Are your sales figures falling lately and you have no idea why? Time to investigate what’s causing it, but how do you get started? We give you some tips.
First, we would like to take a moment to point out that a sudden drop in sales figures does not mean that you should immediately sound the alarm. A sudden drop can have external factors, such as an increase in prices of certain products with a higher priority than what you offer.
There are also certain periods in the year when people adjust their buying habits, for example, just before the sales period or just before the big vacations. Then people prefer to save their money and spend it afterwards. Still, it is important to monitor carefully and act quickly when the situation (decline) continues.
Here’s what you need to do:
1. Competitor analysis
Is it possible that a new player has entered the market in your area with a similar offering that you didn’t know about? If so, the decline in your sales could be due to that. Maybe it’s time to highlight your strengths. Where does your service differ from that of your competition? Make sure your customers realize this and go for a premium customer experience.
2. Customer analysis
Are you still keeping up with the needs and requirements of your customers? Has their buying behavior changed as their daily lives also change? Are your traditional marketing techniques no longer reaching them because they are now looking for information via other channels? Time to dive deeper into your customers’ lives and get answers to your questions. Try new marketing channels and content and analyze your numbers.
3. Focus on what you got
Instead of dwelling on what you no longer have, perhaps you should give extra thought to what you do have. Lots of companies spend hundreds of euros a month on acquiring new customers, but hardly any money on retaining their customers. While existing customers need much less convincing and already know and use your products. Time to focus on pampering your current customer base and increasing their customer lifetime value.
There’s no point in chasing sales, if you’re losing money on those sales.
If you still want to attract more new customers, do this:
1. Work out a new campaign starting from your best sellers
2. Think (or inquire) about the top 3 reasons why customers buy these products from you
3. Come up with an original approach and develop the content carefully
4. Ask your current customers to help spread the content
5. Invest in advertising and try new target groups that you have not reached before
6. Follow the numbers closely
7. Plan enough room to adapt and adjust quickly
Need more tips or want to upgrade your marketing? Maybe it’s high time you joined the Blogzine Academy. We’ll guide you to tangible results so you achieve your goals and much more. Book your introduction today.
