Giving New Life to Sluggish Sales
Three quick steps to improving and growing sales fast
Managing sales and growth is a top priority for any business, but when sales are not growing at the rate anticipated, understanding why is critical and implementing a plan to help stimulate sales is a must.
1. Review Sales Goals
Were the targeted goal realistic and attainable?
Were there varying outside factors that were unforeseen, such as a declining economy, or supply issues.
Did you have enough or the right staff in place to reach those goals?
2. Review Product Line: Conduct a product analysis.
I am sure you know what your top 10 best selling products are, but do you know why?
Do you know the demographics of your customer? Which products are your loss leader items-- are you charging a slightly higher rate for those items?
You can support sales by managing your overall product offering and reviewing the following:
Can you push cost out of some or all of your product line?
Look at discontinuing non-moving items--giving you more opportunity to bring on similar items to support your top sellers.
Inventory control/buying cycles: Do you have the flexibility to order in larger quantity at a reduced cost?
How are items set up or positioned for the store front? Does the product flow make practical sense for the shopper? If your focus is online sales, is your online store easy to navigate? Do you offer suggested items for up selling?
3. Run Targeted and Timed Sales & Marketing Campaigns
Having sales goals without a calculated and well-thought out sales & marketing plan is a bit like doing a road trip without a map. Your team needs the laid out structure and tools of how to reach those sales goals.
Empower your team and make them part of the strategic planning. They know your customers, they know what products move, listen to them and let them help you build the plan. They will be more vested in a successful outcome.
Targeted Campaigns should be set for a specific time period. This will help with increasing sales fast, but also allow for a quick analysis of what worked, what didn't, and what to change.
Run targeted sales spiffs that include bundling loss leader products.
Build a friendly team competition with small rewards (hint: gift cards are great)
Product spotlight on website and social media that highlights a sale on that product.
Does everyone know the goals--are they published and talked about often? If not, make that change right now. Team building means working towards a common goal--a common sales goal.
The first quarter of the year, should start strong--don't wait until Q1 is over to look at sales stats. Be on top of sales right now and daily, if sales are starting sluggish, dive in and fix it. Sales goals are not a one and done item. They should be an active part of your teams' daily discussions. By doing that, you will make your sales goals a living, breathing part of your business, as they should be.
Good luck and happy selling!
Kelle Dvorak Vandenberg
One Crow Consulting