The 4-Step Action Plan to Increase Sales
There is no ‘one size fits all’ in sales. However, there are some basics principles that can help businesses lay the foundations of an effective action plan to increase sales.
Sales can be incredibly overwhelming for first-time entrepreneurs. Because unlike other functions of business, you can’t cookie-cutter a sales strategy from another business to use as a starting point to increase sales. Business owners need to be creative and resourceful in figuring out the best sales plan for their products or services.
You can add as many steps and planning decisions to your sales strategy, but there are 4 steps in particular which shouldn’t be ignored.
Step 1 – Research
You can’t sell to new customers if you don’t know your existing customers. Define your target market and build a customer profile from within it. You can gather data from resources available online or from analysis of purchasing habits of existing customers.
Step 2 – Diversify
Don’t limit yourself to one platform. Spread marketing efforts across multiple channels and target it to more than one audience. This way you not only lessen risk but are able to find out which platform is most lucrative and should demand a larger share of your marketing and sales budget.
Step 3 – Set goals that increase sales
The mark of good management lies in performance measurement. Therefore, set sales targets before executing your sales plan and determine what metrics can be used to measure it. Goals include both the objectives of your sales strategy and the numbers you wish to achieve.
Step 4 – Monitor and adjust
Once you’ve created and implemented your sales plan, you need to begin monitoring results. Are the numbers matching what you expected? Are there additional unforeseen costs in a campaign? What’s the customer feedback? Ask questions and adjust your sales plan accordingly.