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Whether you have a physical or an online store, increasing your sales is your primary goal. If you sell a product or service, your measure of success is how much you sell and your profits.
Challenges are faced when looking to increase sales, including a changing landscape, building trust, marketing, closing deals, prospecting good ideas, avoiding discounting, using social media effectively, etc.
We will discuss 5 examples of SMART goals for increasing sales to help you overcome these challenges and many others. SMART goals will help you create specific and relevant objectives, provide you with a path for success, and will allow you to measure your progress over a set time.
What You Will Learn
What Are SMART Goals?
Before we talk about SMART goal examples for increasing sales, you need to know what SMART goals are. Each of the letters or points is crucial for the overall success of any job.
SMART stands for Specific, Measurable, Attainable, Relevant, and Time-Bound. If you account for all five aspects, achieving any goal becomes easier. Let’s look at what this acronym means.
If you want to know more about SMART goals, check out this Ultimate Guide to SMART Goals.
Why Are SMART Goals Important for Increasing Sales?
There are dozens of challenges you may face when trying to increase sales. One of the biggest challenges is increasing online trust with potential customers. This is especially the case during the pandemic, as more shopping is happening online and from home. Getting customers to trust you and your product is the first step to increasing sales.
Another challenge faced when increasing sales is how to reach more customers. Effectively using various marketing and sales techniques can be difficult. On that note, effectively using social media as a marketing tool is another challenge.
Getting a response from your prospects is another challenge faced when you want to increase sales. Contacting people is a part of the battle, and you also need them to respond to you.
Moreover, being able to effectively communicate with people is another challenge. In sales, it's all about selling products without being too pushy.
On that note, being able to effectively describe your product or service in a very positive light is yet another challenge may face here.
You also need to sell the right kinds of products and services. More often, this means coming up with new ideas. The challenge is finding new ideas that people will like.
Pricing is yet another challenge faced when increasing sales. The question is often whether to price items higher and label them as high-quality products or sell products at a discount, hoping that you will sell more units. Keeping track of your overall sales, revenue, and profits can be challenging.
These are just some of the challenges faced when increasing sales that you can overcome using SMART goals. SMART goals are set and use specific methods to achieve a greater end goal.
These goals provide you with a clearcut path to success, a way to measure your progress, and a time frame in which this success should be achieved. In addition, SMART goals allow you to organize your goals to make them as easy to accomplish as possible.
5 Examples of SMART Goals for Increasing Sales
Let’s look at various SMART goals that can help you increase sales by overcoming some of the biggest obstacles as laid out above.
1. My goal is to decrease discounting products by at least 20% per month; the overall goal of eliminating all discounts will be six months from beginning this process. My goal is to add value to my products and have them be seen as high-quality products, not as cheap discount products, as this will help build trust.
S: The goal is specific—to eliminate all discounting on products within six months of starting the discount elimination process.
M: This goal is measurable, as you can easily keep track of the number and amounts of discounts.
A: This goal is attainable and realistic because you are the only one determining product discounts.
R: This goal is relevant, as providing customers with high-quality goods helps increase brand trust and, therefore, sales.
T: This goal is timely, as it has a six-month deadline.
2. My goal is to completely overhaul my current website, add more images and media, better describe my products and services, and perform SEO to ensure that people can find my business on search engines. My goal is to increase website hits by at least 5% per month or 60% within one year of overhauling my website.
S: This goal is specific—increasing monthly hits on the website by 5% using various techniques, such as SEO.
M: This goal is easy to measure using website analytical tools. You will count the number of hits on your website.
A: This goal is realistic and attainable, as many online businesses find greater success by creating amazing websites that search engines like.
R: This goal is relevant, especially in today’s world. A good deal of shopping happens online, and it’s your website that does most of the talking.
T: This goal is time-bound—to increase website traffic by 60% within one year of the website overhaul.
3. My goal is to create an email marketing campaign to contact 2,500 people per week. In addition, my goal is to generate at least 100 new leads per week to turn into potential customers, with at least 10 of those leads turning into customers every week.
S: This goal is specific—to use email marketing campaigns to generate a particular number of leads and customers over a set period.
M: This goal is measurable because, with email marketing software, you can track how many people you reach, how many of those people visit your site, and how many sales this generates.
A: This is an attainable and realistic goal because many apps have been designed specifically for effective email marketing campaigns.
R: This goal is relevant because contacting more people directly generates more sales and customers.
T: This goal is time-bound, as the aim is to get at least 10 new customers every week for the foreseeable future.
4. My goal is to generate a list of new ideas every month, with at least three new ideas per month. I will then use various methods, such as focus groups and surveys, to test these ideas with potential customers. Finally, if an idea has an approval rating of at least 80%, I will instigate a development plan to turn this into a sellable product within one year of the initial idea.
S: This idea is specific—to develop three new ideas per month, get an approval rating of 80% on at least one idea, and turn that into a sellable product within 12 months.
M: This is a measurable goal, as you can keep track of the number of ideas you have and how many of them are successful.
A: With a good team and plenty of brainstorming, this is a realistic and attainable goal.
R: This goal is relevant, as customers always want new and innovative products.
T: This is a time-bound goal, as the end goal is to have at least one new product to sell each year, or preferably twelve new products, one from each round of brainstorming.
5. My goal is to create an in-depth and attractive social media page for my business. My overall goal is to amass at least 1,000 new followers per week by contacting potential customers and by using social media, with at least 50% of those followers visiting my site and at least 25% of those website visits turning into sales.
S: This goal is specific—creating a social media page to get 1,000 new followers per week and generate at least 125 sales per week.
M: This goal is measurable because you can easily track the number of followers you have, how many of those visit your site, and how many make a purchase.
A: This goal is attainable, as social media marketing has become massive over the last decade. Influencers are making some real money.
R: This goal is relevant because social media has become an efficient marketing tool, as mentioned above.
T: This goal is time-bound to get a certain number of new followers and sales within a set time.
Final Thoughts on SMART Goals for Increasing Sales
When you can accurately define a goal, the path to achieve it, and how to measure its progress over a set period, achieving that goal becomes easier.
Your SMART goals will depend on the challenges you face. First, think of your biggest end goal, and go from there. Then, create SMART goals and start increasing your sales today!
Finally, if you want to take your goal-setting efforts to the next level, check out this FREE printable worksheet and a step-by-step process that will help you set effective SMART goals.