Experiencing a Sales Slump?

If you’re experiencing a sales slump, you’re not alone. When you’re trying to grow by adding new products or additional services to existing customers, sometimes you don’t have all the pieces dialed in. The good news is this is fixable. 

Start by taking a deep look at what you sell and how you’re customers generally respond to your proposals, offers, or even emails. Are they excited, fired up, or just blah?

If it’s blah, you’ve got work to do. If you’re the founder or owner, do you remember what it was like when you first started your business? Enthusiasm and energy were contagious, your Customers, Employees, and Partners could feel it. 

So if sales have slumped, it’s time to take a hard look at your offerings and see where you can build some excitement. As marketing guru Seth Godin famously said it best in Purple Cow, “Make something worth talking about.”

So it’s time to get back to the basics, each one of these relies on an amazing product or service or #1.

3 Small Business Essentials

  1. Compelling Product or Service: Your offering needs to be more than just adequate; it must be exceptional and hard to refuse.
  2. Robust Customer Base: A financially strong, engaged, and growing customer base is the lifeblood of your business. 
  3. System for Finding New Customers: Consistent growth requires a systematic, consistent approach to new customer acquisition.

When sales hit a plateau or, worse, decline, the immediate response is often to ramp up marketing efforts. While marketing is essential, using it as a band-aid solution to disguise underlying issues won’t yield any better results. With a deep study of past marketing activity, you may uncover the worst possible response, your target market really doesn’t care that much about your product or service.

But Really Why?

Has your product become absolute due to other factors? A new competitor with a lower-price solution? Are your core customers undergoing significant changes in their business or world?

It’s essential to evaluate your value proposition honestly. Are you delivering something truly valuable and remarkable to your customers? If not, you have the opportunity to enhance and refine your offering until it hits the mark. Rinse and repeat, the response will be just as compelling so there will be no question you hit the mark.

Technology is eroding traditional business models at an alarming rate. Consider QuickBooks has bookkeepers available for consultation inside their software. You can hire a professional, vetter interface designer with successful project references from Toptal in a couple of hours. Remember Legal Zoom, same concept.

Get Back to Basics

A good place to start is with your Unique Selling Proposition (USP). Your USP is a clear statement about what you do, who you do it for, and why. It can sometimes help internally clarify your target market, refocus positioning, and narrow marketing outreach.

A sales slump is not the end of the world, every great player and business experiences ups and downs. But when it happens, It’s a chance to take a hard look at your offerings, evaluate your value proposition, and see where you can experiment with a new approach. When you make something worth talking about, your customers, old and new, will rediscover the excitement and enthusiasm that was the genesis of your entire business.