I’ve had my own business for almost 25 years and I’ve been fortunate to have a wide variety of mentors and coaches throughout. In addition, I enjoy learning more about my industry and business in general by attending seminars on a regular basis.
With all that said, I do feel my experience in the corporate world really helped me to understand many processes and how they are important in maintaining a successful business.
I have always had sales goals for myself, my staff and the business as a whole. When I tell people I am ahead (or behind) in my current sales goals, more often than not, the comment I hear is “you work for yourself, why do you have goals? Don’t you just sell what you want?”
I guess I could if I didn’t want to get anywhere in my business. At the end of each year I spend time evaluating the year and developing my plan for the next year. So right now I’ve been not only filling my sales pipeline for 2017 but I am diving into my business processes to see what’s not working any more.
Tips for 2017 Success
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Now, I would believe that most everyone has some sales processes in place that they re-evaluate on an annual basis. I also recognize that this is nothing new to most, however, I also feel that a good reminder each year of what I might be able to add, delete or change doesn’t hurt. We are so busy working in our business sometimes we need that extra push to work on our business.
Setting Goals for Sales and Expenses
This is critical for any success. I start with an annual sales goal and then break it down by month. Now, after being in business so long, I do know the sales cycle for many of my clients. So I don’t just take my annual sales goal and divide by 12. I look at each month and determine what my sales could be from my existing clients, then I increase that an additional 10-20 percent as my monthly new business goal. This pushes me to not become complacent with my existing clients and continue to work my pipeline to build new clients.
I have to admit that I have been complacent at times and each time I am I pay the price. Client budgets change constantly, even after they’ve been approved. A lesson I was reminded of in 2016. So my goals for 2017 are much more aggressive when it comes to new business.
Now, as I have goals for revenue, I have goals for expenses as well. I know I have some conferences to attend this year, marketing expenses, but are there any investments necessary in technology, new marketing initiatives? I allocate money throughout the year but am constantly evaluating if my revenues justify the expense/investment, before I spend it.
Review of Current Customers
Next, I take a hard look at our customers. I am fortunate that many of our clients have been with us for more than 10 years. So understanding their revenue potential has become more predictable (but as I said, it constantly changes) so I do try to have a review/discussion with each one to understand their goals for the next year. Are they celebrating a milestone, are they planning on growth (building or acquisitions), do they know if they will be cutting back on events, trade shows or employee recognition? All of this knowledge helps us to understand their sales potential for the short-term.
Is it Time to Fire a Client?
For those clients that may be new to our family, we look at how much time we spent with them versus how much revenue we received. And over the years we have stopped working with clients. It’s hard, granted, but in the long run it made good business sense for us to fire a client.
Now, just make sure you evaluate the whole relationship. Maybe they are a great referral source for you. If so, it may be worth keeping them around.
Once all that is completed, it’s a great time to refine your ideal customer profile. Some key elements I look for include: number of employees, company revenues, annual promotion budget and growth potential. It also helps when you are speaking with people for referrals. If they know what types of companies you like to work with, it’s easier for them to refer.
The Sales Cycle
It is also a great time to review your sales cycle and conversion rates. Are you keeping track? If not, now is the time to start. It can be as simple as an excel spreadsheet that you keep updated so you can see what’s happening. There are many programs that also keep track for you, but all require your input. Does it take you one meeting to close a new customer or 12? How long does it take; one month or six months, or longer? Many times it will depend on the size of the company.
What can you do differently? Are they all asking the same types of questions in your first meeting that you can go in prepared to answer? Are you asking for the business? Are you following up on a timely basis? Do you have a system in place that helps you to do that?
I’ve found the more I follow my processes the higher my closure rate.
Up to Date Sales Materials Are a Must
We’re all in the marketing business so our materials should look like we know what we are doing. You don’t want to be like the cobbler whose kids have no shoes (and yes, I’ve made that excuse in the past – but no more). Make sure that your sales materials – brochures, leave-behinds, your website and your social media are all branded with the same message and are not dated 2012! If they are not, don’t wait, bite the bullet and update them now!
Time to Invest in Technology
I know for me it’s time for a new laptop. I have a great tablet but there are times when it’s just not enough. So that’s my first 2017 investment in my company and my sales growth. But what about other technologies that might need upgrading in 2017? Are your programs up to date? Your phone system (we changed to a VOIP system this year and I’m really happy that we did)? Your smartphone?
All of that is part of your marketing package and you need to be constantly and consistently putting your best brand image forward.
Now, of course, these are just a few highlights of what you may want to think about to help you tackle 2017 in a more focused manner. Set the goals you want to achieve and then make sure you have the resources in place to help you.
Remember, sales are a lot like a gym membership. If you don’t work at it, you will look the same this time next year as you do now!
Happy Productive 2017 Selling!
Danette Gossett is the founder of Gossett Marketing, co-founder of Promotions Rescource LLC and co-author of the best-selling book “Transform” with Brian Tracy. Danette utilizes her more than 30 years of advertising agency and corporate marketing experience to develop effective promotional campaigns and products for her clients. Visit GossettMktg.com or SalesPromo.org and follow us on twitter @MarketngTidbits.