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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 15 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 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. Eliminate Discounts
“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. Overhaul Website
“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. Create Email Marketing Campaign
“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. Generate New Ideas Regularly
“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. Create Social Media Presence
“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.
6. Increase the Average Transaction Size
“I will increase the amount of the average transaction by asking if the customer needs a related product before the customer completes the check-out process.“
S: Asking customers if they need a related product is very specific in nature.
M: It is easy to measure whether or not you have actually asked a customer something and you can make a note every time this results in an additional purchased item.
A: This goal is definitely achievable. It only requires remembering to ask a question and making sure the suggested item is related to the purchase.
R: Being able to get someone to add an additional item to their purchase is definitely relevant to increasing sales.
T: By doing this at the point just before the transaction is complete, you give it a time element.
7. Offer a Subscription Plan
“I will increase sales by offering customers the chance to join a subscription program that gives them a 10 percent discount if they sign up to have a product automatically sent to them on a regular schedule for the period of one year.“
S: This goal is specific in that you mention exactly what you are offering to the customer and what the offer entails.
M: You can easily measure the effectiveness of this by keeping track of how many customers sign up for the subscription service.
A: This is attainable in that it only requires some additional coding on a website and making it easy for the customers to see and take advantage of.
R: This is relevant to increasing sales as it keeps people coming back on a regular basis. The discount is actually covered by the additional sales.
T: The mention of one year makes this a time-bound goal.
8. Move into More Markets
“Over the next six months, I will research markets that relate to my product line and reach out to customers through targeted advertising that explains why they need my products. As a dog groomer, I will start with veterinarian's offices and dog walking services.“
S: This is a very specific goal in that it not only mentions what will be done, but it also mentions where the effort will start and for how long the campaign will last.
M: This is measurable but it may need to include referral cards that are given out at various places in order to keep track of where the new customers are coming from.
A: With the permission of the various other businesses, this is achievable.
R: Targeting customers of related businesses is very relevant to gaining more sales from the people you know would be interested in your products.
T: Stating that you will continue this for six months makes it time-bound,
9. Offer Samples
“For the next three months, I will offer each of my coffee shop patrons a free sample of one of my most popular sweets in order to get them to try the product. This will allow them to think about purchasing more of the item.“
S: This is specific but could be even more so if you mention what sweet, such as the best-selling one of the day before.
M: The act of offering samples to each customer is definitely measurable because you simply have to be aware of whether or not the samples are accepted. You could also keep track of how many customers decided to buy some of the product.
A: Offering samples to customers is definitely achievable. Most welcome getting something special when they shop.
R: This goal is relevant to getting more sales because the customers will be able to try before they buy. If you make good products, many will feel compelled to order at least one.
T: Doing this for the coming three months puts a time-bound element to the goal.
10. Improve Customer Service
“I will improve my customers' confidence in me by hiring two people in the next three months to do nothing but answer the phone. This will allow each call to be met quickly by a human and not a computer. Surveys at the beginning and end of this time will determine the increase in satisfaction and I can see if the sales also increased.“
S: This is very specific. It lists what you want to accomplish, how you will do it, and how you will measure the success by creating before and after surveys.
M: This is measurable in that you know if you hire two people. The results of the surveys will also indicate whether this step was successful in increasing customer satisfaction.
A: Hiring two people is attainable as long as your business is creating enough income to do so. Preparing surveys and asking the customers to complete them is also attainable.
R: Satisfied customers are customers who will come back in the future. This makes this goal relevant to increasing sales.
T: By limiting this to a three-month period, you make the goal time-bound.
11. Offer Free Shipping
“I will offer free shipping on orders over $50 for a trial period of six months to encourage customers to add more items to their shopping carts in order to get free shipping. I will have my sales tracking program determine if this is something that increases sales.“
S: You have made this specific by saying exactly what you plan on doing, and what the conditions are in order to get the free shipping.
M: It is very measurable because you will have sales records that show how many people receive free shipping. Most shopping cart programs will also track whether items were added after the initial start of check-out to reach the required free shipping amount.
A: This goal is completely achievable with just a tweak in the shopping cart program.
R: By putting an amount on the condition of getting free shipping, you encourage customers to purchase more items to reach that amount. This makes it relevant to increasing sales.
T: Stating that you will give this a trial period of six months not only makes it time-bound but also gives you enough time to measure the effectiveness.
12. Ask For Reviews
“I will include a request for reviews in every package I ship or sell in person over the next four months. I will then be able to use these reviews to gauge what customers are looking for and what needs to be improved to keep them coming back in the future.“
S: Asking for reviews and stating how you will ask for the reviews makes this a specific goal.
M: You will be able to measure the success of this goal by setting a Google alert for any mention of your company name and keeping track of how many reviews you receive. You can also set up a chart to track individual ratings.
A: Asking for reviews is achievable. Getting customers to give them may require an incentive.
R: This is indirectly relevant to increasing sales but still relevant. Keeping notes on any complaints, as well as what appeals to the customers, will enable you to tweak your normal procedures to better meet their expectations.
T: Doing this for the stated period of four months makes it time-bound.
13. Offer Lifestyle Discounts
“By offering a 10% discount to all military members, I will attract more people who may be buying from other sellers. This will be in place for a year and I can then determine how well it increases sales and whether I should keep it permanent.“
S: This is specific in that you state who will get a discount and how much that discount will be.
M: You can set up a spreadsheet to see how many people take advantage of this discount. Seeing an increase in that number over the time period will indicate it is working.
A: Offering this discount is an attainable goal as it requires nothing but giving it to anyone with proof they are in the military.
R: This is relevant to increasing sales because it gives a certain part of the population an incentive to shop with you rather than going somewhere else.
T: The one-year time limit makes this time-bound.
14. Create a Charitable Event
“I will make it known that for every sale I make on the last Saturday of this month, I will donate a portion to the local animal rescue. If the item is a pet-related one, I will double the percentage of the donation. This will increase sales from animal lovers and I will gain regular customers from those who see the interest I have and have experienced the quality of my products.“
S: The only thing that would make this more specific would be to indicate what percentage of your sales would be given to the charity.
M: You can measure this by keeping a customer count on the day of the event and also keeping track of the sales that day, which is something you probably do every day anyway.
A: This goal is achievable but you will want to make sure that word gets out in as many places as possible prior to the event.
R: By showing that you care, you let people see the human side of you and that is often something that attracts customers who remain loyal over time. That makes this relevant.
T: By specifying which day you will hold this event, you make it time-bound.
15. Partner With Nearby Businesses
“I will speak with all the shop owners on this block and see if we can hold a sidewalk sale for a weekend three months from now. This will attract our individual customers and give everyone else access to those customers who may not have otherwise noticed our shop before.“
S: This goal is specific in that you say who you will speak to and what kind of event you are planning. You also mention a general time for it to happen.
M: Keeping track of the number of sales on that day will make the success of this event measurable. If you add a sign-up for a mail list to your table that day, you can also gauge how many potential new customers, and new sales, you attracted.
A: This is attainable as long as you can convince the other shop owners to join in.
R: This is relevant to increasing sales because it gets you in front of new customers and brings people out who may be looking for deals.
T: Specifying a weekend three months from now makes this time-bound. When everyone involved settles on the exact weekend, it becomes even more so.
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!
And if you want more SMART goal ideas and examples, be sure to check out these blog posts:
- 13 SMART Goals Examples for Your Small Business Development
- 15 SMART Goals Examples That Fit Your Marketing Plan
- 5 SMART Goals Examples to Improve Workplace Teamwork
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.