Where do you see your company in 5 years? It’s a stock question, but it’s an important one. Many of us are busy creating short term plans – weekly task strategies, monthly budget reports, one-year-sales forecasts and so on – that we forget that long term planning is just as important when it comes to setting financial goals and creating growth opportunities. So, from a dollars and cents perspective, where do you see your company in five years? That’s the subject this [...]
Welcome to Mining Your Sales Data for Gold presented by the Vx Group, a discussion on how you can mine your Sales Data for the gold we all seek – ideal customers. A little background about this. A few months ago, we recorded a pilot episode of our podcast, Problems Worth Solving, and we talked a little about the need to create an Ideal Customer Profile. Listening to the finished podcast, we realized that while listeners would walk away knowing what an [...]
Welcome to the pilot episode of our first podcast: Problems Worth Solving. In this episode, we discuss how to develop an Ideal Customer Profile and use it to identify new customers. Here's a sample of what you'll hear: When you think about it, there are two kinds of customers, those who buy from you and those who grow with you. Today we’re talking about the latter, specifically how you identify these idea customers, attract them and nurture them. Eric L: So today [...]
We want 2018 to be a great year for you and your company, and to support that the Vx Group has developed a free tool you can use to determine how many new customers you need to acquire over the next year to meet your company growth goals. Here’s how it works: Download the calculator and launch it (you’ll need Microsoft Excel) Under Company Information, add your company name and dates. Try to keep your growth goals to a year (Jan. 1-Dec. [...]
Hiring a new salesperson and having them work their first opportunities through the sales funnel takes time, but how much time? The answer may surprise you – especially if you are in a leadership position. We’ve been studying the performance of new sales hires for years, and we’ve found huge differences between when leadership thinks those strategies will affect the balance sheet and when they actually do. With complex sales, it often takes 6-9 months for new sales efforts to turn into income. On the [...]
You've scripted the perfect PowerPoint, assembled some magnificent imagery for your slides, and you've out the invites to your online presentation. The only thing you need to do now is show up and press start, right? WRONG! Online sales presentations are only effective if you've done your best to eliminate all potential issues you could encounter in the virtual conference room. We've all been looped into really bad online presentations, and they are more frustrating than informative. If you want to keep [...]
You can calculate your customer concentration risk by dividing the revenue from your top customer by the total gross revenue of your business in a year.