Sales is a crucial part of the business to be managed with the highest concern. Setting goals and taking your sales towards achieving that goal will provide you the right and clear path for your business. Different techniques and strategies are used in different businesses to achieve the target set by the company. Generally, successful sale techniques cut the long-term goal into smaller targets. Focusing on achieving the short-term targets will lead to the achievement of long-term goals.
Managing Your Sales Targets
Break down your annual goals into quarterly, monthly, and weekly targets. Make your sales team get focused on the target and check the progress at the end of each week. Identify the dips, measure the improvements to be taken immediately to achieve the targets in the further weeks. The performance of the individual sales rep or sales team defines their ability to meet the targets. Reward the sales team top performers who achieves the target with a holiday, or by providing lunch or with monthly incentives, etc.
Sales target can be primarily based on the revenue. This primary target can be achieved by employing many internal targets such as
- Number of calls made
- Number of leads qualified
- Number of opportunities
- Number of demos
- Regular follow-ups
- Conversion rates
These key metrics are to be tracked regularly to determine the right lead-generating source and focus the target audience with these metrics to enhance your sales. SalesBabu CRM is a cloud based CRM that enables you to track these metrics automatically without any manual effort and helps you to analyze the right way to achieve the target.
Setting A Right Sales Target
It is necessary to set the right sales target that should be achievable and challenging. Sales strategies differ for different businesses and hence to set the right sales target some factors are to be taken into consideration.
- Historical sales data
- Sales initiatives and events throughout the year
- The capacity of your sales team
- Employee input
Challenges Faced In Achieving The Sales Target
- COVID – 19 Pandemic Situation (Unexpected Situation)
An unexpected situation like COVID-19 has affected sales heavily. Companies are adopting different functionalities in this pandemic situation finding it difficult to achieve their sales target. Remote selling played a major role in this situation. Even then many industries find it difficult to achieve the target. There is a strong recession because of this pandemic. Because of the technology development few industries managed themselves by utilizing it to achieve their sales. Other industries learned to adopt and finding ways to connect to technology to face such situations.
- Getting Response From Prospects
In today’s situation, people are busy with their work and are less responsive. People want to reach the products only when they are in great need. In such situations, sales representatives feel difficulty finding the right lead for prospecting. Nowadays people are connected to mobile, reach them digitally through your videos and your content that educate them about your products and get feedback. This helps you and the people who require your product to get connected at the right time.
- Closing Deal
Today’s customers want to do some legwork on the product they want. In this internet world, everything is available on the internet to add knowledge about products. Provide a lot of content about your products. Analyze the general doubts the customers will get regarding the product information and provide answers for that readily available to clear them. Your satisfying answers may screw their interest to reach you.
- Avoiding Discounting
The customer always tends to negotiate and gets satisfied when they get products at a discounted price. When you enter new products in the markets the discounted price may reach the prospects easily. But it is better to provide the products at affordable prices than discounting prices. Add up the value of your products than encouraging customers to negotiate on the product prices.
- Prospecting Good Leads
Your time is the most valuable one, it is necessary to determine the qualified leads to engage in prospecting. But identifying the qualified leads and their source is more challenging for the salespeople. An online CRM solutions allows you to track the leads source by which the leads are entering for inquiries. This helps you identify the source of qualified leads. Regularly communicating and updating the details of qualified leads to the marketing team enables them to focus on capturing the right lead for the sales process.
Tips To Meet Sales Targets Every Quarter
Sales empower under a great effort. We cannot expect the gradual growth of sales to be the same every month. Some businesses are seasonal it may grow considerably for one quarter and the same cannot be expected for the next quarter. So, the sales targets of the businesses are to be analyzed for every quarter in such a away that enhances the annual revenue growth of the business. This COVID -19 situation has completely changed the working style of the business. It is necessary to find ways and adapt to such situations and grow your sales to enhance your business.
