The definitive measurement of the performance of a particular product or several product lines is known as a sales volume. A sales volume is important to measure the progress of a sales team and it provides clarity into their sales performance over a specified period.
For instance, if a business sells about 1000 units in a month and then sells about 1200 units the following month, the sales volume has increased by 20%. Hence, it is a good measure of how sales and marketing operations are performing.
In multinational companies or other companies of more immense proportions, sales volume is hardly measured in units due to their vastness. But it is important to them nonetheless, sales volume is important to evaluate consumer demand for their products across different cultures.
Sales volume also provides insight into the areas or geographical locations where more sales efforts can be committed to ensuring high conversion of buyers for a specific product.
Several factors influence sales volume in any location and the company can efficiently consider each factor as it affects specific demand for products meant for groups of people under one or more demographic factor.
For instance, youths in an area might prefer to buy more of a product than adults in another area. Sales volume is often higher in the youth populated area than the adults in the same place. Likewise, a product meant for adults would sell less in a college filled with teenagers.
There is no limit to the benefits of sales volume determination and growth for new and established businesses to succeed. It helps them to accurately discern the performance of the sales team as well as evaluate the products that are performing the most in the market. Field sales monitoring apps like CloudApper SalesQ can help in figuring out how to increase sales volume. The software contributes by monitoring sales team performance thereby increasing sales volume for generating profits.
Ways to Increase SALES VOLUME
Knowing the number of products sold and how to increase sales volume can be of high benefits to a business. However, it can be achieved in several ways which includes:
Analyze Customer Feedback
Every business owner knows that customers are the most important part of a sales action. Consumers are the ones who procure your products. You can expect a customer to be quite vocal over a product he or she paid for and this is what a business should look out for.
The customer’s feedback is very important for measuring business success. With an app like SalesQ, you can record and observe customer feedback through data drawn from the phones of sales reps. This information can then be used to customize products and ultimately, strategize on how to increase sales volume.
Increase Sales Velocity
Increased monitoring is necessary to ensure that sales teams attain their required targets on field visits by closing deals rapidly. There is an almost instantaneous surge in sales volume when time is saved in this manner. It ramps up sales generated per period and it leads to a significant increase in revenue.
You need to identify suitable locations where demand is high for your products. After proper identification has been done, adequate efforts should be administered in such a territory to generate an increase in sales volume.
The SalesQ app can be used to recognize such locations where product performance is high and guides you to dedicate enough resources to improve sales volume in the areas.
Focus on Top Accounts
The primary goal of every business is to secure the interest of high buying clients, that is, clients that tend to purchase products in bulk. You need to establish a profitable, working relationship with them.
This way, they can be utilized to drive up sales revenue. Often referred to as key accounts, they are essential to improving sales volume and helping a business to achieve desired goals.
Observing trends in periodic sales performance can provide a timely guide for management to develop certain policies and strategies on how to increase sales volume. The targets set for sales teams can be adequately adjusted to give the team the perfect boost in the right direction, that is, boosting revenue.
Leveraging apps like SalesQ enables an in-depth analysis of current and past data through visible platforms that can enable the board of an organization to make informed decisions on working business strategies.
Measuring the performance of a product or product sales can help to accurately deduce the state of the effectiveness of a sales operation. SalesQ offers a helpful insight to aid the increase in sales volume by tracking the activities of the sales team.
It also helps analyze the sales performance against other important factors. It can help to improve sales performance transparency for the development of better strategies for increasing sales volume and ultimately, generate revenue. So, what are you waiting for? Contact us today!