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February is one of the most notorious months of the year for dramatic drops in sales. This recurring trend tends to impact the retail sector the hardest, but can also be seen in residential real estate and business-to-business industries as well.
Let's take a look at a few tips you can leverage to overcome your February sales slump.
Revamp the value proposition and marketing plan
If you are still working with the same value proposition and sales pitches you used last year, chances are they need to be updated. What's more, you probably put a lot of effort into marketing and sharing these pitches, and will need something fresh to reignite the sales cycle.
Entrepreneur magazine, an online business publication, argues that value propositions should be closely aligned with the needs and desires of prospects, and draw a clear and direct connection between those pain points and your products.
It's also a good time to look at - and adjust - your marketing plan. Is your company providing valuable content and information to your current and prospective customers? Here are 5 items to consider when revamping your marketing plan.
Break your patterns
Sometimes changing small things can have a big effect. Salesgravy.com said that sometimes a sales slump can come from mental fatigue and simply taking a break can refresh your strategy. The site recommends changing up some of your patterns – no matter how small. Even something as small as changing your route to work or your breakfast can get your mind thinking a bit differently. This could lead to small changes in your business.
This is also a great time to work on your team’s morale and shift their focus a bit as well. Forbes.com recommends picking one ambitious goal and tackling it with your team.
Compel with psychology
HubSpot, an online marketing platform, explains that showing customers that it is easy and affordable to make a purchase, or even giving them a $0 down payment option, can overcome "action paralysis." That phrase describes a prospect’s state of mind: He or she is stuck and does not want to pay any money.
Discounting items that will compliment purchases can also be buying incentive. Be careful not to just slash prices on products that sell, though. Digitoolbox.com recommends lowering the price on products that may be an add-on to what the consumer is purchasing. Encourage your staff to upsell these and other items.
Go to the show
One of the biggest challenges of sales in the first quarter of each year is the fact that companies and consumers are not looking to purchase much. This means you need to find ways to connect with them and sell to them more actively. What's a great way to do this? Find a trade show that your current and prospective clientele will attend. While there, you can get in front of these prospects when they are in the frame of mind to look for ideas and products.
Consider leveraging some tried-and-true practices of successful crafts makers. Handmade Business, a publication that focuses on independent craft retailers, states that trade show participants should have a strong understanding of the venue and the potential buyers there, try to be humorous and approachable and put exciting and eye-catching products or services in the foreground.
Make sure you are providing prospects with incentives to buy your products and services more aggressively to get over that February sales slump -- and taking an intelligent and astute approach to doing so.
Good luck with your first-quarter sales!
Let's take a look at a few tips you can leverage to overcome your February sales slump.
Revamp the value proposition and marketing plan
If you are still working with the same value proposition and sales pitches you used last year, chances are they need to be updated. What's more, you probably put a lot of effort into marketing and sharing these pitches, and will need something fresh to reignite the sales cycle.
Entrepreneur magazine, an online business publication, argues that value propositions should be closely aligned with the needs and desires of prospects, and draw a clear and direct connection between those pain points and your products.
It's also a good time to look at - and adjust - your marketing plan. Is your company providing valuable content and information to your current and prospective customers? Here are 5 items to consider when revamping your marketing plan.
Break your patterns
Sometimes changing small things can have a big effect. Salesgravy.com said that sometimes a sales slump can come from mental fatigue and simply taking a break can refresh your strategy. The site recommends changing up some of your patterns – no matter how small. Even something as small as changing your route to work or your breakfast can get your mind thinking a bit differently. This could lead to small changes in your business.
This is also a great time to work on your team’s morale and shift their focus a bit as well. Forbes.com recommends picking one ambitious goal and tackling it with your team.
Compel with psychology
HubSpot, an online marketing platform, explains that showing customers that it is easy and affordable to make a purchase, or even giving them a $0 down payment option, can overcome "action paralysis." That phrase describes a prospect’s state of mind: He or she is stuck and does not want to pay any money.
Discounting items that will compliment purchases can also be buying incentive. Be careful not to just slash prices on products that sell, though. Digitoolbox.com recommends lowering the price on products that may be an add-on to what the consumer is purchasing. Encourage your staff to upsell these and other items.
Go to the show
One of the biggest challenges of sales in the first quarter of each year is the fact that companies and consumers are not looking to purchase much. This means you need to find ways to connect with them and sell to them more actively. What's a great way to do this? Find a trade show that your current and prospective clientele will attend. While there, you can get in front of these prospects when they are in the frame of mind to look for ideas and products.
Consider leveraging some tried-and-true practices of successful crafts makers. Handmade Business, a publication that focuses on independent craft retailers, states that trade show participants should have a strong understanding of the venue and the potential buyers there, try to be humorous and approachable and put exciting and eye-catching products or services in the foreground.
Make sure you are providing prospects with incentives to buy your products and services more aggressively to get over that February sales slump -- and taking an intelligent and astute approach to doing so.
Good luck with your first-quarter sales!
