How to Accelerate Business Growth

Sales Goals, Sales Quotas and KPIs for Coaches, Consultants, Speakers and Trainers

It's no secret that sales are an important part of an e-commerce or brick and mortar business. But what about service based professionals like coaches, consultants, speakers and trainers?

Without effective goals for your services it can be difficult to measure success or identify areas where improvement is needed.

I'm going introduce you with some KPIs on how we define "effective" here in this blog post - but first let me tell you, setting realistic expectations is crucial when crafting a plan  for your business's success.

Sales goals are simply the targets that you set for your team or yourself in terms of sales volume or revenue. These goals can be short-term, such as hitting a certain number of sales per week, or long-term, such as reaching a certain total revenue for the year. Regardless of their timeframe, sales goals should always be realistic and achievable.

For example, let's say that you'd like to earn $100,000 a month. You have a group coaching program that is $2,500 per person per month. In order to reach your goal, you would need to enroll 40 people into your program. This is a perfectly achievable sales goal if you have a system in place to generate leads and market your services effectively.

A sales quota is a bit different from a sales goal. A quota is typically set by an employer or company, and it represents the minimum amount of sales that must be generated in order for an employee to receive commission or bonuses. For example, let's say that your quota is $15,000 per month. This means that if you don't hit this number, you won't earn any commissions for that month.

While quotas can be motivating for some salespeople, they can also be very stressful. It's important to remember that quotas are not the same as sales goals. A quota is a minimum requirement, while a goal is a target that you set for yourself.

Why Are Sales Quotas Important in the Coaching, Consulting, Speaking and Training Industry? There are a few reasons why sales quotas are so important for professionals in these industries.

• First of all, if you're not meeting your quota, you're not going to get paid. This can obviously have a major impact on your income and livelihood.

• Additionally, sales quotas can motivate you to push yourself harder and sell more than you would if there were no financial incentives involved.

• Finally, sales quotas help to ensure that everyone on your team is pulling their weight and contributing to the success of the business.

There are several different types of sales quotas that you can set for yourself or your team.

• Business development qualified leads (BDQLs). BDQLs are leads that have been vetted and approved by your business development team.

• Coaching and consulting revenue (CCR) quotas. CCR is the total revenue generated from your coaching and consulting services.

• Speakers and trainers sales quotas. This quota would be the total revenue generated from your speaking and training services.

As you can see, quotas help to ensure that employees are meeting minimum standards and expectations. They also help employers to track the performance of their sales team. In some cases, quotas may even be used to determine whether an employee receives commission or bonuses.

In addition to setting sales goals and quotas, it is also important to track key performance indicators (KPIs). KPIs are metrics that you can use to measure your progress and success. Some examples of KPIs that you may want to track include: Some of these KPIs include:

- Number of leads generated: This KPI measures the number of new leads that you're able to generate each month.

- Cost per lead: This KPI measures how much it costs you to generate each new lead.

- Conversion rate: This KPI measures the percentage of leads that you're able to convert into paying clients.

- Average revenue per client: This KPI measures how much revenue you're able to generate from each client, on average.

- Sales volume: This KPI measures the total amount of sales that you're able to generate each month.

- Average transaction size: This KPI measures the average size of each sale that you're able to generate.

- Revenue: This KPI measures the total amount of revenue that you're able to generate each month.

- Lifetime value of a customer: This KPI measures the total amount of revenue that you're able to generate from each customer, over the course of their relationship with your business.

- Client satisfaction: This KPI measures how satisfied your clients are with your products or services.

- Net promoter score: This KPI measures how likely your clients are to recommend your products or services to others.

These are just a few examples of KPIs that you may want to track in your business. The specific KPIs that you track will depend on your goals and objectives.

If you're not sure where to start, we suggest sitting down with a pen and paper (or a whiteboard) and brainstorming which KPIs would be most important for measuring the success of your business.

Once you have a list of potential KPIs, you can experiment with tracking them over time to see how they impact your business. This will help you to fine-tune your sales goals and quotas, and ensure that you're on track to meet your targets.

Is it true that what doesn't get tracked, doesn't get measured? In short, yes. This is why it's so important to have a system in place for tracking your sales goals, quotas, and KPIs. Without this data, it will be very difficult to gauge your progress and identify areas for improvement.

Fortunately, there are a number of software applications that can help you with this task. Look for a solution that offers features such as lead tracking, sales pipeline management, and performance reporting. With the right tool in place, you'll be well on your way to achieving your sales goals!

A few to consider are:

• Salesforce

• Zoho CRM

• HubSpot Sales

If you're not already tracking your sales goals, quotas, and KPIs, now is the time to start. Doing so will help you to better understand your business, identify areas for improvement, and ultimately boost your bottom line.

What are your thoughts on sales goals, quotas and KPIs? Let us know in the comments below!