Today’s guest has led two companies from $1 million to more than $10 million and now trains entrepreneurs how to 10X their revenue using a step-by-step sales formula. You will discover his formula along with a live demonstration of the process.
Jim Brown hosts is the SalesTuners podcast where he talks with world-class sales performers about the techniques, behaviors, and attitudes that listeners can use to close more deals and make more money.
The Framework of Multiplying Your Revenue
- Goal Selection – First of all, ask yourself what you are trying to accomplish. Let’s say you are aiming for a million dollars in revenue – this is now your big
- Understand the current facts – Once you have a goal in place, get to know the facts such as what your average contract value (ACV) is, what is the average time it will take you to close a sale and the types of people you call. ACV is what you are selling something for and if your ACV is $6000 a month, therefor your annual contract value is $72,000 a year. You need to keep this in mind as you are working towards your goal.
- Break down sales activities – Take your 1M goal, which is lofty and out of touch, and break this down into something that you can do everything single day.
- Say you have a goal of 1M; if your ACV is $10k, how many $10k contracts do you need to get to 1M?=100 contracts.
- Ask yourself how many proposals do you need to get one deal done? We are now looking at your conversion rate so if you put out two proposals to get one deal closed, then you have a 50% conversion. With this, you need to put out 200 contracts.
- Take a step back and ask, how many discovery meetings do you need to have to put out one proposal? Again, we are looking at conversion rates.
- Then go all the way back and ask, in order to have this many discovery meetings, how many prospects do I need to reach out to in order to get one discovery meeting set up? Once you do this, you will now see the actual behavior that you have to do on a daily basis in order to hit your goal.
- You can now take a look at your daily work schedule – how many days you are working in a month, how many hours per week –to determine your activities.