Sales Growth in Turbulent Times
By Art Waskey
July 2010
As sales people, we are all monitored by some measure of sales growth; typically either in dollars, units, accounts, or percentages. However, over-focusing on this measure may cause you to overlook some of your greatest career sales opportunities if you lose perspective and begin to equate success with things that are beyond your control.
I have been encouraging a highly-talented aspiring film director. To make a sale, he must consistently write what people in film call “treatments.” His work has to be among the top four or five available in order to be awarded a contract from competing agents. Sales are infrequent, but tend to be substantial when they occur. In turbulent economic times, if his focus is concentrated in a single area too long, he could actually overlook even greater opportunities. Recently, he asked me, “Are there indicators that typically insure growth and financial success, even in turbulent times?”
1. Set Numerical Goals for Core Products/Services: Identify the basic products/services your largest customers/prospects still require for their business survival. Creatively and aggressively promote those products/services.
2. Customer Retention: Typically, it takes 4–6 NEW accounts to replace the value of losing one established customer. Review what products/services have been successfully sold to key customers in the past. Consider (or strategize) potential cost savings, increased productivity benefits and other value-added benefits you have to offer. Customers that have trusted you in the past will tend to trust you in the future.
3. Maximize Customer Penetration: What additional products and services could you offer your customers that they are currently buying elsewhere? Are you missing sales opportunities because you were unaware they were available?
4. Maintain a Portfolio of Customer Prospects: Like the film director who is diligently writing new treatments and expanding his creativity, successful sales reps maintain a portfolio of 8–10 prospective customers. Each target must have a goal, next step, and an appointment to move forward.
5. Set Specific Monthly and Annual New Sales Growth Targets: As the economy continues to change, concentrate and focus on business segments you can impact. Your overall sales growth will eventually happen, but for now, measure only what you can control.
A successful sales person consistently meets or exceeds an ongoing series of evolving personal and professional challenges. To energize your sales career in these turbulent times, concentrate only on those challenges you can control, and hone your personal and professional skills to meet those individual challenges.
Art Waskey is Vice President of Sales and Marketing for General Air Services and Supply Company in Denver, CO, and author of “The Art of Sales in One Month” and “The Art of Sales in a Second Month.” He can be reached at awaskey@generalair.com.
