Sales is one of the most important skills required for any business. You can not survive in the business for the long term if you don’t have sales skills. Everyone knows that it takes time to develop sales skills.
If you are a sales professional or in business and wanted to generate more money in sales this post is important for you.
Today in this post, I am gonna teach you three powerful ways that will affect you, how much you earn, how much you bring home, and how much income you generate as a salesperson, and as a sales professional.
3 Ways to Generate more money in Sales
#1 Transaction Size in Sales
The very first way is ticket size or transaction size. Think about this, if you’re selling something for INR 100, you need to make a lot of sales to earn a six-figure or even seven-figure income as a closer.
But if you are selling high tickets for 10000 even 25000 or 1 Lakh you don’t need to make a lot of those sales to make a very, very good income.
You see, to become a highly-paid sales professional, you need to consider what you are selling. What is the ticket size?
Let’s say you’re getting paid based on commission, let’s say you’re commission is 10%. If you’re selling something for INR 1000 and you make a 10% commission, you’re making INR 100.
You need to talk to a lot of prospects to make any kind of significant income. Yet, if you’re selling something for INR 100000, and you’re making 10% commission, you’re making INR 10000, a sale. You just make a couple of sales a week, you’ll make 80000, 1 Lakh, 2 Lakh per month.
#2 Lead Flow in Sales
Now as a salesperson, I don’t care how amazing you are as a closer, or how high your closing ratio is if you’re not talking to enough prospects.
Guess what, you’re not gonna get paid, right? The consistency and quality of the leads are extremely critical to how much money you earn.
So lead flow. I want you to think about in terms of sales, there are two types of salespeople. You have first, what I call prospectors. They go out there, and they do outbound, they do cold calling, and they are doing prospecting.
Maybe in some cases, they are the appointment setters. Those types of sales professionals will never make a lot of money because that’s not where the money is.
And then you have, what I call, the closer. They are the ones who go in, and they close the deal. They are the ones who go in and make it happen. They are the rainmakers. The closers, within the sales world, are the ones who make the most amount of money, because guess what, you don’t make money prospecting.
You don’t make money because you get a lead. You make money when you close a sale.
#3 Closing Ratio
Now when it comes to the closing ratio, it depends on what you do. A lot of people, talk about sales, oh sales is a numbers game.
You gotta talk to a lot of people. Smile and dial man, you talk to 100, 200 people. You get enough no’s, you’ll get some yes.
You know what, that’s the old model. That model sucks. Even if it works, it is draining, it is exhausting. Why do you wanna do it that way?
So instead of closing one out of 100, you have to understand as a sales professional, as a closer, your most valuable asset is your time,and your time is limited.
You only have 24 hours a day, and you’re not on the phone 24 hours a day.
If you and I are honest, right? You’re lucky if you’re on the phone eight hours a day, even 10 hours a day. Let’s say you work hard. You are exhausted by the end of the day. So if you’re selling the high ticket, right?
And you are selling something that’s at a premium price, you don’t need a lot of transactions. You don’t need to make a lot of sales to make a very high income.
So I want you to think about this piece, closing ratio. Instead of closing one out of 100, what if you could close one out of 10? What if you could close one out of eight? What if you could close one out of five?
Do you see how that would affect how much you earn as a salesperson?
So those three ways, if in terms of closing ratio, instead of doing the prospecting, you’re closing for the company. You’re closing for an entrepreneur. You’re closing for a product and service that nobody wants, or you’re talking to leads and prospects that are not properly qualified.
Let me give you a model.
Pick a company, influencer, partner, or entrepreneur with whom they’ve already got their marketing in place.
They are generating leads. They’ve got a strong brand. They have a consistent lead flow, and they are selling high ticket.
INR 10000, 25000, 50000, and up, and they are willing to give you a nice commission chunk.
And from there instead of you outbound or doing all these outreach, have them create a process where they are generating leads, and people are booking an appointment with you.
So instead of doing outbound, you’re doing inbound.
Every single call that you, every single prospect that you talk to, have pre-interest, pre-qualify, and pre-motivated. Of course, you’re closing ratio is gonna be high, once you have those three things together.
That’s how you become the highest-paid salesperson.