Increase Sales Revenue by Increasing Sales Quality
Bumping up your total number of sales is not the only way to increase sales revenue. By working to get the most out of each sale, you can actually end up making more money from fewer sales.
Focus On Premium Prospects
If you schedule an appointment with a prospect that isn’t a good fit for your product, you’ve pretty much wasted your time. That’s a failure to correctly qualify the prospect before the appointment. But if you have an appointment with a prospect who just barely qualifies for your cheapest model, that’s probably not the best use of your time either.
Try narrowing your focus down to prospects that are qualified for your top-of-the-line models, not the ones who are going to want the low-end versions. Yes, that limits your total number of possible leads. You will almost inevitably make fewer sales… but the ones you do make will end up being much more valuable. If you normally make three sales a week at around $100 a sale, but this strategy nets you one sale a week averaging $500 per sale, you’re coming out well ahead.
Look for Multi-Buyers
This strategy is particularly effective in B2B sales, although it can work for consumer sales as well. The idea is to find prospects that will want to buy more than one of your product. For instance, if you sell copy machines, a sale to the small law office down the street is going to be for one copy machine. A sale to the huge law office with several hundred attorneys can be four or five copy machines, and you’re likely to get a lot more repeat business from them, too.
When you close a prospect, don’t stop there. If someone is willing to buy one product, why not cross-sell and get a little more value for both the customer and yourself? Most companies give their salespeople a range of “extra” products and services that are somehow associated with the main product, such as an extended maintenance plan for that copier. If you make a habit of offering prospects these extras, you’ll give the customer an improved product experience and put a little extra money in your pocket as well.
One effective cross-selling strategy is to present the items as a package deal. This works especially well if you can offer a discount or other bonus when the customer buys your cross-sell products. Banks are often masters at this strategy - most banks will waive your account fees and/or give you a better interest rate if you assemble a package of, say, a checking and savings account and an ATM card.