Blog: Increase Small Business Sales by Closing More of What’s in Front of You

Increase Small Business Slaes By Closing More of What's in Front of You

Most times we only equate “increasing sales” with putting more customers in front of us. If we want to increase sales revenues by 25 percent, then how can we bring in at least 25 percent more prospects? So, to bring these prospects in we spend more on marketing, advertising, and related incentives to attract more people. Makes sense, right? 

Well, there’s another approach that often gets lost in the mix. What if instead of spending 25 percent more to attract more prospects, we committed to closing 25 percent more of those sales opp’s already in front of us? 

Let’s say I do an informal analysis and determine my small startup business has an average of 20 contacts per day that could end in a sales transaction. Let’s also say that for those 20 contacts I average five transactions for a total of $100, or $20 per transaction. If I increase my percent of sale closings by 25 percent, then my goal is to increase those five transactions to six-plus (5 x 125% = 6.25). This will increase my average sales total from $100 to $125, and all by generating just one additional sale from those 20 contacts per day. 

I think most of us would agree that making that one additional sale out of 20 chances is well within reason, if not a minimum expectation. Scale these numbers to fit your own experience and the result may be eyeopening. And remember, this is without investing more dollars in marketing, advertising, and incentives – just working smarter with what you have.

So, how can you increase your percent of closings? There are many methods, but at the core of them all is improving the way you communicate with and engage your customers and prospects. In my past as a marketing consultant I have acted as (or hired) a “secret” or “mystery shopper” many times. In every occasion there were multiple times where the counter or sales person lost me and my money by either not listening, not being interested, or not asking the right questions. And there have been many times where I would have spent my money in a store only if the personnel had taken the time to engage me. I’m betting most of us can say the same. 

Think about what a 25 percent increase in closing existing sales opp’s would mean to your business. There are plenty of sales programs and tools out there to take advantage of, so make it a priority to train yourself and anyone with a hand in your sales how to get better at customer engagement and knowing how (and when) to close a sale. 

If you’d like to have a conversation about how you can improve your sales and closing percent, just reach out!

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