5 Reasons For A Drop In Sales And What To Do About It?
A drop in sales could be due to many reasons, but as a business owner, you need to instantly hit the panic button but take a step-by-step approach to things and look to rectify the problem. In this post, we will tell you the 5 main reasons for a drop in sales and what can you actually do about the situation:
1. Advertising only on one search engine:
For most companies today, Google is the whole and soul of their business. If you are only on Google due to Adwords or keyword optimization, you can potentially rule yourself out of the game. Google does a big majority of the market share, which amounts to almost 83.3%, as per stats by Searchengineland.com. You are still leaving a sizable chunk, 16.3% out. As the silent minority grows in the shadow, your strategy of not targeting other search engines will make you miss out on potential leads and business.
2. Not using live chat:
Engaging with customers is a requisite for any business owner, and what better medium to do than using live chat. Having Live Chat engages your customer. It leads the browsing traffic straight into your side, giving you a prime advantage over your competition and showing that you have a great customer service staff at your disposal. Live chat is more than just interacting with customers or solving their queries. It is a direct funnel to your B2B sales line. Looking for more interesting content in this particular niche? Then be sure to visit admarketingbuzz.com.
3. Lacking additional value:
As per Forbes, free shipping remains one of the best incentives that customers look forward to, with almost 88% of people agreeing. Even if you and your competitor are selling the products at the same price, offering free shipping will make you lose out on your business. One good way to ensure that such a thing doesn’t happen is to start and offer a loyalty program to your customers and providing different incentives to customers using it effectively. Putting a good loyalty program in place will not only enhance the confidence of your customer but will also help boost your sales.
4. Marketing and sales team are misaligned:
B2B marketing isn’t easy. If your marketing strategies and your sales and marketing team aren’t aligned properly on the same goals, it is bound to lead to a decrease in sales. Now marketing division is only focused on getting many possible leads and converting them to sales. Sales, meanwhile, are focused on closing the individual lead in front of them. A proper solution is to align their goals with marketing delivering only qualified leads to close or building an effective funnel or drip campaign. This would mean delivering fewer leads and ensuring that those leads are effective before sending them forward to the sales team.
5. No assortment optimization:
The last thing a business wants is to lose potential customers and leads. An example of this can be a customer entering the store and not finding what they need. The reason being no marketing trips like assortment optimization strategy was there in the first place. Doing an assortment optimization begins with analyzing your inventory trends, both past, and present. This will help forecast and identify demand patterns, which would lead to a positive shopping experience for customers. So there we have the 5 best reasons for a drop in sales and resolving it effectively.