How To Increase Sales Volume 2022
Last Updated on February 9th, 2022 by Lachie Hiriart
The business relies on sales to function. They help to fuel growth, create new businesses, and fund salaries.
Consider this scenario: your company has recently released a revolutionary new product that is expected to be a game-changer for your organization. The product is not unique, but it also addresses a specific need that your customers have, and your organization expects it to be a huge success with customers and stakeholders.
But how can you know if your product is up to par? You probably have a set of sales indicators and KPIs that you regularly examine to ensure tracking of your company’s progress. However, focusing solely on sales revenue may not provide you with a whole picture of how your items are doing in the market.
That is where sales volume measurement comes into play.
WHAT IS SALES VOLUME?
The number of units sold by your company within a given period is referred to as sales volume.
Sales volume alone does not reveal how much money your company makes from product sales. But, on the other hand, understanding your sales volume can tell you which products are selling and which aren’t, which is crucial knowledge for business success.
Sales volume measurement can have a significant impact on your company’s success. Likewise, monitoring overall business performance can positively impact operations, whether for measuring team performance, getting more profound insights into your sales funnel, or determining which salespeople generate the most income.
Let’s talk about how this metric can be calculated.
How to measure sales volume
As I previously stated, sales volume does not reflect the monetary value that sales provide to the organization. Instead, it’s simply a measurement of how many units your business could move in a certain period.
For instance, if you work for a supplement firm that sells 1,000 units of vitamin pills in Q2, your vitamin sales volume for that time is 1,000. However, if your company sells 1,250 multivitamins in Q3, you may record a 25% increase in sales volume.
Continuing with this example, if your company’s entire sales volume for all goods during Q2 were 5,000 units, vitamin sales would account for 20% of your total sales volume because vitamin sales account for 1,000 of the 5,000 units sold. If your company had slightly lower sales in Q3, moving only 4,500 total units across all product lines, your vitamin supplements would account for 28% of your overall sales volume.
This data is helpful since it demonstrates that purchasers are interested in acquiring your vitamins even when sales of other products are declining — which could help guide future strategy. If you discover that your sales volume is decreasing or appears to be sluggish, it may be a sign that you need to update key areas of your sales process. Sales volume measurement can have a major effect on your company’s growth. By measuring sales volume, companies and brands can examine which goods are moving and which are not.
Individual product units or complete cases of goods can be used to calculate sales volume in your firm. The time can also be adjusted, with per week, monthly, quarterly, or yearly measurements being possible.
Let’s talk about how to boost your company’s sales volume now that you understand what it is and why it is important. First, of course, there are many methods for increasing sales volume. Regardless of whether you’re a salesperson, a sales manager, a member of the operations team, or a business owner, you’re all concerned about increasing sales volume.
How to increase your sales volume
- Understand your product’s major features and benefits.
- Maintain a focus on customer advantages.
- Ensure that your prospects are thoroughly qualified
- Understand your customers’ pain points
- Align sales with marketing.
- Improve your sales velocity
- Your sales areas should be re-assigned.
- Encourage and reward your sales reps
- Customers should be rewarded.
- Concentrate on high-end buyers.
- Avoid possible risks by identifying barriers.
- Set goals and expectations.
- Be Honest with Performance Feedback
- Practical training for coach reps
- Improve your time management skills
- Expand your reach out to potential customers
- Maintain customer ties
Understand your product’s major features and benefits
When you want to improve sales volume, you want to get more product units off the shelf. To accomplish so, you’ll need a thorough understanding of your product’s primary characteristics and distinguishing qualities.
Questions to consider:
- What makes your product stand out from the rest?
- What does your product offer that the others don’t? If a customer sees your product on a shelf next to several others that serve the same purpose, what does your product offer that the others don’t?
- What would you say if you just had 60 seconds to persuade someone to buy your product? What would you emphasize as the essential features?
Let the answers to those questions assist you in how you describe your product to potential buyers.
Maintain a focus on customer advantages
What’s in it for me?” is the primary concern of anyone in the buyer’s seat in a transaction. People want to know what they’re getting for their money and time when purchasing. We discussed why it’s essential to know your product’s essential qualities and differentiators earlier.
For the sake of your time management and your potential customers, online and phone interaction can handle much of the business involved in the sales process. After that, think about how you can communicate those attributes to show how the buyer will benefit directly.
