If you own a business that specializes in the sale of products and/or services, you will understand just how important it is to meet your daily income goal. With so many outgoings to account for, such as rent, equipment, supplies, employee wages, and research and development, the pressure truly is on to rake in the dollar.
According to a DemandGen Report, 95% of shoppers purchased something from a company that was able to guide them through the sales process. Now, ask yourself, are you able to provide this standard of service to your customers?
What causes a reduction in sales?
The answer to this question depends on what you are doing specifically to run your business. Every business owner will have their own way of accomplishing tasks, so it’s not fair to say that everybody’s brand will succeed if they do the same thing. After all, what works for one might not necessarily work for another.
Nevertheless, common mistakes tend to be the cause of premature sales losses. If you cannot meet customer needs, you may find yourself struggling under the weight of debts, and as a result, be forced to shut shop.
Take this time to identify and sidestep the following sales-related mistakes:
- Poor Knowledge of Profits and Losses – A company that is knowledgeable about how much money they are earning and how much they are losing due to sales-related activity will have a much better shot at surviving, as opposed to a company with absolutely no knowledge of profits and losses.
- Misunderstanding of the Competition – Instead of copying the competition, let them inspire you to go above and beyond. Businesses in the same niche market as you will undoubtedly be targeting a similar audience. Pay attention to the way they lure buyers and adopt this in your approach if you see the numbers to back it in your analytics.
- Failure to Hire a Lucrative Workforce – Without your workforce, where would your company be? If your team are not very good at sales, replace them. Simple as that.
- Forgetting to Follow-Up on Sales – Don’t underestimate the impact a follow-up email, letter or call might have on revenue. That one-time buyer could turn into a lifetime customer if you know how to generate leads effectively.
- Running an Unrealistic Marketing Campaign – The profits earned by, let’s say Apple, are really not attainable for a startup business. Be realistic at all times and set your goal margins small, before working your way up. If you try too hard to accomplish an almost-impossible goal, it could be difficult to recover.
Precautionary Measures When it Happens
The good news is that you can regain control over your incomings and outgoings by taking some precautionary measures against losses. According to a report, 68% of consumers felt more positive about buying from brands who were actively sharing content on social media. On that note, why not start integrating LinkedIn Groups, Instagram and Pinterest into your sales efforts?
Here are some additional ways in which you can reverse a bad sales cycle:
- Market, Market, Market – Do we really have to remind you about the importance of marketing? McDonald’s didn’t achieve global sales success without targeting the right avenues and neither will you.
- Reduce Employee Overhead – Ease the financial burden by organizing work totally based on the skillset of each worker. While it may sound harsh, getting rid of the less-experienced members of staff will free-up time and money, allowing you to hone the skills of existing, superior members of staff.
- Maximize Workplace Productivity – One of the reasons your sales might plummet is poor workplace productivity. Customer service and sales tactics must be paramount if your customers are to return and recommend, so take this opportunity to strengthen weak areas of performance.
- Arrange Staff Brainstorming – Communication is key for idea-sharing and the more often you host staff brainstorming sessions, the more involved each team player will feel. This will translate to better performance and problem-solving.
- Inventory Opportunities – Seek out suppliers or businesses that will soon shut down and ask if you can invest in their inventory. Low-cost investments could translate to high-profits.
Innovation Consulting as a Sales Solution?
A type of consulting software that can be leveraged to build and maintain customer relationships, innovation consulting offers a streamlined solution for sales data-collection and business processes. The more data gathered, the simpler it will be to assess engagement rates and gain an insight into buyer behavior.
Typically, this process management and software focuses on the following important areas of your business process:
- Strategy – Drive new and increased revenue with an innovative strategic approach. Determine your key components, key stakeholders and your visions of success to ensure a lucrative outcome.
- Exploration – You can expect to spend some time assessing alternative business models, processes and technologies. By doing so, you can figure out which one positively influences company sales and adheres to your corporate philosophy.
- Validation – This area focuses on integrating new processes across your business model as a way of accomplishing company objectives. In order to validate effectively, you will need to pinpoint how certain processes and technologies integrate with existing operating systems.
- Execution – Last but not least, it will be time to focus on scaling new technology to suit your company’s needs.
It is entirely possible to accomplish breakthrough goals for your company if you make a habit of constantly adapting sales targets, product ranges and marketing strategies in an ever-changing economic world. With real-time monitoring and a growth strategy, you can design your sales campaigns with the future in mind.