Measuring Growth and Growing Sales

Name: Measuring Growth and Growing Sales
Author: Steve Twomey

Learn how to pursue your sales growth opportunities

Preview the first lesson free — get full access to all 4 lessons.

Course: On-Demand

How can you measure growth and increase your own sales? Let's discuss how to measure sales growth, identify and capture new customers, and pursue sales growth opportunities. Measurement in sales growth is tied into the organization's goals. These goals can revolve around profits, sales revenues, unit sales, market share, or just simple survival. Companies will typically pursue multiple objectives, which can make measuring sales growth difficult. These are then translated into the company's strategy, so it's critical that sales departments measure results that are properly aligned with it. Based on the company's priorities, it's possible to determine what and how sales growth can be measured. Companies typically have key performance indicators, or KPIs, throughout the organization. By understanding KPIs and how they're used for measuring sales growth, you can adapt them to fit your individual markets and customer base. Meeting or exceeding your KPIs can indicate positive sales growth, while failing to hit your goals may indicate that changes need to be made. There are a number of sales tools that you can use to measure sales growth and activity. First, you can use a sales dashboard. This is a tool that allows you to monitor and control sales KPIs by keeping sales data in one central location. While it sounds complicated, a sales dashboard can be as simple as a spreadsheet where daily sales data is stored. Try to make sure that the information on your dashboard reflects the KPIs that your company's management has determined, as this makes it easier to have discussions about results or you could use a sales leaderboard that displays each team member's performance. This will be a better fit if your KPIs are more individualized, rather than departmental. Whatever method you use, make sure your dashboard is flexible and user-friendly. KPIs can be changed to reflect new priorities, which will have to be reflected in your dashboard. You can also use sales metrics to measure growth. Some metrics that you can use include sales growth, such as year or month-over tracking, which uses results from prior months or years to compare real-time results. This will help you see if growth targets are improving and being met or track a percent increase in sales for a given time period. Sales targets like current performance against KPIs. Tracking sales opportunities against results. Here, your plan outlines all of the opportunities available and they are used to track your results. For example, did you close the sale to X, Y, and Z Company this month? Sales-to-date: This refers to sales from the past year. It can mean either the past calendar year or the past fiscal year. Product performance: Since many salespeople sell multiple products, it's important to measure what is and isn't selling. Lead conversion rate: Are you receiving new leads? What percentage are you converting to sales? Cannibalization rate, which measures whether or not a product is replacing another. Close rate: Every company has a historical close rate, normally defined as something along the lines of the number of sales that result from every 10 customer contacts. And sales by region. Whatever metrics you use, they should be the same as what management and corporate are measuring. Your tracking mechanism is important for providing a snapshot at any given time regarding how you're doing and if any adjustments to your KPIs need to be made, particularly if you aren't meeting objectives. Your measurement plan should have a metric that measures by weeks or months, conforms with KPIs, and gives an instant snapshot of the health of your business at any given time. This allows for adjustments to the sales plan in real time, so you can position yourself to answer any questions if you're having issues. Know what to expect in the coming months and understand how you will make adjustments to meet objectives. This way, you'll be fully prepared to answer any questions from management. You don't wanna go into a meeting, be asked why objectives aren't being met, and not have the answer.

Advanced Provider : Steve Twomey 4 Lessons · 21m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

This module discusses how to measure sales growth. It identifies useful metrics and strategies for increasing sales and strengthening a company’s market position. Finally, it demonstrates how to identify and capture new customers, build prospect profiles, and maintain a customer base.

What You'll Learn

Measure sales growth using useful metrics for growth measurement
Connect company goals to sales growth metrics
Apply several strategies for increasing sales and strengthening market position
Identify and capture new customers and build prospect profiles
Maintain an existing customer base
Pursue sales growth opportunities

Key Takeaways

Company goals are tied to sales growth metrics.
Specific metrics can be used to measure sales growth.
There are several strategies for increasing sales and strengthening a company's market position.
Capturing new customers involves identifying prospects and building prospect profiles.
Sustaining sales involves maintaining an existing customer base.

Frequently Asked Questions

What does this course cover?

This module covers how to measure sales growth, identifies useful metrics and strategies for increasing sales and strengthening a company's market position, and demonstrates how to identify and capture new customers, build prospect profiles, and maintain a customer base.

What will I learn about sales metrics?

You will learn how company goals are tied to sales growth metrics and what metrics you can use for growth measurement.

Does the course address finding new customers?

Yes. It demonstrates how to identify and capture new customers and build prospect profiles, and it includes lessons on identifying and capturing new customers.

What lessons are included?

The lessons are Basics of Measuring, Identifying and Capturing New Customers, Identifying and Capturing New Customers Part 2, and Pursuing Sales Growth Opportunities.