How To Beat A Sales Slump: Strategies To Spark A Revival.

483
Comments Off on How To Beat A Sales Slump: Strategies To Spark A Revival.

Times are uncertain, and many businesses are struggling to balance the books. If your company has experienced a slump in sales, and you’re finding it difficult to generate and convert leads, this guide contains useful, actionable information to help you spark a revival. 

Image by Mediamodifier from Pixabay

Analysing and rethinking your marketing strategy

Marketing is designed to promote brands, up-sell products, get people talking and ultimately encourage them to take the next step and place an order, sign up for a mailing list or subscribe. If your sales have dwindled, it’s wise to analyze and evaluate your existing marketing strategy.

Use analytics and recent data and try and look for gaps or weaknesses, which are causing you to lose customers as they move through the funnel. Identifying holes can help you understand where you need to make changes and what kinds of modifications you can make to increase your chances of converting leads. Go back to basics and make sure your campaigns are targeted at your ideal buyer.

Think about the channels and techniques you’re using and whether they are reaching the right audience, and try to make improvements to bridge the gaps where you are losing leads. Build on the success of aspects of campaigns that are performing well and focus on methods that allow you to engage with people who are likely to buy your product. Streamlining your strategy to tailor it to the right buyers is often more effective than adopting a scattergun approach. 

Freshening up your marketing campaigns may lead you to try innovative, new techniques. If you’re looking to build on a social media campaign aimed at 16 to 35-year-olds, for example, you might wish to expand the existing strategy to include influencer marketing, real-life customers, video content, or live broadcasts. Identify the primary objective of the campaign and choose methods that will reach the target buyer and resonate with them. 

Boosting conversion rates

It’s very common for customers or prospective buyers to express an interest in a product or service and then decide against buying. Statistics suggest that in 2020, over 88% of online carts were abandoned. There are multiple reasons why people decide against proceeding with an order and the key to boosting sales lies in identifying causes and finding solutions. The best way to build a sales pipeline is to analyze every stage and ensure you are doing everything possible to keep the prospective customer interested.

Use data to see where leads are dropping off and ask for feedback through surveys or online comments. Common reasons to abandon a cart include delivery charges, a lack of information about the product, convoluted payment processes, and a shortage of payment options. In many cases, it’s possible to remedy these issues. By doing this, you’ll be increasing your chances of converting leads and providing a more enjoyable customer experience. 

Look after existing customers

When sales start to slow, it can be tempting to go all-out to attract new clients and expand your customer base. While it is beneficial to try and drum up interest among new buyers, it’s imperative to take care of your existing clients. Repeat customers are more likely to buy from you again and they could also encourage others to do the same.

Look after your existing customers, reward loyalty, and urge them to keep in touch and to think about buying more products, trying new services, or taking advantage of promotions and special offers. High customer retention rates are good for sales and your brand reputation. 

Image by Gerd Altmann from Pixabay

Take feedback on board

Did you know that over 85% of consumers now trust online reviews as much as recommendations from friends and family? Reviews can make or break a brand, so it’s vital to prioritize customer service and go the extra mile to secure 5-star reviews and impress clients. Take feedback on board, read comments and make use of suggestions and ideas that are put forward by shoppers and customers. 

Photo by Miguel Á. Padriñán from Pexels

Identifying new trends and opportunities

Being agile has never been more important. The pandemic has underlined the impact of flexibility and adaptability. While many businesses have experienced a drop in sales in the last year, others have thrived because they have been able to adapt quickly.

Look for opportunities to increase sales, offer customers something different and diversify your product range. The demand for some products has soared and new trends have emerged in online shopping. If you can capitalize on new trends and respond to consumer preferences, you could spark a revival. If you have a clothing brand, for example, look into products that are sought-after and analyze figures. Activewear, nightwear, and loungewear, for example, are incredibly popular while people are working, working out, and relaxing at home. 

Adding value

It’s tempting to slash prices when sales are sluggish, but consumers don’t always gravitate towards low prices. The high you experience when you grab a bargain is associated with feeling like you’ve got a great deal that represents amazing value for money. As a business owner, look for ways to add value for your customers and make them feel like the offers you’re sending them on social media or email are unbeatable.

Keep an eye on what competitors are doing, make sure your prices are competitive, and try and offer more. Whether you include free delivery, a promotional product with every purchase over a certain amount, or 10% off the next order, this could persuade the buyer to shop with you rather than a rival.

Delivering first-class customer service can also help to set you apart from others. Simple touches like thanking customers for their purchase, sending out personalized emails, and offering a discount on a client’s birthday can all make a positive difference. 

Photo by Andrea Piacquadio from Pexels

Businesses across the world have experienced a slump in sales. Times are tough, but that doesn’t mean that it’s impossible to recover and spark a revival. If you’re on a mission to boost sales, take these tips on board to increase lead generation and conversion, make your customers happy, capitalize on new opportunities and emerging trends and gain a competitive advantage.

About the author

Like Minds is a global thought leadership platform delivering world class events on business development, knowledge and insight aimed at entrepreneurs and business leaders to engage, stimulate and empower them to become global businesses of the future. We also offer a bespoke service for corporate clients and training programmes under the Like Minds U brand. For more information please email bespoke@wearelikeminds.com