I know many experts say, “if you don’t have goals and a plan to reach those goals then it’s just a wish.” And, for me, I believe they are correct.
I’ve been in business a long time and have tried many different forms of planning from very detailed to loose monthly goals. Some worked better than others. Now I am a very detailed planning manager.
Sales Revenue Goals are Crucial
When people ask, I am always surprised to learn people assume as a small business that I don’t have monthly sales goals. Well of course I do. How am I going to achieve my annual sales revenue goal if I don’t have individual monthly goals.
I have 3 account managers and this month I am meeting with each of them to review their 2019 client sales and determine the goals for each client for 2020. Each client will have two goals; a reachable sales revenue goal and a stretch revenue goal.
Reachable Goals vs Stretch Goals
Earlier this year, one of my relatively new account managers was very hesitant about a reach goal for one particular client. Why? Because it was a dramatic increase. After reviewing all that they produced, the quotes we didn’t win and hearing about their growth, I just knew there was so much more there.
And she achieved her stretch goal within the first 6 months of the year! She couldn’t believe it.
When evaluating existing client’s sales revenues, it’s a good idea to review the whole account. Do you work with all divisions? Is the company expanding? Are you getting all the business you can from the client? If not, then there could be major growth potential.
Are you Getting ALL Possible from your Clients?
I don’t know about you, but we get pigeon-holed as to what we do. Yes, we provide our clients with a lot of promotional products and apparel. But we also do online stores, printing, banners, trade show booths, direct mail and so much more.
I had one client that called me the “Bag” lady because we did large quantities of bags for them each year. At first, I thought it was funny until I realized they had decided that’s all we did! I’ve had clients that only use us for apparel or direct mail. It’s a constant battle to make sure they understand and appreciate all we do. We want to be their only promotional marketing resource.
So, growth within clients is always on my radar. What more can we do for them?
How Good is Your Pipeline?
The next area I explore with each account manager is their pipeline. What companies are on there and where are they within the sales cycle? Have they had contact with them, any meetings or inquiries? Who is ripe for becoming a client in early in the year versus later?
And then of course, who can we add to the pipeline? I’m always amazed when people tell me they don’t have a pipeline. How can you not? I know we are all busy, but each week time should be spent seeking out new potential clients.
Each account manager is required to go to at least one networking event a week. It’s part of filling their pipeline. And it works. It could be large groups or small, doesn’t matter, as long as it’s a group of companies that could use our services.
Regular Pipeline Follow-up is Key
One of my account managers spends every Thursday morning on the phone following up. It truly does take 8-12 contacts most of the time to get an appointment. And because my account manager is always adding companies to her pipeline she is hitting that contact number most every week and coming away with a meeting or two.
It is also a great way to make sure your contacts are up to date at a prospect. For example, a couple of weeks ago another of my account managers got through to the assistant of the person he had been trying to connect with. He had had a meeting with her about 4 months earlier and then she just disappeared. Well, it turned out she left the company about 2 months ago. So, this week he was able to have a “great” meeting (his words) with her replacement. She asked for a good number of quotes on the items he presented and said she’s looking forward to working with him in the new year.
If he had not persisted, he wouldn’t have known she left the company nor had any type of opportunity. And based on the new person’s plans, they will be a nice sized client in 2020.
Goals per Client per Month
After we determine the annual sales goals for each client, we look at their sales throughout the year and determine monthly goals by client. It may seem tedious but in the long run it gives you a better understanding of your sales than just dividing the total by 12.
We are fortunate that our clients have different fiscal years. Yes, the majority are January 1, but we have 6 good size clients that have July 1 fiscals and some of our largest clients have an October 1 fiscal. So, we have May/June, August/September and November/December as potentially large sales volume months. And our monthly sales goals reflect that.
Knowing your client’s fiscal year can also help you sell more. We help them plan before the start of their fiscal year to determine their budget needs. Then as their fiscal year is coming to a close, we stay in touch to help them spend all their budget before they lose it!
Consistent Networking for Diverse Client Base
I also help my account team with their sales leads. I regularly network at a variety of organizations and have an appointment setter to make cold calls. These leads are distributed based on location and how busy someone may or may not be. Sometimes I keep the account until it is solidly in-house and then slowly transfer it to an account manager.
Yes, that is for the very large ones. We are fortunate to have several quite large accounts currently in our pipeline. Fingers crossed they join our family of clients in 2020 but until they do, I am the one staying on top of them.
Which is another area to remember when developing your pipeline. Size matters. We do not want to bring in 4 large accounts at once. We want to make sure we are staffed to service everyone as need be. And we like a mix of company size (spending) and industries for long term stability.
I learned the hard way not to be too concentrated in one industry no matter how secure you may feel.
So, if you haven’t finalized your goals for 2020 maybe now is a good time to start. Review your sales revenues, client industries and pipeline and set you and your team up for growth in the new year.
Here’s to our collective success in 2020!!
Danette Gossett is the founder of Gossett Marketing, co-founder of Promotions Rescource LLC and co-author of the best-selling book “Transform” with Brian Tracy. Danette utilizes her more than 30 years of advertising agency and corporate marketing experience to develop effective promotional campaigns and products for her clients. Visit GossettMktg.com or SalesPromo.org and follow us on twitter @MarketngTidbits.