Sales Sense: 4 Tips For Increasing Company Profit

Sales Sense: 4 Tips For Increasing Company Profit
  • Opening Intro -

    Everyone wants to increase sales at their company, but even the most motivated sales representatives will quickly find that there is no "magic bullet" to higher profits.

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Even when good people are selling good products, customers can be hard to find, as well as hard to persuade. However, there’s always a way to push sales forward efficiently and honestly, as well as train sales associates to do their jobs even better than before.

Emphasize Incrementalism

Many bosses want significant changes and demand immediate, substantial results. This not only sets up sales representatives for failure, but it also creates disincentives for those who know they can’t hope to achieve the established goals. If you overwhelm your employees and make a goal unattainable, they will work very hard at first and then hardly at all as they become more discouraged. Instead, a focus on small, incremental improvements should be emphasized. Looking for little things that could be done better, such as being more considerate over the phone, or remembering to call back customers on a regular basis to develop a rapport. By emphasizing lots of small changes and improvements over time, large improvements can be achieved, and small victories celebrated.

Expand Into Social Marketing

The key to any sale in the modern age is to reach customers where they are and to treat them as individuals. This does not mean spamming their inbox with emails or their phone with texts, nor does it mean running a bland Facebook or Twitter page and inviting customers to follow. Instead, an emphasis should be placed on reaching out to customers where they are using social media to get both feedback on existing sales and promote new sales. After all, word of mouth from your customers will always be the best means of triggering new sales, and getting customers to think about your products will mean they will talk about them more. Building a rapport with customers and making sure they feel special will also ensure they think of your company first, and positively when your products come up in conversation.

Focus On Incentives

Most companies offer bonuses and gifts to salespeople who go above and beyond, but merely rewarding the best, or even the best 10%, is not the best way to build a hardworking sales force. After all, anyone can have a bad quarter, or find themselves stuck in an unwinnable situation. This element of randomness punishes the unlucky, incentivizing them to give up when things get tough. The incentive should thus not be on overall success, but relative success. Prizes, bonuses and even just recognition should be handed out to those who put forth the best effort and show improvement during the good times and a constant push back against the tide when things begin to go sour. Persons willing to take on difficult tasks should be rewarded even if they don’t succeed, and those who can deliver consistently should be rewarded just like those who manage to improve.

Make It A Game

Technology is such a vital part of our present personal and business worlds, it’s no wonder that it has impacted almost every way we do things. Just as modern wearables turn exercise into a game, salesforce gamification can turn sales into a game and help the company as a whole progress towards goals. Sales reps become players working towards both individual and shared goals and see their progress in real time. This helps them focus on their objectives and see that they are making progress, which creates a positive feedback loop into more progress.

Managing a sales team and company can be a daunting task. Above we discussed four tips that can help you effectively manage a company and increase company profit without decreasing employee workplace satisfaction. These tips, and others you may find, can help you start to make small improvements with your company and head to a more positive future.

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