How to Almost Always Hit Sales Targets!
The method is simple. Here is what needs to be determined.
What is target the salesperson want to hit this year?
What is the average deal size? – They can use their past statistics to determine the same,
What is the average conversion rate (For deals with ideal margins defined by the company). Again past statistics are used to figure out this number
How many prospects do you need to contact/meet each year to hit your target?
How many prospects is that in a week?
Ask them, are they hitting that number?
Here is a quick example to demonstrate how this method is used
Let’s assume your Sales Person’s target is 1 Million Dollars in One Year
Your average deal size is around $10000
Your average conversion rate for healthy deals is 5 percent. This means 5 deals close for every 100 prospects contacted. It also means to close one deal and get $10000 you need to contact 20 prospects.
To get 1 Million Dollars you need approximately 100 deals. ($10000 * 100 = 1 Million Dollars)
If it takes 20 qualified prospects to get one deal, how many prospects do you need to contact to get 100 Deals? It is 2000
Divide that number by 52 weeks. Thus you need to contact around 39 qualified prospects per week to get to a million dollars in one year.
So, are your salespeople hitting the required number each week? If yes, they are on track to approximately hitting the target. If not, they most likely will not!
Now I will suggest that you recommend to go one step further and double that number, In other words, your salesperson should try to contact 78 people per week in this case! Why you say? It’s because most people are not extremely disciplined and get distracted by something or the other and may not always hit the required number.
However, if we aim to hit double the number every week, even if there are bad weeks or months, where enough people aren’t being contacted, the extremely high productivity weeks will care of the non productive weeks!
By applying this target setting system with the doubling the goal philosophy over the course of the year, the salesperson’s targets will not only be met, they will most probably be exceeded!
How I Can Help Your Business
I, Anubhav Srivastava am a trainer and consultant who focuses on helping companies achieve transformational results by training/consulting on key areas that impact revenue. Would you like to develop a Dream Team that has top quality Leadership skills, knows how to channel stress positively, is adept at Sales and Negotiation, is extremely productive, constantly innovating in your Industry and is mostly highly motivated?
If yes, I am offering a 12 month program for companies that help their people achieve long lasting results in these areas, depending on requirements relevant to them. The best part is this program can even be conducted online which makes it time and cost effective, especially if you are overseas.
The goal of this long term program is to get people out of their comfort zone and bring about permanent change through implementation, repetition and accountability If interested, you may reach out to me at +919868889977 or email@example.com
Also, if you have requirements for a pre-planned speaking event, or want a short term crash course for your team, you can also get in touch with me regarding the same.
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