Why Your Business Isn’t Getting Sales- And What You Can Do About It
Do you worry that your business isn’t generating as many sales as it could be? If so, then you are not alone. So many other business owners are in the same position that you are right now, but there are things you can do to try and turn things around. Take a look below to find out more.
You’re Too Focused on Marketing
Reaching out to a networking contact is a sales call, if that contact has shown that they have an interest in whatever it is you are selling. You might discuss pricing, the next step or even just what they are looking for. If you are introducing what you have to offer, however, then this would be a marketing call. One mistake that a lot of businesses make is that they focus too much on marketing and not selling. Although marketing is essential, if your efforts are not generating results and if they are not worth your time, then this is a strong indicator that something has to change.
You’re Not Targeting Customers Properly
Another huge mistake that a lot of business owners make is that they do not target properly. Reaching out to 500 people might sound impressive, but are those people all potential buyers? At the end of the day, it is far better to reach out to 100 prospective customers, than it is 500 people who have no interest in what you are selling. If you want to do something about this then one thing you can do is review your contact list and make sure that you prioritize those who are in need, and who have a real interest in what you are selling. If you want to build highly targeted prospect lists, then check out sites such as Coldlytics.
The Buyer isn’t Making the Decisions
When you have been able to whittle down your list to those who have a need, or a genuine interest in what you have to offer, you will be able to edge yourself closer to making a sale. That being said, this is still not very sufficient. If the people who are interested are not the ones who make the final decision, then this could still be holding you back. One way to work around this would be when you have an interested prospect, to confirm what has to happen in the general decision process. Does your contact have to consult with anyone? Do they have some kind of budget authority? If you can find out this kind of information then you can stop yourself from pushing a sale too hard, if they do not have the authority to go ahead with the purchase anyway. It also gives you the chance to adjust any sales tactics you may want to use.
People Have No Urgency
You may want to connect with a prospect, and this is great. They may even have the budget needed to buy your product, but that being said, they may have other priorities. If you want to push them to take action, then you need to make your sale a priority. Confirm deadlines and list any constraints. Remind your prospects about the value that you have to offer, and why it is so important that they take action now. Flash sales with a countdown are great here, so make sure that you keep that in mind.
There are Other Alternatives
Your prospect may need what your business has to offer right now, but at the end of the day, they have choices as to how they are going to fill that need. The fix here would be for you to take note of this. You have to remember the fact that you have competition and then act accordingly. Make sure that you stand out as being the best option and also make sure that you take steps to highlight your unique selling points. If you can do this then you will soon find that you can stand out from the crowd and ultimately, secure the sale.
They Have No Reason to Switch
It can be very difficult to close a deal if you know that your prospect has an alternative waiting for them. If you have an experienced buyer who has done their research, then you need to take a very different approach in terms of your sale. You need to make it both easy and risk-free for them to swap to you. It may be that you outline some of the painless steps they can take to begin working with you, or that you offer some kind of guarantee or discount.
The Timing isn’t Right
It may be that you do everything right and that you are actively asking for sales, but the timing isn’t right. Revenues could be down, or the circumstances might have changed since the last time you spoke to them. Sometimes a no cannot be turned around, so the best way for you to move on would be for you to try and stay in touch and ensure you follow up. You can then make sure that you are at the forefront of their mind when things turn around. If you don’t stay in touch, all of your efforts will be wasted and this is the last thing you need, as in business, time is money.
So, these are all of the reasons why a sales process may break down, even though you have invested your best efforts. That being said, it’s very easy for you to find solutions and for you to turn things around if you simply know what steps to take. If you want to help your business today then make sure that you go over every aspect of your sales process, and that you take the time to see how your sales trend throughout the year. If you can do this then you will soon find that you can get the result you are looking for, without compromising the relationship that you have with your clients.