Convert Opportunity into Profit Sales
I am providing a clear and compelling case for the importance of effective event management in sales. And how it can impact hitting your sales quota.
The breakdown of the key points and the real-life example will help you drive home the message that event management is a valuable but finite resource.
How you use it can significantly impact your success in sales.
Event Management
Time is the most critical and irreplaceable asset in sales. While you cannot directly manage time, you have control over how you allocate it.
I have learned by my personal experience making wise choices in the allocation of my time is essential for maximizing my sales opportunities hitting sales quotas and staying ahead of the competition.
Time as a Precious Resource
Time is a precious and limited resource and wasting it on low-priority activities can hinder your ability to meet sales quotas and increase the overall cost of conducting business.
Efficiency in Sales Activities
Prioritizing high-priority, revenue-generating activities can significantly shorten the time it takes to hit your sales quotas.
Effective event management ensures you focus on tasks that move the sales process forward.
Opportunity Cost
By recognizing the opportunity cost of unproductive tasks underscores the need to invest your time wisely in activities that bring you closer to your sales goals.
The Stage is Set
You are attending a networking event which takes place two times a month.
It takes 1/2 hour to drive to the networking event that starts at 8:00 AM.
You arrive at 7:45 and there are only a few people at the networking event.
round 8:10 people start to arrive and there are some social conversations. The formal meeting is delayed until 8:15.
The meeting starts with introductions by each of the members of the networking group to each other. Just as a sidebar you see there are the same regular ten people there which you see two times a month.
Each person takes 2 minutes to introduce themselves to people they already know and to people that already know them.
At the end of the introductions someone brings up a subject which starts the conversation that has nothing to do with why the people are there and another 5 minutes is lost.
Spotlights
You stand up to do your spotlight talk. During the spotlight you look around the room and you see two people having conversations. Someone else is checking their text messages.
At the end of your presentation, you ask if there are any questions and there are none.
The networking event goes into overtime and a few of the people excuse themselves.
Converting Opportunity Cost to Profit
You drove to the networking event which took 1/2 hour.
Just to round things off we will say the meeting ran for one hour. After the meeting it took you another half hour to drive to your next appointment.
Your total investment of time we will round off to just two hours.
Assuming your time is worth $300 per hour your opportunity cost is $600.
The event takes place two times a month which brings your opportunity cost to $1200 per month. When you multiply the $1200 per month times 12 months your investment comes to $14,400.
This $14,400 is your opportunity cost, your investment to grow your sales. Now if you want to move that $14,400 to the other side of the Ledger it would become $14,400 in profit.
Now you must ask yourself what you would have to achieve in sales to generate $14,400 in profit.
Valuable Reminder
This message serves as a valuable reminder to prioritize and invest time wisely in sales activities that drive success and exceed sales quotas.
Time is indeed a critical resource, and managing your participation in events effectively can make a significant difference in the world of sales and business growth.
In January 2024 FREE Workshop: "How to Become a Black Belt at Strategic Networking & More Close Profitable Sales"