creating purposeful sales targets
This article was first seen as a Weekly Letter.
Over the past few weeks, I’ve had many conversations with clients or members of the Space about setting sales targets for the year. Some say they have no clue where to start, others say they’re putting it off because quite frankly, they’re scared.
We’re our own bosses because we want a better life for ourselves. We want enough time to spend with family; we want to build a brand that makes a difference in the world; we want to earn enough to live our best life, but we get freaked out when it comes to working out our sales targets because we think we can’t. We think we're not going to reach those figures, or we think we’re not worth it. We say we don’t do it because it’s ‘boring’ but really, it’s because we’re scared of what we’re going to unearth. We don’t believe in ourselves enough to try. And that’s what I want to change.
We really do have the power to create our own reality. We have the power to get past the self-doubt and to create purposeful sales targets that motivate us to reach our full potential. We don’t have to just ‘survive’- we can thrive (oh lordy, don’t worry, I cringed myself out then!).
Below, I’ve come up with a few tips that will help you see creating specific sales targets doesn’t have to be scary when they’re done in alignment with your true wants.
H O W M U C H ?
How much money do you need to earn to feel good? What is the minimum you need to earn in order to live the life you desire and deserve? Now, I’m not saying money is the source of all happiness, but I know how much lighter and peaceful I feel when I have more than the usual 65p in my bank account.
Come up with a figure that feels right; one that allows you to pay for all of the essentials (such as rent, electric, tax, phone bill etc) and whatever else makes you feel good that requires payment (cinema trips, clothes, train fare for day trips, getting coffee when you’ve been stuck inside all day). It’s not about cutting out things that are seen as ‘luxurious’, especially if they give you joy. It’s about adding it all together and having that figure in front of you, so you can work out how to earn enough to pay for those things.
N A M E Y O U R P R I C E
Now, work out how many products/services/offerings you need to sell to reach that figure. For instance, let’s say you need to make a minimum of £1000 a month. You sell sustainable handmade clothes that range from £30-£120, and you tend to have online orders that average around £60. You’ll need to bring in £250 a week to make that grand, so your order target would be around 4 a week.
Or maybe, you’re a social media manager who has a package priced at £600. To make a minimum of £2000 a month, you’ll need to sell around 3 of those packages. Doesn’t seem too bad when you break it down, does it? Of course this is highly subjective (and probably a very backhanded way of explaining) but my aim is to show you it’s not as scary or as ‘big’ as you think.
This is also a perfect time to work out if you’re charging the right prices for your offerings. A sure way of seeing if you’re not is if you need to sell a huge quantity that is going to take all of your time. If you’re selling your three month package for £200, you’re going to need 5 new clients a month. Do you want to see a client every day of the working week, or do you need a day or two where you can do admin/social media/breathe? It’s vital to remember that you don’t need to burn out to hit your targets, you need to charge more.
B R E A K I T D O W N
Once we’ve broken down the numbers, it’s time to break down how we can reach those numbers. Write down the actionable, bitesize tasks you’ll need to do to make that money.
If you want to have 4 orders a week, you’ll need to think about showing up in front of your customers to get those 4 orders. Get on social media, engage with your ideal clients and get them excited about your brand (so excited that they just can’t not have your wares!).
If you want 2 new clients a month, how can you make that happen? Create more content that speaks to them and their challenges, engage and offer support on facebook groups. The key here is not overwhelm yourself, and to take it all one step at a time.
R E F L E C T
Look back on last year and see how you fared. Last May saw an income of £1500? Make it £1700 this year. You don’t have to go to the highest figures, you just need to make your minimum (anything else is a lovely extra!). Pushing yourself past your comfort zone (but not so far that you start to get filled with doubt and ultimately won't do the work), will motivate you to carry out those actionable tasks.
Sometimes, you’re just not going to make those targets. Half terms can be a barren wasteland for selling products, whereas Christmas can be the holy grail. December is quiet for coaches but February can be off-the-scale busy. Be realistic and give yourself lots of grace, but try not to sell yourself short; you're capable of earning however much you want to earn. You’ve just got to know those figures and put in the work.
Also, side note: I know we’re not all driven by money, but it’s something we need in order to live the life we desire and deserve. There’s no doubting that. If you’re driven by holidays, or having enough time with the family, or having nice home decor -- those things ultimately result in money being spent (or not being made), so being aware of how much you’ll need to get those things is important.