High Impact Actions

For sales leaders, everywhere

Many retailers use statistics to measure performance and results, and there are some constants that all retailers measure: Traffic, close ratio, average sale.  All are measurable, all matter, and all have specific actions to increase them.

There are retailers who add another statistic – sales per guest/dollars per opportunity/performance index. Whatever you call it, they all measure the same thing: Total revenue divided by total traffic. It is a combination of close ratio and average sale. It indicates how much every opportunity is worth to each salesperson based on what they do with it, and how well the store is doing. Since it’s a number that measures more than one thing, I have often worked with retailers to lean one way and develop a strategy toward either improving close ratio OR average sale.

Recently, I was working on a seminar for Furniture Row and thinking about this statistic close ration einstein again, and asked myself “Are there actions that improve both close ratio and average sale that would definitely increase performance index?” And yes, there are three: Sketch the room, make appointments to close, use financing for purchases.

As sales leaders, you want to direct your teams to the actions that will get the highest impact AND, since you can’t watch and focus on everything, you and your team members need to reliably and consistently execute the actions that get the biggest return. These do that. Take a look at your team and YOUR actions to direct these three actions and dial up the visibility and accountability.

And if you need help with this, call me. 877-663-9663.

Now, go help your team to sell something.

oxo,

Jody

Jody Smiling Photo copy

This Equals That

For Sales Managers, everywhere
I  love Sales Managers, especially selling sales managers. I love that they love to sell and engage with the customer and that they are interested in developing their team members for greater achievement.  managers810
You know that I believe the sketch is the Holy Grail for the salesperson and the customer. Those salespeople who sketch and take notes during the interaction and gather great data that they use in their sales presentation have a higher close ratio, higher average sale, and higher total sales revenue than those who do not sketch. Period. So as a high impact, ‘do this always!’ action, it does not have a parallel or substitute.
For sales managers, there is an equivalent: Interrupting the sales interaction to help the salesperson to CLOSE this customer. Those sales managers who understand that their job is to help their sales team members to close more opportunities do this consistently while on the floor. Interrupting/inserting into the interaction to help to close is the equivalent for the sales manager to what the sketch is for the salesperson. No kidding.
If it is not part of what you do now, start doing it.
I spoke of this in an earlier blog…Tim, the Sales Manager at The Amish Craftsman in Houston is a master at this. He introduces himself at the first interaction with everyone on the floor, then swings back around about 30 minutes later to check on selection, to ask if they are using financing for this purchase, and to double check that they are purchasing accident protection.
The result: Close ratio: 50%. Execution: Mastery.
Start practicing this and if you need help, call me.
Now, go help your salespeople to sell something.
oxo,
Jody
Jody Smiling Photo copy

Focus on ONE Thing

For Sales Managers, everywhere. It’s understandable that when faced with the prospect of ‘coming from behind’ in a sales period to make goal, to throw LOTS at the sales team. LOTS to do – “Don’t forget to…” “Make sure you…” … Continue reading