No company’s turnover is always upwards. There may even be times when you see your sales start to level out or even drop over a period of time. While this may be normal, it is also a good indication that you may need to review your current processes to identify the reason for the declining numbers.
Stagnant sales also give you the opportunity to refresh old campaigns or revive your current sales tactics. But before you start, consider the following recommendations from the members of Council for Young Entrepreneurs. Here they discuss the steps you can take to reverse slowing sales as quickly as possible and make your customers attractive again.
1. Think about what your customers really need
When sales are stagnant, the best thing to do is ask yourself, “What do my customers need?” If a lot of people have already bought your product, it might be time to move on to something that complements your first product. For example, the team behind a social media marketing software-as-a-service can delve into onsite lead generation plugins so they can consistently improve profits and provide the best possible experience to their customers. – John Turner, SeedProd LLC
2. Introduce a Gamified Referral Program
One step you can take to turn around slowing or stagnant sales is to implement a customer referral program with a unique and enticing twist. Instead of a traditional referral program that offers incentives or discounts to customers who refer others, consider creating a gamified experience. Develop a referral-based challenge or contest where customers earn points, badges, or exclusive rewards for referring new customers. This approach not only encourages existing customers to actively promote your products or services, but also adds an element of excitement and engagement. By creating a sense of fun and friendly competition, you can revive customer participation, generate word of mouth, and ultimately generate more sales. – Andrew Saladino, Kitchen Cabinet Kings
3. Refresh your team’s sales training
Retraining in the sales process. Even your most senior people sometimes forget the basics of the workflow. They start using internal acronyms that confuse customers. They go through the process without explaining the “why” or the value to the customer because they intrinsically know and forget that the prospect doesn’t. A step falls or gets lost and somehow never gets picked up again. By getting consistency from the team with the journey you take with your client, you can bring back the energy instead of the day feeling monotonous. – Marjorie Adams, Four track
4. Work with the right influencers
When sales start to drop, I think a smart way to quickly increase engagement is to tap into the power of influencers. They can help you provide important feedback to help you figure out why your product isn’t selling. Plus, partnering with the right influencers can give you greater reach and help you connect with potential customers who may not have heard of your product. And of course, you can partner with them to promote your brand and boost your sales. To maintain momentum, work backwards and look at what’s not working to fix the problem, whether it’s the need for new features, poor design, or poor marketing. – Syed Balky, WPB Beginner
5. Offer special gifts or discounts
Don’t forget that you can always get more customers by giving a gift or a special discount. For example, one step any company can take is to send its former customers a “we miss you” email offering a special discount on its products or services. In situations where a “we miss you” email is inappropriate (for example, law firms are not allowed to send “we miss you” emails), you can send a “refer a friend” email that includes a special gift or discount to the Referring Party or the Receiving Party. – Feruza Jamalova, Sobirov’s law firm
6. Perform a ‘Customer Audit’
I would recommend doing a “customer audit”. In the dynamic business landscape, customer preferences and market trends change rapidly. So it’s crucial to keep an eye on your customers’ needs and tailor your offerings accordingly, and that’s where customer audits can help. To get started, reach out to your customers for feedback. Use it to understand their current pain points, expectations, and their experience with your product or service. Then gather information about the overall market trends and opportunities for a comprehensive picture. Finally, analyze the feedback and findings and make the necessary adjustments to your product, marketing strategy or customer service. This could mean improving your product, personalizing your marketing efforts, or improving your customer service. – Vikas Agrawal, Infobrandz
7. Talk to your competitors
Your relationship with other companies in your industry need not be contentious. In fact, they may also experience a drop in sales. You can work together to brainstorm new ways to grow your business and even promote each other. Exchanging notes with competitors can be a powerful way to unlock unexpected sales tactics and promotional strategies. Of course, this works best when you partner with companies that sell products within the same category, but aren’t necessarily direct competitors. – Firas Kittaneh, Amerisleep mattress
8. Re-examine your pricing strategy
Slow sales are not uncommon, but if they come to a complete standstill, you should be concerned. One of the reasons for this could be your pricing strategy. People may not want to buy your products or services because of the pricing. It can be a good start to research your competitors’ pricing structure. You have to find a balance between an exorbitantly high and too low a pricing model. People may view your products as too expensive if you set the prices too high. Conversely, keeping prices too low can make them question the quality of your products. Study your competitors and set prices accordingly to strike a balance. – Josh Kohlbach, Wholesale Suite
9. View internal data
The best way to turn around sluggish or stagnant sales is to review internal data. In many cases, the cause of the problem is buried in your analytics or code. When we start to notice a drop in sales, the first thing we do is get the data and find exactly when it started. Once you’ve identified where things went wrong, you can experiment with different theories until your sales trend picks up again. Chances are the problem is not as serious as it seems! – Daman Jeet Singh, FunnelKit
10. Embrace new technology and trends
I think when sales start to trend down, the first step is to consider exploring new technology or new trends, even if they seem intimidating. Very often strong companies reject modern developments and choose to stay safe rather than grow (take Nokia for example). However, embracing new technologies will be key to avoid stagnation. In our own company, we have incorporated AI into our functions and it will help us lead the change in our field. Be quick and adapt to new technology growth if you want to reverse a downward trend in sales. – Blair Williams, MemberPress
