No business is immune to a sales slump. Changing market conditions, sagging consumer confidence, unmotivated staff, and new competitive threats can all quickly turn stellar sales performance into a fast downward spiral. Small business owners and their sales teams today are facing intense competition for accounts, eroding margins, and longer sales cycles. What's a small business owner to do when sales start to take a dip? Here's 5 key sales strategies for small business experiencing a sales dip.
Focus on Fundamentals: As any sports team knows during a slump, the best approach is to go back to basics. Look at each stage of your sales process: Do your lead generating activities bring quality, interested clients or mere "tire-kickers"? Does your team really understand your customers with in-depth needs assessments? Are features and benefits tied to specific problems facing customers today? Can you & your team close sales effectively in a smooth well-timed manner?
Fire your Customers: Closely examine all of your accounts. There might be clients who are high maintenance using up your time and resources with little or zero profit. Focus on your customers that appreciate your business and are profitable.
Trim the Dead Wood: In flourishing times, sales come easy so your top performer may have really been an order taker. The current market requires professional sales personnel. Evaluate your under performers, support, and coach them. If they can't learn the necessary skills or are unmotivated, it's time to part ways.
Have Huddles: Hold regular monthly meetings for your staff. Spend this time to role-play skills, share best practices, have fun, and give a motivational boost.
Re-Examine Pricing Models: Blindly cutting prices to increasing competitive pressure is a sure way to shorten your businesses lifespan. Carefully, look where to change prices and find ways to tie pricing to a long-term relationship. For example, a 3-year $599.00 contract is better for you and your client than a yearly $249.00 contract. Build a long-term relationship with your market.
During a sales dip, the small business that prospers and survives is the one who adjusts their sales approach to meet the current conditions. Don't wait for an automatic turn around...the time is now for a closer look at your sales tactics.
