales infrastructure. A business that has a solid sales system is more likely to experience growth and maintain longevity in the marketplace compared to those that do not.
Revenue generation is the number one way to measure a company’s success. To meet annual revenue goals, a business or entity needs a solid sales system. There are several factors that can positively impact a company’s growth as far as sales are concerned. However, there are some sales principles that stand the test of time when it comes to best practices. Listed below are 3 fundamental sales practices.
Fill Your Sales Pipeline – At any given time, your sales pipeline is comprised of leads that are hot, warm and cold. Obtaining leads requires prospecting. Prospecting provides a steady flow of new leads into your business or sales organization. Without leads, your sales efforts will quickly dry up. Prospecting is all about research. Spending time to find leads means doing your homework to scour every possible avenue where possible sales may exist. Whether your prospecting consists of networking organizations, events, trades, media sources or other means, the key is to get out there. There are always leads available to those willing to do the work to find them. There are tons of places to prospect for new leads. It’s your job as the sales person to leave no stone unturned.
Complete Revenue Generating Activities Consistently – It has been said that it takes 21 days to form a habit. If that is true, on day one of each month every salesperson or business owner should begin sales rituals that may result in revenue generation. The key is to take action daily to get closer to closing a sale. Performing sales activities that lead to cash are considered actions that trigger a sale. The more actions you take, the more likely you are to close a sale and make more money. Sales is a numbers game. The more times you play the better chance you have of winning. Additionally, you must track and document each action so you maintain a record of performance.
Nurture Existing Customers – It’s just as great to get new customers as it is to keep existing customers. The greatest source of incremental sales for any company is its ability to maintain a strong customer base while up-selling those customers to new products and services. Holding on to customers involves perfecting the customer experience in such a way that makes customers feel valued, appreciated and understood. More importantly when a company identifies the wants, needs and pain points of their target market while offering solutions to address or fix them, chance are they have won life-long customers. Finally, people respond well to those they know, like and trust. When customers experience empathy and appreciation, they tend to be more loyal. The bottom line is simply, loyal customers spend more money. It pays to nurture the customer relationships you already have.
As the saying goes, in business nothing happens until someone sell something. Sales is the lifeline of any business. Without a functioning sales system, there is no company that can keep the doors open. However, a solid sales structure will ensure a stable and sustainable future for any business.