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  • Writer's pictureSsemujju Lewis E

Sales Goals You Should Set for Your Small Business in 2024

Salespeople and sales teams have targets. This calls for a sales plan. A sales plan helps outline the salespeople's steps to achieve their goals and targets. Planning for your sales week is inclined towards a sales strategy. This is a guideline for meeting your short-term goals, i.e., weekly or daily goals. The success of short-term goals determines the success of long-term goals.

Create A Sales Plan

So, what’s your plan? How do you build it (and stick to it)?

A sales plan should include the following:

Using results from an older plan as the cornerstone for the new plan is advisable. First, review the old plan, know what to change, and implement that in the new one. For success to happen, you must follow your sales plan and be consistent. You can then tell one of your closest people to help you monitor your consistency in following your plan, which will help you keep motivated towards executing your tasks just like your sales plan flows.

What are sales goals?

Sales goals are the objectives a company or a team wants to achieve in a given time. It offers sales teams a roadmap of what they must do to help their company achieve specific targets.

There can be different types of sales goals—revenue goals, customer acquisition goals, customer retention goals, and more.

Sales Goals You Should Set for Your Business in 2024

1. Increase Customer Lifetime Value

Customer Lifetime Value is the total revenue a customer is expected to generate over their relationship with your business. It can be calculated by multiplying the average purchase value by the number of purchases per year and then multiplying that number by the number of years the customer is expected to continue making purchases. For example, if a customer has an average purchase value of $100, makes ten purchases per year, and is expected to continue making purchases for five years, their lifetime value would be $100105 = $5,000.

This goal can optimize the performance of their sales team’s strategy and create longer-lasting client relationships that will extend the business value to customers.

2. Lower Customer Acquisition Cost

Customer Acquisition Cost is the total cost of acquiring a new customer, including all marketing and sales expenses. It can be calculated by dividing the total cost of sales and marketing efforts by the number of new customers acquired. For example, if your sales and marketing efforts cost $50,000 and you acquire 100 new customers, the customer acquisition cost would be $50,000/100 = $500.

A sales manager could work with reps to better source qualified leads based on the types they’ve found the most successful.

3. Reduce Customer Churn Rate

Customer churn is the rate customers stop using your product or service. So the higher your churn rate is, the more likely your business has room for improvement to delight customers — and there are many different approaches managers can take to achieve that goal, the primary one being only to sell to best-fit prospects.

4. Prospecting

Sales prospecting refers to a process whereby a company’s sales representatives make outbound calls or send outbound emails to leads/prospects to create new business by searching for new potential buyers/customers for your products or services. Making mobile calls, sending emails, SMS text messages, notifications, and reminders to people who have shown interest in your products or services is what we call sales prospecting. All the above are forms of prospecting with hopes that we may turn those specific interested people into future customers.

Inbound prospecting

This involves sending emails to leads/prospects who have already shown interest in your goods or services. This is intended to keep the conversation flowing and build a stronger relationship with your customer; it involves answering any questions a lead/prospect may ask and introducing your product to them. This prospecting technique is believed to be shorter while prospecting.

Outbound prospecting

This involves unexpected calls/messages to a person to sell a product or a service; this prospecting method is believed to take longer because a representative is building/starting from scratch.

The more qualified leads you get, the more deals you can close. You can target your sales team to generate 50 qualified leads per month with at least 75% on the qualification score.

5. Increase Revenue

Sales revenue is the money a business realizes from selling goods or services. Alternatively, sales revenue refers to the amount of money brought into the company from selling products and services over time.

Revenue is usually reported monthly, quarterly or annually. It indicates whether a company has profited or lost money over that period. Keeping an eye on your sales revenue can help you manage, reduce costs and maximize profits.

Sales look at the number of goods sold out of the business, while revenue is earned from the sold products.

6. Make more calls

The number of calls made for conversations and later the appointments. Calls are one of the ways that sales representatives usually use to hits conversations that later yield to physical appointments. Many cold calls lead to a meeting with the potential client. Of people contacted with a cold call, 75% end up scheduling a meeting or attending an event because of the unsolicited call.

Cold calls are the most everyday sales call. Here, the salesperson and buyer don't know each other and will be coming into contact for the first time. The first step that a sales rep takes to approach the customer is known as cold. Most industries utilize this type of sales call to throw out a wide net, gain new clients, and potentially increase sales. Making a cold call means you have no idea if your customers need or want your products or services.

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