7 Things to Do When Your Sales are Down
There’s not a single business owner in this world that is happy when their sales are down. When you’re in a sales slump, you probably have a lot of thoughts raging in your head. Where did I go wrong? Have I failed? How do I get out of this situation?
But, hey, you’re not alone! Slumps happen. Sometimes they’re just beyond control. Almost every successful salesperson has experienced a sales slump at least once in their lives. Have you ever wondered how they managed to turn it around? Here are seven things you can do to beat a sales slump!
1. Evaluate your business
When your sales are down, you’ll definitely get frustrated. Solutions can certainly be found, but you must first find the roots of the slump. However, you will find it difficult to find a way out when you’re in a stressful situation.
You should take some time to take a break from your business activities and make use of the moment to evaluate your business. Whether it’s because of the wrong marketing strategy, improper target market, or poor customer service, any mistakes can certainly be identified more easily when your mind is clear.
2. Set your goals again
Once you have found the roots of the slump, it’s time for you to determine your goals again. The easiest thing to do is to make short-term goals. For example, perhaps you want to increase your advertising on social media, so you can spend more on digital marketing and save on other things. Focus on activities that make profits for your business.
3. Get some sales training
Sales training can be an investment to revive your sales. You can attend various conferences that focus on increasing sales. If you don’t have much time to travel, then you can watch webinars wherever you are. Don’t hesitate to look for mentors who can help you improve your sales, both internally (choose ones from your company) and externally.
4. Sell what your customers need
If you have a lot of leads but there are only a few (or absolutely no) closed deals, that’s perhaps because your selling techniques are wrong. Instead of focusing on making sales, you better focus on your customers’ needs. Find out what they need and try to provide solutions that meet their requirements.
5. Build your credibility
If your sales decline due to loss of customer trust (e.g. they’re disappointed in your products or services), then it’s time for you to rebuild your credibility as a seller. Gain the trust of your customers by keeping your promise to them and deliver on it consistently.
6. Use technology to your advantage
You might think that this isn’t the right time to invest in technology. However, technologies such as sales management systems can be the right solution to revive your sales. Your competitors may have already used automation, why haven’t you?
Sales management systems help you analyze your customers including their shopping habits, identify qualified leads, and forecast your revenue. Implementing a sales management solution also helps you reduce operating costs, improve efficiency, increase productivity, and many more. Don’t worry too much about the cost since you will find a vendor that offers you the right price. Plus, you can always try to negotiate with them.
7. Expand your network
If you have done the six things previously mentioned, then this is the right time for you to expand your network. When you attend conferences or external events, you can try to get acquainted with participants who have businesses similar to yours and offer them to partner with you. You can also collaborate with various startups to hold an event to promote your business and theirs. Take advantage of social media like LinkedIn to increase your chances of getting partners.