Here's an astonishingly simple-yet-clever sales contest idea I learned from a client. Did you realize that there are only three ways to grow your business? Yep:
- Increase your number of clients,
- Increase the average size of each transaction per client, and ...
- Increase the number of times per year each client buys from you.
Naturally, this means that if you have 1000 clients who spend $100 twice a year with you, your revenues will be $200,000. Pretty straightforward, right? Now consider that a 10 percent increase in each of these areas will increase your revenues by 33 percent. More astonishingly, a 26 percent increase in each area will double your revenues.
Action item: One month prior to your next company-wide meeting, announce your company’s first-annual “Innovation in Sales” contest. Make a big, stinking deal about it. Divide your sales team into three groups and give each team one of the above areas to analyze:
- Team “A” will research and create ways to increase your firm’s number of clients.
- Team “B” will research and create ways to the increase the average size of each transaction per client.
- Team “C” will research and create ways that your firm can increase the number of times per year each client buys from you.
Tell each team that they must give a 45-minute group presentation highlighting at least a dozen new and creative ways that your company can grow in their topic area. Announce in advance that you will give a trophy, a victory dinner, and bragging rights to the winning team – and meet with each team at least twice before the presentation to make sure that they are “digging deep enough” for good ideas.
____________________________________________
Q: Need the number of a recruiter who "gets it?"
A: Download Harry's contact info for future reference.
