Business and Money Tips

In the next 30 days, I want you to climb your own mountain and really ‘huat’ in this new year. Everybody wants higher sales, but we know that sales come from customers, and customers give you sales transactions with a certain dollar sale. And customers come from prospects, and prospects come from our target market. So from here I derive the “ 5-Way Sales Leverage Chart ”: Target Market X Marketing Conversion = NO. OF PROSPECTS X Selling Conversion = NO. OF CUSTOMERS X No. of Transactions X Average Dollar Sale Price = SALES From the above formula you see that there are  only 5 variable things – the target market, marketing conversion, selling conversion, no. of transactions and average dollar sale.  So how to change the 5 things so as to build your business?  Let’s look at an example. I have inserted some simple figures into our formula: Target Market 4,000 X Marketing Conversion Rate 10% = PROSPECTS 40...

Everyone wants to increase sales, but few have a structured and systematic way to do so.  We know that sales come from customers, and customers come from prospects. So if we increase our number of customers and number of prospects, our sales would increase, right?   Wrong!  Other than number of customers, how often your customers buy from you and their average dollar purchase are also important. Just look at Nokia: it used to have the most number of customers in the world, but those customers now don't buy from Nokia anymore and thus Nokia's sales just nosedived.  In this articles we shall share with you the 5-Ways leverage that you can increase your sales: It starts with your Target Market , the market that you are targeting Next, you need Marketing Conversion to convert that Target Market into Prospects With Selling Conversion , you'll now convert your Prospects into Customers When they become your customers, you need to get repeat business from them, w...

In the next 30 days, I want you to climb your own mountain (read here ).  In planning for sales for my own and my consulting clients’ businesses, I typically use the “ 5-Way Sales Leverage Chart ”. (The figures here refer to annualized figures, i.e. for one year) Target Market X Marketing Conversion = NO. OF PROSPECTS X Selling Conversion = NO. OF CUSTOMERS X No. of Transactions X Average Dollar Sale Price = SALES So from here that you can see there are only 3 things that you work in your sales planning – Your Prospects, Your Customers and Sales .  Notice that these are all the things above that follow the equal signs in the formula above.  They are all the result of something else in the formula , i.e., a result of something. Thus they cannot be changed.  The things that we want to plan to change are the things that are variable , i.e. things that can be changed.  From the above formula you see that there ...