Your company's sales goals are one of the most important factors when it comes to Black Friday metrics. When you opened your company you set goals that you will need to achieve in a specific amount of time. You developed strategies that helped you reached your goals and created a bridge between customers and your company.
All businesses sell something. Ranging from products to services, setting concrete goals can help your company thrive and increase the motivation of your employees every time your team achieves one of those goals. Once the goals are achieved, you will need to create new ones, but what sales goals should you focus on for Black Friday?
Sales Goals
Sales goals are objectives that help sales professionals to focus on what they should be working on every day. These sale objectives outline the specific tasks an employee must-do for a company. Sales goals are tightly related to KPIs and metrics. By dividing those KPIs into internal and external sales goals, you will be able to stretch these objectives to limits you haven't thought of before. You can find some common examples of sales goals below.
Increase revenue by 6% each month
Increase conversion rates by 25% every quarter
Reduce customer churn rate by 19% at the end of the year
Limit the number of discounts given to prospects
Monitor customers weekly to identify cross-sell and upsell opportunities
Reduce cycle time by automating tasks like email prospecting
As you can see, the goals listed above are concrete and specify a time in which they should be completed. When setting an objective, you also need to consider the big picture. Below, you can find the six most important sales goals you need to achieve in the upcoming high season.
1. Revenue
The master of all sales goals is to increase revenue. The more income your company gets, the more you can invest in different projects in your business. By increasing the transaction size of each customer or increasing customers overall, you can achieve more revenue.
Unfortunately, this goal is easier said than done. It will involve doing a deep search on how individual representatives are performing and how your sale process is functioning. A great tip for increasing this sales goal is ending marketing campaigns when you see no progress. For example, if you have an A and B prospects campaign and see one side of the balance tipping over in the first few days, try to end the low rate campaign and assign the budget to the high rate campaign.
2. Profit Margins
Profit margins are based on the amount of income you perceive for each item you sell. There are several ways to improve this objective, such as increasing the price of your product, offering fewer discounts, and adjusting pricing structures by offering bundles at variable price points.
Pursuing the increase of profit margins is quite simple. One particular example you can apply for Black Friday is limiting the number of coupons your company or your sales reps give out. For this goal to increase, you need to have good communication with your managers. They will determine how many discounts and coupons are available to each sales representative and try to limit them in a prolific manner.
3. Conversion Rate
Conversion rate is a Key Performance Indicator (KPI). It will denote the number of deals you can get with a customer. The more deals you can close with several customers, the more revenue generated for the company. This sales goal heavily involves your marketing team and your sales team.
Improving conversion rates can be a little tricky. Pursuing this sales objective will take a significant amount of trial and error. There is no particular adjustment you can make to see results. One great strategy is to analyze individual sellers' performance to expose potential problems in your operations. Once you have identified the weak points, you can offer more specialized training for the sales representatives or have an achiever give them some tips and tricks. Remember not to undermine your achievers, they can provide plenty of help to convert clients.
4. Leads
Leads is a sales goal based on the number of high-quality prospects generated by the sales teams. The more information they identify, the higher the chance you will close deals and increase your overall revenue.
One fantastic way to achieve this goal is to schedule a time in your employees' work hours to work on leads. Most of the increases you will see in this goal are process-oriented. If the results are going up, then it means your process is going well. If not, it is time to change your lead acquiring process. You can try several channels like social media or a different strategy like cold emails.
5. Customer Retention
Customer retention is pretty self-explanatory. Once a customer has made their first purchase, you will need to ensure they will buy your products or services again. Whether buying better ingredients for your product or offering exceptional customer service, retaining customers is way more cost-effective than acquiring them.
There are multiple ways you can achieve this goal. One of the most common ones is a loyalty program. With a loyalty program, you can track all of the customers' purchases and offer them a discount on their tenth purchase, for example. You can also create a point-based system that will allow your clientele to get more products or discounts every once in a while. Just be sure to not affect your profit margin by giving out too many of them. It will be tedious, but you have to do the math when offering out coupons.
Moreover, keep in mind that your customer support team needs to be very attentive, active, and enthusiastic. These attributes will help you maximize your customer retention potential.
6. Cross-sell and Upsell
The last sales goal you need to keep an eye on for Black Friday is Cross-sell and Upsell. Just as Leads, this sales goal is more process-oriented than result-oriented. You will need to guide your sales team to take action during a selling point.
To achieve this goal, most companies use a CRM database. This database will help you identify customers who have checked out a product page or requested a demo for a product or a feature. You can also keep track of your customers by keeping a record of how much they have bought in the past and offering them a new product that might interest them.
In addition, training your sales team to upsell your products will increase revenue in the long run. As you can see, both the leads and upsell sales goals work very well together when your staff is trained adequately.
Conclusion
Sales goals are not just another objective for your company. They need to be well-thought and have a realistic timeline. The better you can train your sales, marketing, and customer support team for the high season the better. Of course it is easier said than done, but preparing beforehand (September and October) will help you achieve these goals and can also provide your business with a headstart.