Setting your sales goals with confidence

Nabeel Ahmad
Setting your sales goals with confidence

Scaling sales is simple to do but it comes with plenty of residual strategies

You want to reach a big sales goal, but is that number realistic?

How do you know what number to set for your quarterly or yearly sales goal?

There is a simple three-step system you can use to solidify your ideal sales goal that is realistic yet, challenging at the same time.

Know your current sales conversion rate

Whether you have a sales team or are completely responsible for sales, you must have your sales calculation derived from your prospective paying customers.

You need this number to understand how many sales conversations you must have with ideal customers to obtain your desired sales goal.

For example, you have 100 sales conversations with prospects in Q1 and 50 become paying customers for a US$5,000 service. This means, your sales conversion rate is 50 per cent and within 100 sales calls you will make US$250,000.

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If you wish to make US$500,000 in sales in the next quarter, you know that you must have 200 sales conversations.

If you are unable to attain 200 sales conversations and still want to make US$500,000 in sales by the next quarter, you can do this instead:

Increase your rates

If you are only able to hold 100 sales conversations and not increase the amount of sales calls but still look to scale your sales to US$500,000 you must increase your product or service rates.

Many entrepreneurs have difficulty increasing their prices as it usually directly relates to personal limiting self-beliefs in how valuable you feel you are to your customers and at times, the world.

Take this into consideration — if you are feeling a self-worth challenge or simply don’t see a reason to increase your package or product rates…

Currency inflation rates within the United States alone change year to year but have a habit of staying within one to three per cent.

This means that the US$100 you have sitting in a bank account from last year was affected by the 1.9 per cent inflation rate in 2018, equating your US$100 in 2019 to US$98 now.

Your programs and products are also affected by inflation. They are no longer as valued as the year before. I always encourage my clients and entrepreneurs to increase their prices every year.

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If your US$5,000 service in 2018 should now increase at least with inflation rates – 1.9 per cent which equates to US$95 for a US$5,000 purchase). I suggest you round up to stay ahead and make the US$95 increase to US$100 for a total of US$5,100 – which equates to two per cent.

After increasing your rates to keep up with inflation it will still not allow you to reach goals that are doubled.

In addition to inflation rates, compensation increases the amount of value you provide your customers without having to spend much time in deliverables.

Extra valued deliverables can include but are not limited to online recordings, free tickets to events, VIP access, or additional laser-focused sessions with the expert.

Prepare your calendar

Quite simply, you cannot have more sales calls or conversions without having more leads entering your sales funnels.

This also means that your calendar must be optimised for the lead generation activities you will need to dedicate time towards and all the sales conversations you will need to host.

If your calendar is currently optimised for 100 sales conversations and you want to reach 200 your calendar must be able to accommodate them.

This will also mean you must outsource tasks and duties to other people or hire more salespeople to accommodate your coming increased sales calls.

Last thoughts

Scaling sales is simple to do but it comes with plenty of residual strategies.

How do you accommodate new sales? Where will you source the new leads? How will you deliver your service or products to these new clients?

Rarely, scaling business and sales are not simply about finding more clients, converting them into paying clients, and then sending their deliverables. It comes with knowing how to keep your systems and operations together during scaling as well.

Before you get into systems and operations alterations you must identify your current conversion rate, increase your prices accordingly, and prepare your sales calendar (and team, if applicable) to handle the influx in sales conversations and customer deliverables.

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