Table of contents
- What Are Sales Goals?
- What Are Smart Sales Goals?
- Why Do Sales Goals Matter?
- How to Set Sales Goals?
- How to Track and Monitor Smart Sales Goals?
- 15 Smart Sales Goals Examples
- Achieve Your Sales Goals with Goodmeetings
- FAQs
What’s the secret to boosting your sales team’s success?
Setting sales goals!
No matter the type, size, or industry of your business, one thing is essential for all – goal setting.
Did you know? 98% of company leaders say their company has a system for setting goals. Yet, many teams miss their marks because their goals are too vague or unrealistic.
That’s where S.M.A.R.T. sales goals come in.
By setting Specific, Measurable, Achievable, Relevant, and Time-bound goals – you can transform your sales strategy.
In this guide, we’ll show you how to create these S.M.A.R.T. goals, share examples, and offer tips to boost your sales performance and help your team achieve great results.
What Are Sales Goals?
Source: Goodmeetings
Sales goals are targets set by businesses to guide their sales efforts. They help teams focus on what they need to achieve – such as increasing sales by a certain amount or gaining a specific number of new customers.
These goals can be short-term, like monthly targets, or long-term, like annual objectives. They provide direction and motivation for the sales team – helping them measure their progress and stay on track.
Sales goals and objectives are typically grounded in key performance indicators (KPIs) and specific sales metrics. These goals are driven by data and serve as a roadmap to reach higher levels of success. The most effective sales goals find the right balance between being challenging and realistic.
Fun Fact: People who set goals are 43% more likely to reach them.
Related: 15 Best Sales Methodologies You Need to Know
What Are Smart Sales Goals?
Source: Goodmeetings
Smart sales goals are a method to set clear and achievable targets – helping you focus on what you want to accomplish.
Here’s what each part of the S.M.A.R.T. acronym means:
- S = Specific
The goal should be clear and detailed, leaving no room for confusion. For example, instead of saying, “Increase sales,” a specific goal would be “Increase sales of product X by 20% in the next quarter.”
- M = Measurable
You need a way to track progress and know when the goal is achieved. For instance, “Increase sales by 20%” is measurable because you can track sales numbers to see if you hit the 20% increase.
- A = Achievable
The goal should be realistic and attainable, given your resources and constraints. Setting a goal to “Increase sales by 200% in one month” might be unrealistic, but “Increase sales by 20% in the next quarter” is more attainable.
- R = Relevant
The goal should align with your overall business objectives and be important to your team. For example, if your business is focusing on expanding a new product line, a relevant goal would be “Achieve 25 new customer accounts for product X.”
- T = Time-bound
There should be a clear deadline for achieving the goal. This helps keep you on track and provides a sense of urgency. For example, “Increase sales by 20% within the next three months” sets a clear timeframe for achieving the goal.
Using the S.M.A.R.T. framework helps to make sure that your sales goals and targets are practical, focused, and easier to achieve.
Related: How to Be a Good Salesperson: Tips & Strategies for Success
Why Do Sales Goals Matter?
Sales goals are important for several reasons and play a key role in driving business success. Here’s why setting smart sales goals matters:
- Provides Direction
Sales goals and objectives give your team a clear target to aim for. Without goals, it’s easy to lose focus or get off track. For example, a goal to “increase sales by 20% in the next quarter” helps your team understand exactly what they need to achieve and directs their efforts.
- Motivates Your Team
Having specific goals keeps your sales team motivated. When goals are clear and achievable, team members are more likely to stay engaged and work harder. For example, if the goal is to “sign up 50 new customers this month,” team members have a clear target that can drive their daily activities.
- Measures Progress
Sales goals and objectives allow you to track how well your team is doing. By comparing actual performance to the set goals, you can see if you’re on track or need to make changes. For instance, if your goal is to “increase monthly sales by $10,000,” you can regularly check if you are meeting this target and adjust your strategy as needed.
- Improves Planning
Setting goals helps in planning and forecasting. When you know what you want to achieve, you can plan how to get there. This might include strategies like increasing marketing efforts or training the sales team.
- Increases Accountability
Sales goals create accountability by making it clear who is responsible for achieving specific targets. This clarity helps team members understand their role and responsibilities, leading to better performance and results.
