What to do When Sales Slump
Firstly, understand that most sales slumps are normal (statistically speaking). Sales slumps can often lead to new opportunities. Your best assets in a slump will be your positive attitude and having a fresh approach.
Long term, you will achieve the best outcomes by being a sales-focused organisation.
Sales will define your success or failure.
You can only develop so much new product, produce so many units, set up so many systems. At the end of the day you need sales.
Work toward creating a culture of “sales focus”. Everyone needs to be supportive of the company’s sales functions.
Your sales teams need to have the skills and behaviours to be brilliant at selling. They need to shine promoting your company’s products and services.
Think about the roles and responsibilities of your sales managers and their teams. Encourage good sales process through planning, prospecting, conversions and follow ups.
Sales managers need skills to be able to produce the results you need. In the short term the answers for fixing a slump is to increase sales activity levels.
First, consider the sales funnel for your company:
- Prospects: How many prospects do you currently have?
- Qualified Prospects: How many prospects turn to qualified prospects?
- How many qualified prospects convert to a sales client
For an example, for every four prospects you may qualify two and get one new client. After that it’s a numbers game: Increase your prospects, and your sales will increase. How many prospects are your teams finding, qualifying and closing?
The key to successful selling is successful prospecting.
The secret to effective prospecting is to build up a backlog of prospects. The higher this is, the less you will have to worry about where to go or whom to call on.
If you want to discuss how to increase your prospects and thereby increase your sales, email Jamie Tulloch for some free tips.