In order to have a profound knowledge of Market or Sales growth, we need to understand what a market share is, what the growth rate is, and how to measure them.
What is the growth rate?
Imagine you are a small business owner and you are looking for a comparison in order to understand where you are and where your competitors stand. Comparing revenues would give you the wrong image as you have fewer turnover rates; therefore, revenues will be different. Most entrepreneurs try to distinguish themselves with the growth rate which is a percentage change in one variable in a certain period of time. The growth rate can be of two types: the projected growth rate that tells you how close you are to your target and the growth rate past that will measure your performance in the past.
Projected growth rate = ((Targeted future value – Present value) / (Present value)) * 100
Growth rate (past) = ((Present value – Past value) / (Past value)) * 100
How to grow sales?
According to Brian Tracy, Sales has 7 main steps:
- Speak to the right audience
Do not try selling an anti-aging face cream to a teenager. Segmentize well before targeting. - Build a rapport and trust
Customers need to trust you first, rather than buying straight away. - Ask Questions
Knowing how to pitch well is definitely an advantage, but how can you sell a product or an idea if you do not know what your customers want? - Make a presentation
Create easily understandable and impressive visuals. Nobody likes “Bla Bla” sales where sales are done through constant appraisal of the company or the product. - Answer Objections
Objections are a powerful information source. They can tell you what mistakes you have made and what to learn from them. - Close the deal
The sweetest part of sales is the closing part. This will motivate you and make you feel good, but if you really want to have things done properly, quickly move to the 7th step. - Upsell
If you have taken into consideration all the above-mentioned steps, then get ready to upsell and retain the customers.