The holidays are over, the hype has disappeared, and so have the sales of your product. What do you do now? First of all, don’t panic! You’ve just come out of one of the busiest times of the year for sales. It’s normal to experience a slump after the holiday season or the launch of your product. There is a lot of marketing involved during both those events. Here are a few things you can do to improve sales when you find yourself in the middle of a slump.
Come Up With a Plan
You need to have a regular marketing plan in place. This is your guide to follow when you aren’t launching a new product or preparing for the holiday season. Start by mapping out the major events for the year (like new product launches and holidays). Then think about what kinds of sales targets you want to meet during the rest of the year. Once you know the sales targets you are working towards, you can determine which products and in what quantities you need to sell them in order to reach your goals.
Your marketing plan should focus on your target customers. Putting a marketing plan in place that focuses on your target customers will really help you scale your product based business.
Focus on Your Customers
When in a slump, you should consider whether it’s because of the seasonal nature of your products and promotions or if there might be something wrong with your product. You’ll want to be proactive when thinking about your product so you can avoid costly mistakes like product recalls. Be sure and ask for feedback from your current customers and check online to see what people are saying about your product. Do whatever you can to make things right in the eyes of your customers.
If there are no problems with your product, reach out to potential customers to find out what would make them more likely to buy your product rather than a competing product. You might be surprised by what you find.
A sales slump can really weigh heavily on the mind when there are bills to pay. Try not to let this affect you. Your next big sales day could be right around the corner. The more you focus on not having any sales, the more difficult it will be to get out of the slump. Take a day off so you can come back with a positive attitude and some fresh ideas. Brainstorming ideas with a colleague or conducting a customer focus group are great ways to generate some fresh marketing ideas.
Generating sales is a vital part of business development. Try staying positive, focusing on your customers and coming up with a solid plan to beat post holiday and post product launch slumps. At Pivot International, we can help you outsource your product design development and manufacturing to help you focus your time on sales. To learn more about how we can help you overcome your sales slumps, contact us today.