Ensure your products are thoroughly qualified
Are you sure you’re marketing to the proper people in the first place? If your sales volume is dropping or feels sluggish, it may be a sign that you need to refresh critical areas of your sales process — and making sure you’re selling to the proper people is a brilliant place to start.
When it comes to qualifying prospects, you want to reach out to individuals who are the right choice for your product and are most likely to buy. Trying to persuade the wrong people to buy your product can be a frustrating experience that might hinder your sales efforts.
Instead, ask intelligent, pointed questions as you move through the qualification process to see if that particular prospect is a suitable fit. Top-notch sales qualifying questions may be found in this post.
Understand your customers’ pain points
When it comes to selling, you want to match your customers with products that can solve an issue they’re having. However, you must first understand the customer’s pain points to succeed. Then, after clearly understanding their pain points, you may draw parallels between their problems and why your product is the ideal solution.
Align sales with marketing
Sale is a team that interacts with customers. Every day, the sales team is in close contact with clients, hearing what they want, asking questions, and dealing with problems.
Marketing is a functional group. The marketing team knows how to give customers the information to purchase. You have a lot better tool to communicate with when you mix the street knowledge of sales with the communications abilities of marketing. Bringing the two teams together has a direct impact on sales volume.
Ensuring coordination with your marketing team to ensure the correct leads are delivered into the pipeline is also critical, in addition to thoroughly vetting your prospects and ensuring you understand their pain areas.
Also, if you have precise sales volume goals, make sure your marketing team is aware of them. Your marketing staff will develop content and relevant information to support your goals once they understand which products you want to concentrate on selling and why.
Improve your sales velocity
Time is money, as the cringe-worthy but true adage goes. Every time I hear that it makes me cringe. This term, however, holds in sales.
Sales velocity is the measurement of fast you can move prospects through your sales pipeline. The faster you can do this, the more potential clients you’ll reach. “To increase your sales velocity, you should focus on shortening the length of your sales cycle.
Your sales territory should be re-assigned
If territory management is an essential aspect of your sales strategy, you should consider distributing your territory. For example, reallocating your best sellers to territory or clients with the biggest sales potential might benefit your company.
Encourage and reward your sales reps.
Depending on your organization’s compensation structure, providing monetary rewards to sales staff can motivate them to move more products. If changing your compensation structure isn’t an option right now, consider developing a sales volume scoreboard and rewarding best performers through friendly competition.
Customers should be rewarded.
One good strategy for increasing sales volume is to incorporate customer benefits into the sales pitch for a product. While we’re on the subject of incentives, it’s also a good idea to think about how you might incentivize your consumers. Your existing customers may be an excellent resource for growing sales volume, whether you give discounts for customers who buy numerous products at once or reward customers who suggest new purchasers with affiliate commissions or other incentives.
Concentrate on high-end buyers
Prioritization is crucial when it comes to increasing sales. Examine how you and your salespeople spend your time. Are the top accounts – those who are more inclined to buy in larger quantities or regularly — prioritized?
Identify individuals who are more likely to purchase multiple products and prioritize your team to convert and retain them.
Avoid possible risks by identifying barriers.
Sales volume not only tells you what’s performing best but also shows you where you’re falling short. You can utilize this data to change your sales approach if you consider distributing your budget and seeing a pattern of low sales in a given region or demographic.
You may reduce the risks your company faces by discovering what isn’t working and improving your plan as needed by identifying what isn’t working.
Set goals and expectations
Setting goals is an essential process of any sales organization, and it needs to be carried out with a proper strategy. If you set your sights too high, you risk disappointing your reps and failing to encourage them properly. On the other hand, you risk missing out on chances if you set them too low since the goals were efficiently completed.
One method is to set stretch goals that challenge, motivate, and encourage teams to work hard and innovate to attain realistic results. It is especially true for plans aimed at increasing sales volume and efficiency. When it comes to creating targets and goals to increase income, such as boosting pipeline visibility, having an accurate marketing plan allows leadership to make better judgments.
Let’s imagine a salesperson typically makes 20 calls per day and sets a target of making 30 calls per week for a week. Without making any significant modifications to your operations, achieving a stretch goal can boost employee morale and enhance sales volume.
Tracking sales volume is especially crucial for newer businesses, but it’s still essential for older businesses. In addition, it can help you set a new standard for your sales approach.
To achieve your monthly and quarterly goals, you have to monitor your team’s sales performance daily, weekly, and monthly.
Tracking and recognizing statistics monthly to yearly can help your team understand which metrics to aim for and achieve.
