Meet your end of year target with this to-do list
With the summer holidays now over, it’s time to turn our attention once again to business and helping you get more of it through the door. With that in mind, here’s a helpful to-do list to help you meet your end of year target.
Set your objectives
Sit down and confirm your objectives in writing. What is your revenue target? How many sales does that equate to? What must the average sale value be for you to achieve your target? Define lower and higher sales value thresholds and calculate how many sales of each you would need to still achieve your goals. Don’t just pick numbers out of thin air — use historical data from previous sales to understand your average transaction size.
Plan how to maximise your average sales value
There are two ways to increase sales revenue.
- Increase the average deal size
- Increase the number of sales you make
If your revenue targets are looking challenging or quite simply, if you want a better chance of hitting your targets — you’ll want to put a strategy in place to maximise the value of every single transaction. Look at the portfolio of products or services you sell and ask yourself…
- Can I cross-sell purchases of product/service A and also sell them product/service B?
- Can I upsell them from product/service A to a product/service A+
- Can I create a value bundle by combining a selection of my products to increase the overall transaction size? (the profit per item may be less, but the overall profit will better)
- If you have customers that pay on a monthly basis, can you create an offer to persuade them to purchase a years’ worth of product/service up front?
Plan who you are going to be selling to
You’ll need a separate strategy for each of the following:
- New customers who you want to sell in to
- Existing customers who you want to sell more to
Existing customers are traditionally “low hanging fruit”. They already know and trust your brand and you simply need to get them to spend more. Think time-limited money-off vouchers, seasonal related campaigns (Halloween, the day the clocks go back, Diwali etc.), weather / news related offers and general “thanks for being a loyal customer” deals.
For new customers, ask yourself:
- Where am I going to find them?
- What am I going to do when I do find them?
- What is my “multi-touch” strategy to bring them down the sales funnel (people rarely buy from a company the first time they see / hear from them so you’ll need to have a consistent marketing strategy in place to build trust before a sale will take place)
Build your strategy
No single activity on its own will “bring in the goods” so you need to think about your sales and marketing mix. Will you need to make outbound sales calls? Will you be writing regular content (this is pretty much a “must” for all businesses)? What does your social media campaign look like? Will you be using paid advertising (AdWords / Social PPC)? What about social and blogger outreach? Don’t forget email marketing. That’s a lot of things to think about and a lot to figure out if you’re to make it a success.
Decide if you have time or if you need help
There’s no point in doing the above half-heartedly. You need to commit serious time and energy to both the planning and implementation stages if you’re going to pull this off. Random unstructured content or social media posts don’t work. Neither does the occasional half-baked sales email, so if you think you can “wing it” as and when you have a bit of spare time, let us save you the effort by assuring you that challenging revenue targets cannot be achieved unless you put your sales and marketing strategy at the very top of your agenda — day in, day out until the end of the year.
If you don’t have the time, the skill-set or the inclination to do this in-house, that’s where we come in. Here at businesshands we offer a comprehensive outsourced marketing department service which includes everything from in-depth marketing strategy through to content creation, social media, email campaign management and much more besides.
Want to know more? Contact us this week on 0207 458 4788 to get you sales and marketing strategy in motion and don’t leave it a moment more. They say time is money and in this case, the greater the delay in starting your strategy — the greater the loss in revenue to your business before the end of the year.
Thanks for taking the time to read this post. If you like it and you’ve found it useful — perhaps your contacts will too so don’t forget to like and share it.
Originally published at www.businesshands.co.uk on August 30, 2016.