- Review Your Goals And Make Perfect Planning
Review your goals daily morning and make a perfect daily sales quota to achieve. Focus on the target and work. At the end of each day review how the day went with your sales and plan for the next day. At the end of every week check the days you are able to achieve the sale quota and the days not achieved. And plan for better tactics to achieve the target in the further week. Planning and setting daily, weekly goals will make you drive to the right path to achieve the target.
- Communicate Your Sales Targets With Your Peers
It is also good to build the communication of your sales targets to your peers. It helps you to get ideas and get motivated when you stuck somewhere. Get learned something with your daily sales activities. Meet your fellow salespeople and check how they are handling missed targets. Spend few minutes at the start of every day how the sales team is progressing and the sales goal that is to be achieved. This will help you keep the goals at the top of your mind and get boosted throughout the day towards the goal.
- Make Sales Target Visible
Display your sales goals and plan charts on the board in such a way it is visible to you. Keep updating the chart every day. It will provide you with a clear idea of your plan and the progress towards your goal.
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- Monthly Target Achievement
Keep track of your progress every week. In the last week of every month check your monthly target. Make a review of the whole month’s activities and point out the strengths and weaknesses of your sales tactics in achieving your sales target. Plan for next month target in such a way to empower your strengths and improve your weakness of your sales tactics.
The sales team is to be motivated every month for achieving their target by providing incentives, a day off, or by offering a special team out. These activities may boost up the sales team to put effort into the month.
- Regular Training
Regular training helps the sales team to refresh themselves and put their effort effectively into the sales activity. Acquiring more knowledge on current trends and learning sales tricks from the competitors or even from other businesses is important. Keeping your sales team updated by regular training will help them to achieve the target effectively.
- Quarterly Sales Targets
Quarterly results are more important for all businesses. Tracking quarterly targets enables you to understand at what season your business will grow rapidly high and when your business generates low revenue. According to historical achievement, quarterly targets are set. Q1, Q2, Q3, Q4 results are validated on each quarter comprises 3 months. Comprising these quarterly results, annual growth is determined. Your monthly target achievement ensures your growth in quarterly results.
CRM Tool To Enhance Your Quarterly Results
SalesBabu CRM is a cloud based CRM software that enables you to track the daily activities of the salespeople. This online CRM application allows you to track the key metrics such as
- Number of dials, emails, meetings, demo
- Response rates
- Conversion rates
- Number of Sales Qualified Leads (SQL)
- Number of calls per win
- Average deal size
- Win or close rates
It helps you and your salespeople to understand where they hinder from achieving the target. An online CRM application automatically records the prospect’s data and calculates these key metrics, it reduces the manual task of the salesperson. Cloud based CRM software stores the prospect’s details in the cloud and allows you to access the data from anywhere around the clock. It helps you to access details remotely enables you to work even under this pandemic situation.
Online CRM solutions act as the right catalyst for your sales process to achieve the targets
- Streamline your sales in the sales pipeline.
- With Lead Management Software allows you to track the leads at each stage of the sales funnel.
- Helps you to manage your existing customer details, orders, and deals.
- Helps you forecast sales through pipelines ensures you to make the right informed decisions.
- Track the daily sales activities
- Analyze the reports of sales activities allow you to understand your progress, strengths, and weakness.
Track your sales daily, weekly or monthly reports with an online CRM application. Improve your sales at every stage to achieve the target every quarter and enhance your business.
There are companies that gamify the sales target to bring out the competitive spirit to achieve the target. Adopting tools like online CRM solutions reduces the manual task of your sales team. This enables your sales team to focus more on engaging leads for conversion. With the best sales CRM system monitor your sales team achievement on basis of daily, weekly, monthly, and quarterly to enhance the annual growth of your business. Provide your sales team with the right compensation and motivate them to achieve the target every month. Keep your sales team updated with the current technologies by regular training. Achievement of monthly target helps you meet the Quarterly sales target. SalesBabu CRM provides you with the best sales CRM tool that enables you to track, to improve your sales at every stage, allows to achieve the target effectively. Feel free to request a demo.