Want to Join the $100K Club? My Secret Formula for a 6 Figure Income
Whether you are a seasoned salesperson, entrepreneur or consultant, there are basic rules for running a successful business. Here are seven of the steps that I use in my real estate and consulting business. Let’s see if you can use a similar system:
1) Define your Target Market
Three questions that set you up for success (or failure)
1) Who do I call on?
2) What do I call on?
3) Why should I call them?
A) Your average revenue per contact is directly proportional to what companies or clients you decide to call on.
B) The level of responsibility you call on directly affects your sales cycle and first appointment to proposal ratio.
C) And the reason you call on them directly influences your closing ratio.
Get the picture?
What this tells you is that you do have absolute control over your performance measurement.
However, you need to be able to clear on the "who", the 'what", and the "why" to understand the most effective prospects to call on.
2) Develop a 'Targeted Selection Process'
Your target list is one of the most vital ingredients to begin your sales process. Getting targeted, prospecting data should be an ongoing project. It must be done prior to and independent from the act of communicating to set a first sales appointment. It Must be done ahead of contact.
3) Understand & Identify your 'Magic Number'
Your 'Magic Number' is the number of new appointments you need each week to assure your revenue goal is met each month. It's a derivative of your sales cycle, average revenue per sale, 1st appointment to proposal ratio, closing ratio, and revenue goal.
How many cards do you send out (monthly and daily), how many purposeful calls do you make daily and how many meetings do you attend and actively participate?
By meeting or exceeding this activity number, you can routinely eliminate fluctuating sales results and virtually assure achieving your income goals. We don't punch a physical clock or necessarily have someone monitoring our time on the job. But we do have an internal clock of accountability.
4) Block 90 minutes a day, for 'Opportunity Creation'
If you want to leap over the heads of your colleagues - adopt this strategy:
Block off 90 minutes every day to initiate contacts of new appointments.
You can slide it up and down during the week, but do not eliminate any blocks until you achieve your 'magic number' for the week. Consider this your weekly quota. Not in revenue, but in activity.
Use the 90-minute block for contacting targets, not figuring out what targets to call. Have your list ready and complete. Discipline yourself to daily routines to achieve weekly goals for assuring your monthly results.
5) Assemble a checklist of strategies & tactics between appointments in your sales cycle
You may be shocked to know that the difference between excellence and mediocrity is what routines and processes a person puts in place between appointments, not just during appointments.
6) Integrate 'Customer Creation' programs
The secret of being a "master of cold-calling" is NOT actually having to do it.
If you've been in your sales position for more than 4 months and you're still relying on cold-calling 100% of the time, you're working way too hard.
The key to efficiency is to work smart, not hard here are a few ways to leverage your success:
Set up a process of routinely asking for referrals at the end of your sales process and throughout your relationship, (win or lose).
-Join or start a lead group (BNI, Meetups, Masterminds, Joint Ventures, etc).
Develop your own referral program (I use the Brian Buffini approach).
Identify clients with customers that you can help.
Contact businesses that have services that compliment yours, and educate them to your collaboration program. Use these 'Customer Creation' models and reap the rewards of a true entrepreneur.
Remember the key is to LEVERAGE every available resource you have.
7) Train for a High 'Conversation to Appointment' Ratio
Most sales organizations die a slow death from not setting enough "new" appointments on a routine basis. That's because the average conversation to appointment ratio is between 5-18%.
Therefore, the most important competency to "train to" and "ratio to measure" in sales is converting conversations to appointments. Think: Less hits, more appointments, less time, more commission. Are you ready to join the $100K Club?
Brenda Lane-Oliver help clients make big changes in their lives or achieve something extraordinary through Leadership Development or Personal Growth coaching & training. Visit www.LaneOliverConsulting.com to sign up for the 5 Pillars of Success monthly newsletter. If you are looking for a massive breakthrough in your life, take a chance on a free personal 1 on 1 coaching session. Contact Brenda for more information.