Top 8 Ways to Increase Sales Volume
Sales Volume is the number of units of products or services sold by a company in a specific accounting period of time.
While sales revenue informs about the total dollar amount a company makes in a specific accounting period of time, sales volume equals the quantity of items a business is selling during that time.
By measuring sales volume, companies and brands can analyze which of their products are selling and which are not. This can cause a huge effect on the annual revenue of the organization as well. Thus, it is important to keep the rate of your sales volume high.
Businesses at the top keep striving to increase their sales volume, maintain their position and achieve new milestones.
Here are the ways by which you can successfully increase your sales volume rates.
1. Have a Solid Understanding of the Key Features and Differentiators of your Product
Looking forward to increasing your sales volume? That means you want to sell as many products in a limited timeframe. In order to do that, you need to have a solid knowledge of your products and their key features.
Just educating yourself about the product is not enough to increase sales volume, the product needs to stand out in the competition.
There are tons of different companies that are offering the same products or services like yours. The key features of your product have to stand out in the crowd for you to make a successful sale.
Be certain to have the answers to these questions:
- If you only have one minute, what are the main features of your product that you will discuss to make your product stand out?
- What are the differentiators of your products for which the customers will choose your product instead of the competition?
2. Set Stretch Goals to Improve Performance
Setting goals is an important process of any sales organization and it needs to be carried out with a proper strategy. If the goal is too high, it can demotivate the sales reps. If the goal is too easy, it will result in missing opportunities.
Thus, set stretch goals that motivate and challenge teams at the same time. Such goals inspire the teams to achieve new targets with hard work, passion, and innovation.
For example, if a sales rep is making 15 sales calls a day, then set a goal of making 30 calls a day. These types of stretch goals help the teams to achieve realistic results and enhance their morale. It plays a great role in increasing the sales volume of a company.
3. Make a Compelling Case by Focusing on Customer-Centric Benefits
Before making any purchase decision, a customer interrogates themselves to find out what are the challenges that the product is going to solve for them and in which possible ways.
To improve your sales volume, answer these questions for them. A compelling case can only be created if it’s focused on customer-centric benefits.
Discuss the key points of your products and show the customer how it can help them soothe their pain points and help them deal with their challenges.
4. Identity and Correct your Shortcomings
The best thing about analyzing the data of sales volume is not just that it identifies the regions where your product and services are paving way for excellent growth. But it also identifies the roadblocks and shortcomings for which the company is lagging behind.
The data gained from sales volume can be used to identify and correct the shortcomings which otherwise would have gone unnoticed. Acknowledge what are the areas where your company is failing, take relevant actions to avoid the risks, and bring changes in your strategy to increase the sales volume and multiply revenue.
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5. Align the Sales and Marketing Teams
The top businesses make it a point to align their sales and marketing teams to carry out successful and powerful campaigns. While it’s common for the sales and marketing teams to work as individual units and make a barrier between their services, it’s important to break these barriers if a business wants to increase its sales volume.
The sales team is focused on dealing with clients, finding out their pain points, and providing solutions. While the marketing team is responsible for capturing new leads. The alliance of these two teams is necessary to assure quality leads are being brought into the pipeline.
Also, when the marketing team is aware of the sales team’s goals and a specific product that is their focus right now, they can help them with relevant content that can boost their sales.
6. Qualify Prospects to know if you are Selling to the Right Audience
Are you trying everything and yet your sales volume is not increasing at all? Instead, has it started to decline?
Let’s start with the basics. Start qualifying prospects thoroughly to evaluate whether or not you are selling to the right audience. Your product/service can be the best in the market. Yet, it will bring zero revenue if you are selling it to unqualified prospects.
To qualify your prospects, ask focused, insightful and open-end questions to ensure the prospect is a good fit for your company. It is also advised to qualify prospects by comparing them to your buyer persona.
7. Prioritize your Top Buyers
According to the Pareto Principle, 80% of a company’s sales come from 20% of the customers. These customers are those who have been using your products or services for a long term and make repetitive services.
Companies can increase their sales volume by prioritizing the top buyers. Team leaders and sales reps should make it a point of focusing on their top buyers and trying ways to retain them.
8. Hire Go-Getters Reps for your Team
The top-performing sales reps are those who are self-motivated for a mission to achieve as much as they can. These go-getters are the star employees of any team and are responsible for more than half of the team’s success rate.
The hiring process should be thorough and consist of questions that describe the mindset of the individual. Hire sales reps who are ready to go the extra mile to seal the deal. These players are hugely responsible for increasing the sales volume of a company.
Over to you…
Having proper knowledge of your products, self-motivated sales reps who are ready to take initiatives to close deals, alignment of marketing and sales team, and bringing changes in the sales strategy when needed can be a total game-changer in increasing the sales volume of businesses.
Now that you are at the end of this article, you must know the top ways by which you can increase sales volume of your business. Wishing you all the best as you implement the ideas and wait for amazing results!
But if you are seeking expert help, don’t hesitate to reach out to us! We will be more than happy to help.