Can sales be improved? How do I do it? With that in mind, here are four quantifiable measures any manager can use to uncover hidden opportunities and boost the bottom line:
- Average volume per sale. If you can’t grow out, you may be able to grow up. Consider whether you have any untapped cross-selling and up-selling potential. This may allow you to make any profits you’ve lost due to market constraints.
- Market penetration. This is a strict ratio of current customers in each region versus number of potential prospects. When you compare one against the other, you may notice you’ve drilled much deeper in certain regions than you have in others.
- Territory management. Do you have the best reps possible canvassing each of your territories? Keep in mind, this is a very different question than whether you have good reps in every territory. Consider which salespeople are an ideal match based on the products, services and prospects in each area. Also consider branching out into new territories you haven’t breached yet.
- Competitive analysis. Are top competitors growing at a similar clip? If so, you’re probably looking at an industry-wide problem. If not, you’re probably looking at an internal one.