- Drives Business Growth
Overall, sales goals and targets are important for business growth. They help focus efforts, measure success, and drive improvements, all of which contribute to increasing revenue and expanding the business.
Fun Fact: Setting challenging but realistic goals leads to 90% better performance.
Related: Creating a Winning Sales Deck in 2024: A Step-by-Step Guide
How to Set Sales Goals?
Source: Goodmeetings
Sales goals and targets involve a clear process to make sure they are effective and achievable. Here’s a detailed guide on how to set sales goals:
Step 1: Understand Your Business Needs
- Assess Your Current Situation: Look at your past sales performance and understand where you currently stand. Identify any gaps or areas needing improvement.
- Define What You Want to Achieve: Think about what you want to accomplish, such as increasing overall sales, gaining new customers, or boosting sales for a specific product.
Step 2: Make Your Goals S.M.A.R.T.
- Specific: Your goal should be clear and detailed. For example, instead of “increase sales,” say, “increase sales of product X by 15% in the next quarter.”
- Measurable: Make sure you can track your progress. Use numbers or percentages to measure your success, like “gain 10 new customers in one month.”
- Achievable: Set a goal that is realistic given your resources and current situation. Avoid setting goals that are too ambitious, like “double sales in one month” unless it’s feasible.
- Relevant: The goal should align with your overall business objectives. If you’re focusing on expanding a new market, a relevant goal might be to “capture 15% market share in the new region within six months.”
- Time-bound: Set a deadline for achieving your goal. For example, “increase sales by 25% by the end of the next quarter.”
Related: 12 SaaS Sales Metrics You Should Care About in 2024
Step 3: Break Down the Goal
- Create Smaller Targets: Divide your main goal into smaller, manageable targets. For example, if your goal is to increase sales by 15% in three months, break it down into monthly targets of 5% each month.
- Plan Actions: Determine the specific actions needed to reach each smaller target. This could include increasing marketing efforts, offering promotions, or improving sales techniques.
4. Communicate the Goals
- Share with Your Team: Make sure everyone involved understands the goals and their role in achieving them. Clear communication helps align efforts and ensures everyone is working towards the same objective.
- Provide Support: Offer the necessary resources and training to help your team achieve the goals. This might include sales tools, training sessions, or additional support.
5. Track Progress Regularly
- Monitor Performance: Regularly check how close you are to reaching your goals. This helps you stay on track and make any necessary adjustments.
- Review and Adjust: If you’re not making the progress you expected, review your strategy and make changes as needed. This might involve tweaking your sales approach or reallocating resources.
6. Celebrate Achievements
When you meet or exceed your sales goals and targets, celebrate the achievement. Recognizing and rewarding success helps keep your team motivated and focused on future goals.
Related: How to Increase SaaS Sales – The Ultimate Guide
How to Track and Monitor Smart Sales Goals?
Tracking and monitoring sales goals is essential for staying on course and achieving success. Here’s a detailed guide on how to do it effectively:
Step 1: Set Up Key Metrics
- Choose Metrics to Track: Decide on the specific numbers or indicators you need to measure your progress. Common metrics include total sales, number of new customers, and average deal size.
- Use Tools: Use tools like spreadsheets, CRM systems, or sales tracking software to keep track of these metrics.
Step 2: Create a Tracking System
- Daily or Weekly Updates: Set up a routine for updating your sales data. Depending on your sales cycle, this might be daily, weekly, or monthly.
- Input Data Regularly: Make sure all sales data is entered into your tracking system consistently. This includes recording new sales, customer interactions, and any relevant activities.
Step 3: Review Progress Frequently
- Regular Check-ins: Schedule regular reviews of your sales progress. This could be weekly meetings with your team or monthly reports.
- Compare to Goals: Look at your actual sales numbers and compare them to your goals. This helps you see if you’re on track or need to make changes.
Related: Sales Conversion Rate 101: How To Measure and Improve Yours
Step 4: Analyze Performance
- Identify Trends: Look for patterns in your sales data. Are there certain times of the month or year when sales are higher or lower?
