5 Tips for Surviving a Sales SlumpSales Pro Source
April 18, 2013 — 900 views
Everyone goes through that phase when nothing is right, from the color of your shirt to the way you have done your hair. The same goes for even the best sales professionals; you would have surely gone through it. Every business and every salesperson goes through a slow period which is termed as sales slump. It is best to stay prepared since a sales slump befalls you without any prior warning.
Cause and Cure
Before you can analyze how to come out of the slump, you need to know what the cause of it is. If it is a crash in the market or economy, then this is a problem that everyone in the industry is facing. You might consider rephrasing your pitch to focus on how your product or service can resolve it. If your company is suffering from bad publicity, then you should work on fixing the issue by focusing on the problem directly. But if the problem is with you, for instance your personal life is affecting you professionally, or you are just bored, then you need to work on yourself. Create excitement by throwing yourself out with a whole new persona and things will surely look better.
During your sales slump, make sure to relook at your expenses. Cutting down your budget for office stationery, phone bills, energy usage, and other similar things, will prove to be a great relief. Selling out old inventory which has been lying in the store house will help in reducing the storage lease that you have been shelling out. This is a great time to downsize the team; review the quality of their work and release the ones who are turning out to be a liability.
Activating your financial team to collect all your invoices from your clients is a good way to make your company cut corners.
You can reassess the marketing strategies of your company. Making yourself visible in the market will help you come out of the slump faster. Frequent advertisements in magazines or newspapers with exciting offers will help you regenerate sales. Reduction in price, free gift certificates, giving referral bonuses for your existing customers, and other offers will sure do wonders on your numbers. Coming up with contests on popular social media networks, like Facebook and Twitter, promoting your business through blogs, banner ads, and video channels will definitely increase your presence in the market.
You can also partner with other businesses to come with that out-of-the-world promotion. Revamping the look of your store or even your business card will tweak up the customer’s interest.
Not only you, but even your team will be suffering due to the sales slump. Motivate them with better training or monetary benefits to get the best out of them. Stimulate them to be more enthusiastic so that they will develop a go-getter attitude.
Recreate what you Offer
Analyzing your product or service and understanding what it lacks will help you improve the product. Try thinking from the customer’s point of view and ask yourself what you would want. This will make you understand what the market is looking for.
Some precautions that you can take before the sales slump hits are creating an emergency saving for your survival, establishing connections with people you can turn to for contacts, and a good rapport with your existing customers, so that they will recommend more people for you. This will certainly help you to make ends meet.