Having those data to share with your company can help establish high expectations for your firm’s future and inspire each sales professional on your team to do their best.
Be Honest with Performance Feedback
Providing sales reps feedback isn’t usually easy, but it’s an essential aspect of the work for sales managers. Managers should always be open and honest with their employees, especially when urged to improve their performance.
During these sessions, sales managers should strive to deliver constructive feedback that successfully addresses any issue at hand, whether good or poor. When in doubt, frame feedback in the following manner:
- Timely to handle any issues as soon as possible
- Particularly relevant to the problem at hand
- Objective and unaffected by outer or personal factors
- Constructive and gives sales reps things to do.
Practical training for coach reps
Reps must be well trained to perform at a high level. Reps can’t reach aggressive targets that can help the company expand if they don’t have the right information, skills, and tools. Self-motivated sales reps are more likely to ramp quickly and take the initiative to “go the extra mile” when prospecting and closing deals.
Practical training should begin during sales ramping and continue throughout the rep’s tenure with the organization. Sales enablement and training teams must increase training to ensure their sellers are set up for success. There are three simple ways for teams to do this;
- Continually educate your organization by giving periodic refreshers and opportunities for job advancement.
- Make training more digital and split into smaller chunks to accommodate modern learning styles.
- Reps should be reminded of vital information regularly to remember it.
Improve your time management skills
As previously stated, time is your most precious asset when striving to improve sales volumes. Therefore, to achieve the best possible results, you must utilize your time.
You should know the number of cold calls required to get a strong lead. It would help if you also knew the number of leads needed to find a good one. Finally, you’ll need to determine how many qualified prospects you’ll need to make a sale and how much your typical purchase agreement is valued. Based on your data, you now know what activity you need to perform in the next week.
For instance, if it requires five cold calls to create one lead and seven leads to identify a qualified prospect, you’ll have to make 35 calls to find a good fit. You may now ensure that you make enough cold calls to get to the number of quality leads you need each month, depending on how many you require.
Time management entails making the most efficient use of your time. Recognizing how many cold calls you’ll need to accomplish your sales goals, you can begin by setting aside time each day for cold calls. Then, make a cold call before opening your inbox to restart your day—and your time management endeavors. You can also use technology to help you plan more successfully and complete more activities in less time.
For instance, Spotio’s Sales Route Planner can help you design your route so that you can visit as many clients as possible while being as efficient as possible. E-contracts can also be used to conclude on-site rather than wasting money while the buyer waits for “the paperwork.”
Strive to win a sales contest
The sales competition is another wonderful motivation. The reward can be substantial, such as a luxurious vacation or a huge sum of money. But, on the other hand, the award can be absurd, such as ownership of the bragging rights or teams’ Tiki-God.
Sales competitions bring out your competitive nature, similar to motivating you to meet your sales targets. You should take full use of your sales manager’s resources and time when they invest in a sales competition.
Technology can also assist you in keeping track of your position in the competition. Spotio’s Sales Success Management Tools includes a Sales team management and leaderboard software to track the team’s performance. Regardless of the prize or honor, winning a sales competition will boost revenue. Making a sales strategy will also be one of the best prizes.
Expand your reach out to potential customers
A logical method for increasing sales volume is to make as many contacts as feasible. It is critical to ensure that potential customers know what you offer during the sales process. There are numerous ways to make contact in today’s selling world. Phone calls and in-person meetings are tried-and-true strategies that work well.
Automated email tactics might also help you reach out to more people. You may create mass emails for your potential customers by using Spotio’s Lead Management software in conjunction with it. Spotio’s Sales Prospecting Software can scale the prospecting process and generate more leads to close.
Another route via which you may reach out to potential consumers is through social selling. You can post content created by your marketing team or create your own using the various social media channels to gain access to more qualified leads. Canva.com provides an extensive collection of templates that can assist you in creating a visually appealing and professional marketing status update.
Maintain customer ties
Deepening the relationship you already have with consumers is an excellent approach to improve sales volume swiftly. Working with existing customers is easier and faster than attracting, qualifying, and closing new customers. A salesperson’s career is built on solid client interactions. The capacity to establish rapport and trust with your clients is crucial to sales success.
Having sufficient product knowledge, self-motivated salespeople willing to take the initiative to close deals, marketing and sales team alignment, and making modifications to the sales plan as needed can be an absolute game-changer in growing a company’s sales volume.
For more information on how to start a business Entrepreneurship Group has a number of informative article to help guide you through your entrepreneur journey!
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