- Spot Issues: If you’re not meeting your goals, analyze why. Are there specific areas where performance is lacking? Are there obstacles or challenges that need addressing?
Step 5: Adjust Strategies as Needed
- Make Changes: Based on your analysis, adjust your sales strategies. This might involve changing your approach, offering new promotions, or providing additional training for your team.
- Set New Targets: If you’re consistently meeting your goals, consider setting more ambitious targets or new goals to keep improving.
Step 6: Communicate with Your Team
- Share Updates: Keep your sales team informed about their progress towards the goals. Regular updates help keep everyone motivated and focused.
- Discuss Challenges: If there are issues or areas where performance is falling short, discuss these with your team. Work together to find solutions and make improvements.
Step 7: Use Visual Aids
- Charts and Graphs: Visual tools like charts and graphs can make it easier to see how you’re progressing. They help quickly spot trends and understand performance.
- Dashboards: Some sales tracking tools offer dashboards that provide an overview of your sales data in real time.
Related: Sales Intelligence 101 – Definition, Tools and Best Practices
Practical Tips for Achieving Sales Goals
Achieving sales goals requires practical and effective strategies. Here are some tips to help you succeed:
- Know Your Customers
Understand your customers’ needs and preferences. Tailor your sales approach to meet their specific requirements. For example, if you know a customer values quick service, emphasize your fast delivery options.
- Use Customer Feedback
Pay attention to feedback from your customers. It can offer valuable insights into what’s working and what needs improvement. Adjust your sales tactics based on this feedback to better meet customer expectations.
- Set Daily or Weekly Targets
Break down your sales goals into smaller, daily, or weekly targets. This makes the overall goal feel more manageable and helps you stay focused. For instance, if your goal is to increase sales by 20% in a quarter, aim for a specific percentage increase each week.
- Stay Organized
Keep your sales materials, leads, and follow-ups well-organized. Use a planner or digital tool to manage your tasks and schedule. This helps you stay on top of your activities and ensures nothing is overlooked.
- Use Technology
Use sales tools and software like Goodmeetings to streamline your process. Tools like customer relationship management (CRM) systems can help you track interactions, manage leads, and analyze data efficiently.
- Improve Your Pitch
Regularly review and refine your sales pitch. Practice different approaches and adjust based on what resonates best with your customers. This helps you communicate more effectively and close more deals.
Related: 12 Best Sales Analytics Software To Measure Sales Performance
- Build Relationships
Focus on building strong relationships with your clients. Regularly check in, offer support, and show appreciation. Strong relationships can lead to repeat business and referrals.
- Stay Motivated
Keep yourself motivated by celebrating small victories and milestones. Reward yourself for achieving targets, and remind yourself of the bigger picture and the benefits of reaching your sales goals.
- Learn Continuously
Stay updated with industry trends and sales techniques. Attend workshops, read relevant books, and learn from successful salespeople to continually improve your skills.
- Work as a Team
If you have a sales team, collaborate and share best practices. Teamwork can lead to better strategies and support, making it easier to achieve your goals together.
Related: What is Sales Acceleration? – Tools and Tactics Included
15 Smart Sales Goals Examples
Source: Goodmeetings
Here are 15 sales goals examples you can use to drive business success:
- Increase Total Sales
Raise overall sales by 15% within the next quarter.
- Boost Product Sales
Grow sales of a specific product by 25% over the next six months.
- Gain New Customers
Acquire 50 new customers by the end of the month.
- Improve Customer Retention
Increase repeat purchases by 20% in the next year.
- Expand Market Reach
Enter two new markets and generate $50,000 in sales from each within the next year.
- Grow Average Deal Size
Increase the average sale amount by 10% over the next three months.
- Reduce Sales Cycle Time
Shorten the sales cycle from 30 days to 20 days within the next quarter.
- Increase Lead Conversion Rate
Raise the conversion rate from leads to sales by 10% in the next six months.
- Boost Sales Team Performance
Boost individual sales team members’ performance by having each member achieve 120% of their sales target.
- Improve Sales Efficiency
Increase the number of sales calls made per day from 20 to 30 over the next two months.
- Launch New Products
Successfully launch three new products and achieve $75,000 in sales from these products in the first six months.
