Everyone in business wants a ‘piece of the pie’ – your slice of the market. But how big your slice is depends on your ability to stand out from your competitors and gain more customers. Essentially – to find a niche. Have you planned how you will separate yourself from the competition in 2016? Do you have a plan to promote your business to generate sales?
Having a sales and marketing plan heading into the New Year is proven to help grow your slice of the market pie and enable you to grow.
Once you have established what your niche will be in 2016 (and beyond), go through these 5 steps to form your sales and marketing plan, help you grow, and drive cash flow.
1 – Lead Generation Goals
Exactly how many leads do you need so that enough convert into sales, to enable you to reach your financial goals and improve your cash flow? Look back at 2015 and calculate the new leads that were generated and the cost of generating them; this will help you to set your budget for acquiring leads. Once you know how many leads you need to generate, you then need to choose the different activities that will generate them. Of the approximately 75 different ways to generate leads, you’ll probably need to have 8 to 10 different activities running in order to ensure that your lead flow is reliable.
2 – Conversion Rate Goals
Measuring each step of your sales process to find where the biggest leverage points could be might be the biggest contributing factor to success in 2016. Once you know where the biggest areas for improvement are, there are a number of tools available to improve your sales and conversion rates. There’s no point trying to ‘wing’ the sales process, because it will be immeasurable and difficult to reproduce. Better telesales script training, new selling tools and timely online response rates are just a few of the proven tools that coaches from ActionCOACH are armed with and ready to teach. Give us a call today to find out where you can best leverage your sales budget and achieve your conversion rate goals.
3 – Number of transaction goals
Your sales and marketing plan will need to specify what you will action in the first quarter (90 days) of 2016 to increase the frequency with which your customers buy from you. What will you increase this average frequency to? What needs adjusting, what needs removing, what should stay the same and what new strategies need implementing? Imagine if all your customers bought once more from you each quarter… that could mean much improved cash flow and bring you closer to your financial goals.
4 – Average Dollar Sale goals
What could you do to increase the average purchase value of each customer? What should you increase it to? What in your sales and marketing plan needs adjusting, what needs removing, what should stay the same and what new strategies need implementing? ActionCOACH can help you implement strategies to increase your average dollar sales.
5 – Margin
Is there an option to adjust your margin? How much could you increase it by, as a way of improving cash flow? What, specifically, can you do to reduce your expenses as a way to increase net margin? Often, the activities that will drive increased margin will be the fastest and least costly to implement and will have the most immediate impact.
Once you’ve worked through those elements of your plan, you’ll be in a great position to achieve amazing results…you don’t need huge changes in any of the 5 metrics – a 15% improvement in each will be sufficient to double your profit!
So get planning to increase and enjoy your slice of the pie. Want to know more about planning for 2016? Download our free eBook Plan for a Successful New Business Year here.