Converting Income & Customer Acquisition

I don’t think one needs to be told about it. Of course, the sales department’s main objective would be to make sales. That said, making income is not the only objective. The main goal is to make product sales as efficiently and inexpensively as possible. If you are a salesperson, then you might also want to shorten your profits cycle. And this has emerged as one of the most important responsibilities of the product sales department in recent times. Especially when the prospects are becoming more and more skeptical to close the final gross sales deal.

In fact, as high as 73% of your leads will not be sales-ready when first generated.

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sales-ready-leads. That’s the reason why the product sales department has to be extra careful while nurturing leads and trying to convert them into permanent customers. For the income department, their primary goal should be to increase the conversion rate. Say, for instance, your sales team speaks to 100 potential customers per day, and 30 of these prospects result in a sale, then your sales team has a conversion rate of 30 percent. If you want to excel as a revenue department, then you have to make sure that your conversion rate is always going up, never in the downward spiral. The higher will be your sales conversion rate, the higher will your profits.

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Retaining Existing Customers. Retaining existing customers is as important as customer acquisition - if not more. And the best part is that it is less expensive, easier, and of course, a lot less time-taking. Have a look at this infographic by GartnerGroup to have a complete grasp of why customer retention is so important and why it is one of the main objectives of a gross sales department. Customer-Retention. From driving more business to increasing your referral channel, customer retention is an integral part of a sales department, which must not be overlooked at any cost.

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Growing The Business. Again, it is pretty much a given that one of the objectives of a profits department would be to work towards growing the business. The better the conversion rate and retention rate are, the more growth the company will witness. The product sales department overlooks various tasks in order to achieve growth, such as: Referral marketing. Word-of-mouth marketing. Seeking recommendations. Customer retention. And this is just the tip of the iceberg. There are a whole lot of functions that a revenue team perform in order to grow a business. They also make sure to see whether the existing customers are happy and satisfied, which helps them in acquiring reviews, referrals, and testimonials, as well as makes it easy for them to retain them.

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