- Boost Online Sales
Increase online sales by 30% within the next three months.
- Increase Upsell Revenue
Generate an additional $20,000 in revenue through upselling current customers over the next quarter.
- Grow Subscription Base
Add 200 new subscribers to your service by the end of the year.
- Improve Sales Conversion from Marketing Campaigns
Achieve a 15% increase in sales conversions from marketing campaigns within the next six months.
These sales goals examples cover various aspects, from overall sales growth to improving specific areas such as lead conversion and customer retention. Adjust these goals to fit your business needs and target outcomes.
Related: 11 Effective Ways To Improve Sales Conversations & Drive More Revenue
Achieve Your Sales Goals with Goodmeetings
Source: Goodmeetings
Want to make achieving your sales goals easier? You can use generative AI tools like Goodmeetings!
Consider this scenario – your sales team has just set a new goal to increase quarterly sales by 20%. The team has been working hard – but keeping track of all the meetings, follow-ups, and insights can be overwhelming. This is where Goodmeetings can help!
Goodmeetings is like having a smart assistant for your sales meetings. It helps you manage and analyze every aspect of your meetings, from what was discussed to how well the team is performing.
Related: 20 Sales Productivity Tools To Boost Your Sales in 2024
Here’s how Goodmeetings can help you achieve your sales goals:
Source: Goodmeetings
- Better Follow-ups
Goodmeetings records every detail of your meetings and creates clear, actionable summaries. This means you never miss a follow-up task and can easily keep track of what needs to be done next.
- Insightful Analysis
It offers detailed call analytics so you can understand how your sales conversations are going. You can see what works and what doesn’t, helping you adjust your strategies for better results.
- Customized Reporting
Goodmeetings provides dashboards that you can personalize to see the most relevant information. This makes it easier to track your progress towards your sales goals and make informed decisions.
- AI-Powered Insights
It uses AI to highlight the most important moments in your meetings and analyze client sentiment. This helps you understand your clients better and tailor your approach to close more deals.
- Coaching and Training
Goodmeetings helps you coach and train your sales reps by providing insights into their performance. You can identify areas for improvement and offer targeted training to boost their skills.
- Integration
It integrates with CRM and other tools, streamlining your entire sales process. This integration automates mundane tasks like data entry, freeing up your time to focus on closing deals.
- Improved Sales Strategies
Use Goodmeetings’ insights to craft better sales pitches, set realistic goals, and track your progress effectively. The data helps you refine your approach and measure your success.
Related: Getting Started with the Goodmeetings Notetaker
Goodmeetings helps you stay on top of your sales goals by making meeting management and sales conversations smarter and more efficient.
Source: Goodmeetings
The best part is that you can try Goodmeetings for free with a 7-day trial. You can also request a free demo to see how it works before you decide.
Accomplish All Your Sales Goals With Goodmeetings!
FAQs
1. How Do Sales Goals and Objectives Differ?
Sales goals are specific targets like increasing sales by 20%, while sales objectives are broader plans or strategies to achieve these targets.
2. What Are Good Sales Goals?
Wondering – what are good sales goals? Well, these goals are clear, realistic, and aligned with your business aims. They should be specific, measurable, and have a clear deadline for achieving them.
3. What Are Sales Goals and Targets?
Sales goals are broad targets, like increasing overall sales, while sales targets are specific, measurable milestones that contribute to achieving these goals.
Related: 12 Sales Dashboard – Examples and Templates
4. How Do Sales Goals and Marketing Work Together?
Sales goals and marketing work together by aligning marketing strategies to support sales targets, such as running campaigns to drive leads and boost sales.
5. What Are The Key Steps for Achieving Sales Goals?
Achieving sales goals involves setting clear targets, tracking progress, adjusting strategies as needed, and keeping your team motivated and focused on the objectives.
Wrapping Up
Setting S.M.A.R.T. sales goals helps you create clear, actionable targets that guide your sales efforts effectively. By making goals Specific, Measurable, Achievable, Relevant, and Time-bound, you increase your chances of success. Remember to review and adjust your goals regularly. For added efficiency, Goodmeetings can help you achieve your goals as well as track your progress.
