Identifying Key Accounts and Setting Sales Goals:
"I was thinking about the low-hanging fruits and how we could use those low-hanging fruits to increase our sales. As one runs one's own business, from a sales perspective, there's a need to know who your key accounts are. They may not be the people you think they are, because some of your customers require a lot of time and communication, maybe they're friends. In one's mind, an account might feel more important than the sales made to this account. Nonetheless, these are suggestions, but I think it would make sense to run one's account list by order of decreasing dollars sold and get a sense of who your top 5, 10, or 15 customers are, look at what they did in 2022 and 2023, and set a goal for yourself for 2024. One doesn't need to be a math maverick to set up a goal.
Establishing Realistic Sales Targets:
If you did $32K with an account in 2022, and let's say you did $28K in 2023, you could decide, and these predictions or goals are just that. You say, well, let's make it $40K; it's not crazy. You're not saying, let's make it $200,000. You say, all right, let's sell another $10,000. That's an additional $800 a month or so. Then, you set that goal for yourself, and you decide to follow up, look at that goal and how you are doing compared to that goal on a monthly basis, because that's going to keep you on track.
Developing a Plan to Achieve Sales Goals:
Also, you kind of want to have a plan to reach that goal. That may mean going there once more every month because you know that when you go there, you get an order. Or it could mean trying to sell them a cask. It doesn't have to be an Armagnac cask, but if it is, that's great. We have other barrels we could sell. Or maybe they'd be interested in a batch of whatever. Having that plan will help you set and reach your goal. Then, go to the account, because having a plan for the account is good, but you might want to have the account agree with that. Suggest going to the account and saying, "This is what we did. This is what I would like to do. Are you game? What would you need from me to get there?" Discuss that. Having a plan for somebody is great, but having that person sign up on this, think it makes sense and be willing to help you get there is something powerful.
Regularly Measuring Progress Against Goals:
Measure against that goal regularly. Are you on track or not?
Remember that to reach a certain amount of sales, you have several levers, like cool products, one-offs that are coming. You have access to batches and casks. On top of that, you have in-store tastings and staff trainings that you can plan, which may increase your sales. And we have this office that we should be using to welcome people. Every time you have this interaction, you may be able to place a new product or get a reorder.
Utilizing Tools for Account Management:
If you're unsure how to run a list with your top accounts by dollar sold, let the office know, and someone will show you. But I hope by now you should all be able to run such a list. So now, there is a second way to increase your business, which is finding new business. I don't know how you guys organize yourselves to find new business. The thought that I put down is you want to open up off and on accounts. Off premise accounts increase sales quicker, and on-premise accounts play the long game. This helps with creating brand awareness. Don't forget about on-premise because this is like long-term success.
Strategies for Finding New Business:
Where to find new business? It could be around your house. There's an argument for wanting to have a bunch of PM products around where you live. If you're not doing that, it's just an idea you might want to consider.
Around a specific existing account, in a three, four, five blocks radius, what's there? Have you talked to everyone you think you could sell PM stuff to?
And get introductions. People who know you're a good person, who know you're not wasting anyone's time, you're reliable, you have