First you need to assess the situation. Has this happened before? Is your product seasonal? Has there been a recent change in your product? Did a new competing product enter the market? Did anything change within your company?
After you have answered all of these questions and made an assessment, you can then begin looking into solutions.
Do you know what is attributing to the decrease in sales? Approach your exiting customers and ask them what motivates them to continue to do business with you and what you can do to improve your service. Be sure to thank them. (A thank you gift would certainly be appropriate!)
Use this valuable information to develop a marketing strategy geared to your ideal target market.
Once you have a solid strategy planned out, put it into action! Be focused and consistent by portraying your unique personal brand.
First, do you know where your sales are coming from or what is in your sales funnel? If not that is a good first step-there are a lot of processes out there but networking and getting the name/business out there is important. There are a lot of Digital Marketing options-your budget will have to be worked on to see if you have the dollars available for this.
The other process is a reaction-many people reduce spending to offset the decrease-this might be a wrong approach depending on your business-The marketing/advertising dollars you might be spending-could be put to better use if you know what the return is on those avenues. I also look at events, chamber options and also my current network to see about how I can get more referrals-We all know that every business has slow times so planning for it also can help as well. Planning vacations, downtime or projects that you don't have time for when its busy can also save you in the long run. Just a thought.
You find out where the new customers will come from. This can only be done by Digital Target Marketing. I was a leasing Director and events director for 30 years for a large Mall Developer. I have seen it all and used it all for years. I was throwing money into the wind and hoping it reached my potential customers. This new cutting edge real time target marketing changed everything. I invite you to let us show it!
Find the reason why are sales decreasing... is it you're losing customers, are you not bringing enough new customers? Every business has a churn and your pipeline should always bring enough clients to cover losing clients.
There are ways for brick and mortar, as well as online, businesses, to experience consistent flows of traffic and leads and minimize the "sales decrease heartburn". One is video marketing where a vast majority of online sales are due to video and this trend is only increasing. The other is to capitalize on high authority media sites. The world's #1 search engine loves both of these little-known strategies.
Ramp up your Outbound Sales Efforts (I.E call existing customers and have them renew or look at new products etc..Call those unreasonable prospects back and try to close that deal they said no to), its always a cure for declining sales, also throw a 10-20% discount or a free service or product with the purchase of something else to keep your offering fresh,stay away from devaluing your product too much with discounts...if you discount too much it may water down your products perceived value so it may be better to give something away for free with purchase etc...
Answers (1-10)
First you need to assess the situation. Has this happened before? Is your product seasonal? Has there been a recent change in your product? Did a new competing product enter the market? Did anything change within your company?
After you have answered all of these questions and made an assessment, you can then begin looking into solutions.
increase my new biz sales efforts, especially with new chamber members.
offer new and exciting ideas to your customer, keep them engaged.
Do you know what is attributing to the decrease in sales? Approach your exiting customers and ask them what motivates them to continue to do business with you and what you can do to improve your service. Be sure to thank them. (A thank you gift would certainly be appropriate!)
Use this valuable information to develop a marketing strategy geared to your ideal target market.
Once you have a solid strategy planned out, put it into action! Be focused and consistent by portraying your unique personal brand.
First, do you know where your sales are coming from or what is in your sales funnel? If not that is a good first step-there are a lot of processes out there but networking and getting the name/business out there is important. There are a lot of Digital Marketing options-your budget will have to be worked on to see if you have the dollars available for this.
The other process is a reaction-many people reduce spending to offset the decrease-this might be a wrong approach depending on your business-The marketing/advertising dollars you might be spending-could be put to better use if you know what the return is on those avenues. I also look at events, chamber options and also my current network to see about how I can get more referrals-We all know that every business has slow times so planning for it also can help as well. Planning vacations, downtime or projects that you don't have time for when its busy can also save you in the long run. Just a thought.
You find out where the new customers will come from. This can only be done by Digital Target Marketing. I was a leasing Director and events director for 30 years for a large Mall Developer. I have seen it all and used it all for years. I was throwing money into the wind and hoping it reached my potential customers. This new cutting edge real time target marketing changed everything. I invite you to let us show it!
Find the reason why are sales decreasing... is it you're losing customers, are you not bringing enough new customers? Every business has a churn and your pipeline should always bring enough clients to cover losing clients.
There are ways for brick and mortar, as well as online, businesses, to experience consistent flows of traffic and leads and minimize the "sales decrease heartburn". One is video marketing where a vast majority of online sales are due to video and this trend is only increasing. The other is to capitalize on high authority media sites. The world's #1 search engine loves both of these little-known strategies.
Ramp up your Outbound Sales Efforts (I.E call existing customers and have them renew or look at new products etc..Call those unreasonable prospects back and try to close that deal they said no to), its always a cure for declining sales, also throw a 10-20% discount or a free service or product with the purchase of something else to keep your offering fresh,stay away from devaluing your product too much with discounts...if you discount too much it may water down your products perceived value so it may be better to give something away for free with purchase etc...