5 tips for sales optimization
Here are 5 concrete ways you can optimise your sales:
1. Start with your ideal customer
Many traders don't actually have a clear picture of exactly who they are trying to sell to. That is, who their product or service is aimed at. Because while you might be able to sell a pair of smart, fashionable designer sunglasses to a man in his 70s, you're far more likely to close a successful and profitable sale to a woman in her 20s.
So always draw up a profile of your ideal customer's key characteristics. This can be anything from buying behaviour, economic class, family background, gender, age, motivation to buy, goals in life, and more. The more detailed, the better your sales optimization will be later. There is nothing more important than trying to sell to the right customers.
2. Good lead generation and nurturing
Before you get customers, you should make sure to get leads. And of course the right leads. Reach prospects who are relevant to you, and no one else. Once you've generated good leads, take good care of them afterwards. That is, warm them up and make them interested in your product or service. Show them why they can't live without it. It's a balancing act, because of course you don't want to be pushy, and remember to always have the customer's interest in mind: what's in it for them?
3. Track and analyse data
Once your sales start coming in, you also start building an invaluable knowledge base. Data is important, and your own data is the most important. Nothing in the world can tell you more about what works for your exact business than your pre-existing data. From your data, you can pull a wealth of information, and you can run almost endless rows of tests.
For example, test different lead groups. Based on an isolated factor (e.g. age, gender, interest or finances), which group of leads ends up converting best? Geographically, where do you get the most sales?
4. The 80/20 rule
Your sales process can always be optimised. And the 80/20 rule is a really good starting point. It says, in short, that about 80 percent of your profit (in this case: closed sales) comes from 20 percent of your effort (in this case: advertising money, time spent, staff salaries, etc.).
The rule also says that you should continuously optimise the 20 worst performing percent of your sales process. This is where your data comes into its own. Look closely at the different steps in the process, from start to finish. Where is the biggest waste? Where is the most difficult challenge? Where are the most leads falling off?
Leave the top 80 percent alone, and use the bottom 20 percent to improve, fine-tune and test new paths. That way, you'll see ongoing sales optimization.
5. Feedback
Getting feedback is crucial for any business. This includes customers who have bought from you, leads who have dropped out along the way, and your staff and employees who are working to make the sales. In sales optimisation, feedback of all kinds is absolutely crucial. It's about being responsive, because that's the only way you can spot pitfalls, mistakes or shortcomings.
Start with these 5 tips and you'll be well on your way to effective sales optimisation in your business. Remember, too, that this is an ongoing process that, in principle, should never end.
