seeing growth. John continues this process for the next 10 months, keeping market trends in mind. He knows new stores tend to see sales spikes when they first open and during the holidays, but he’s also mindful of dips — most notably, a decrease in sales after december.
After several consecutive months of 10% sales growth, john has his target: nothing below 10%, month over month. If he sees the sales growth rate falling below 10%, he’ll need to look at a new sales or marketing strategy, like investing in social media marketing to increase brand awareness and get back on track.
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best practices for monitoring sales alb directory growth rates
sales growth rates signal a need for doubling down on strategies that work, or revisiting strategies that aren’t. Use this information to motivate your sales reps and make sure you’re on track for overall business growth. Here are some best practices to keep in mind:
determine your business’s benchmark
determining a good sales growth rate is hard because of the variables involved. According to the u.s. Department of commerce, retail sales, excluding auto and gas, grew by 4.9% in 2023. Once you get into the details, that number varies significantly thailand phone number list depending on company goals, industry, and stage of cfompany growth, whether it’s a startup or an established business.
Instead of chasing a single
benchmark you find from one source or from a single competitor, consider averaging growth trends within your industry. Also, make sure you keep design for human users in mind what’s possible for your team; aggressive but attainable sales goals can make a positive impact on performance, though overly aggressive goals can be demotivating. If you’re not sure where the perfect middle is, use sales forecasting to help you predict how much your company will sell within a specified timeframe, then adjust your goals accordingly.