Virtuzone Business Intelligence

Category: Sales

Pursuing new revenue streams is tempting for any entrepreneur, but it requires careful planning and a cool head. Get it right and you could turbocharge your business. Get it wrong and your enterprise could be seriously derailed.

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Pursuing new revenue streams is tempting for any entrepreneur, but it requires careful planning and a cool head. Get it right and you could turbocharge your business. Get it wrong and your enterprise could be seriously derailed.

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It’s easy to become complacent when the revenue is flowing in. You begin to rely on that fixed income stream and you’re more reluctant to tackle fresh opportunities, not wanting to risk falling into the 75% of businesses that fail at launching new initiatives and markets.

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Statistic

For entrepreneurs wanting to take their company into the big league, there’s much you can learn from those who have already made it. You don’t need to be able to match their budgets to learn from the marketing strategies of industry behemoths. The core messages are the same, whether you’re spending USD 1,000 or USD 1m, it starts with this: know your audience. Marketing spend is not all glitz and glamour, TV ads and product launches. It’s customer surveys, sales analytics and feedback forms. Ultimately, your message comes from your market – so get to know your customer and the rest will follow.

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Sales people

Your sales force is the front line of your business. Without that winning team you wouldn’t have a business. So when you’re hiring salespeople, you need to make sure you put them through a stringent qualifying process. You want to find candidates with the qualities to get results even under difficult conditions. In this article we take a look at seven qualities you should be trying to assess during that interview process.

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What’s the difference between a great salesperson and a mediocre one? A 2016 report looked into the behavioural traits that separate ‘world class’ salespeople from everyone else. Responses were gathered around the world, talking to everyone from account managers to executives. What did they find? Out of the 1,206 respondents only 7.7% met the criteria for ‘world-class sales performance.’ So what was everyone else doing wrong? And what can we all do to make sure our teams are in that group right at the top?

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Boss calls

Sure, there will always be an element of natural charm and even luck when it comes to sales, but those who succeed above and beyond everyone else are always found to be putting in the hours to overcome stumbling blocks – rather than offering an excuse at every turn. It may be anecdotal, but the oft-quoted line ‘80% of sales are achieved by just 8% of the salesforce’ has more than a little truth to it. Let’s look at six of the top excuses those who don’t fall into the “8% category” often come up with.

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If I had to prioritise business to do’s, this is how I’d do it

You, as business owner and leader and chief strategist, should be focused on a few key areas above all others – areas that are geared towards company growth and market dominance. No, it does not mean you do not look at other aspects of the business, but your attention and your time always need to be focused on a few no-nonsense and practical pursuits that are ultimately your company’s building blocks in the beginning, and its foundation at all times.

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Questions

At least once a quarter you should put forth these four questions with the right people from your team, gather all necessary intelligence to ensure you have the right info at your fingertips to take the best decisions, and then do whatever is necessary to stay on top of these core fundamentals.

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Going the extra mile with sales

Success in sales, perhaps more than any other job role, comes from the sheer effort that the salesperson puts in. In fact, only 2% of sales occur at a first meeting, which means that 98% of the time you are going to have to literally “chase down” that sale. This does not mean hound and stalk and become a royal pain, but it does mean you are going to have to do a lot more than send off the information and wait for a response.

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