fbpx
Connect with us

Entrepreneurship

How to Set Your Sales Goals with Confidence

Published

on

You want to reach a big sales goal, but is that number realistic?

How do you know what number should be your sales goal for the quarter or year?

There is a simple 3-step system you can go by to solidify your ideal sales goal that is realistic yet challenging at the same time.

Know your current sales conversion rate

Whether you have a sales team or you are completely responsible for sales you must have your sales calculation derived from prospects to paying customers.

You need this number to understand how many sales conversions you must have with ideal customers to obtain your desired sales goal.

For example:

If you reach out to 100 prospects in Quarter 1 and 50 become paying customers for a $5,000 service.

This means, your sales conversion rate is 50% and within 100 sales calls you will make $250,000.

If you wish to make $500,000 in sales next quarter you know that you must hold 200 sales conversations.

If you are unable to hold 200 sales conversations and still want to make $500,000 in sales next quarter you can do this instead…

Increase your rates

If you are only able to hold 100 sales conversations and cannot increase the amount of sales calls but still look to scale your sales to $500,000 you must increase your product or service rates.

Many entrepreneurs have difficulty increasing their prices as it usually is directly related to personal limiting beliefs about how valuable you feel you are to your customers and at times, the world. Take this into consideration if you are feeling a self-worth challenge or simply don’t see a reason to increase your package or product rates. Currency inflation rates within the United States alone change year to year but have a habit of staying within the 1-3% range. This means that the $100 you have sitting in a bank account from last year was affected by the 1.9% inflation rate in 2018. This equates your $100 in 2019 to $98.1 as it has decreased by 1.9% in value.

Your programs and products are also affected by inflation. They are no longer as valued as the year before. I always encourage my clients and fellow entrepreneurs to increase their prices every year.

The $5,000 service in 2018 if increased keeping in mind inflation rate of 1.9% equates to a $95 increase for a $5,000 service. I suggest you round up to stay ahead and make the $95 increase to $100 for a total of $5,100. – which equates to 2%.
After increasing your rates to keep up with inflation it will still not allow you to reach your goals that are double. Additional to inflation rates compensation increase the amount of value you provide your customers without having to spend much time on deliverables.

Extra valued deliverables can include but are not limited to online recordings, free tickets to events, VIP access, or additional laser-focused sessions with the expert.

Prepare Your Calendar

Quite simply, you cannot have more sales calls or conversions without having more leads entering your sales funnels. This also means that your calendar must be optimized for the lead generation activities you will need to dedicate time towards and all the sales conversations you will need to host.

If your calendar is currently optimized for 100 sales conversations and you want to reach 200 your calendar must be modified to accommodate them.

This will also mean that you must outsource tasks and duties to other people or hire more salespeople to accommodate your increasing sales calls.

Last thoughts

Scaling sales is simple to do but it comes with plenty of residual strategies.

How do you accommodate the new sales? Where will you source the new leads? How will you deliver your service or product to these new clients?

Scaling business and sales is not simply about going and finding more clients, converting them into paying clients, and then providing them the service or product. It comes with knowing how to keep your systems and operations together during scaling as well.

Before you get into altering your systems and operations you must identify your current conversion rate, increase your prices accordingly, and prepare your sales calendar (and team, if applicable) to handle the influx in sales conversations and customer deliverables.

Nabeel Ahmad is the founder of Mogul Press, a public relations and communications agency that specializes in media placements, personal branding, and marketing strategy. Apart from that, Nabeel Ahmad is the founder of Insurance Noon, the world's leading source of insurance related content on the web, focusing on industry news, buying guides, reviews, and much more. A marketing expert, Nabeel has a deep understanding of what it takes for a business to completely crush it on the social media landscape. His expertise in marketing has allowed him to help a number of businesses increase their revenue by tremendous amounts.

Comments
Become A Crypto Expert

Categories

Recent Stories

Trending


Copyright © 2022 Disrupt ™ Magazine is a Minority Owned Privately Held Company - Disrupt ™ was founder by Puerto Rican serial entrepreneur and philanthropist Tony Delgado who is on a mission to transform Latin America using the power of education and entrepreneurship.

Disrupt ™ Magazine
151 Calle San Francisco
Suite 200
San Juan, Puerto Rico, 00901

Opinions expressed by Disrupt Contributors are their own. Disrupt Magazine invites voices from many diverse walks of life to share their perspectives on our contributor platform. We are big believers in freedom of speech and while we do enforce our community guidelines, we do not actively censor stories on our platform because we want to give our contributors the freedom to express their opinions. Articles are not commissioned by our editorial team, and opinions expressed by our community contributors do not reflect the opinions of Disrupt or its employees.
We are committed to fighting the spread of misinformation online so if you feel an article on our platform goes against our community guidelines or contains false information, we do encourage you to report it. We need your help to fight the spread of misinformation. For more information please visit our Contributor Guidelines available here.


Disrupt ™ is the voice of latino entrepreneurs around the world. We are part of a movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities both here in Puerto Rico and throughout Latin America. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. Disrupt Magazine was designed to give the world a taste of that.