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How to increase sales in a slow market

When working in sales one of the most difficult challenges is continuing to hit your targets when the market is slow. Following the economic downturn, many professionals saw a significant decrease in their sales.

Here we look at key hints to help increase your sales during a slow market.

Highlight your product's unique selling point

Make sure your clients are aware of the unique selling points of your product. There is a reason your product is better than competitors, and this is what you should highlight to all customers. If your unique selling point is price, and you are lower than competitors, then you may want to hold a loss-leading sale to draw attention to your low prices. If your unique selling point is quality it may be worth differentiating your marketing and advertising strategies to highlight this quality to customers.

Make sure your clients are aware of the unique selling points of your product.

 

Focus on business development

This is the perfect time to begin looking for new business and expanding your key customers. Start by using your current network and looking for leads. You may even want to ask colleagues to give you access to their key business contacts, not just the sales department.

When you find an opening, have your colleagues schedule a meeting with that contact and attend with them, so you can introduce yourself as their contact point for any product needs they may have. As well, it may be worth offering an incentive to colleagues and customers - for introducing you to their networks and helping grow your customer base.

Set daily goals

One consistent part of a sales profession is daily calls and meetings with customers. Set yourself a daily target that is both attainable and flexible. Once you have your goal, you can sit down in target hours and call or visit key decision makers. One great strategy is to make these calls between 6:00pm and 7:30pm, so you reach customers outside of work when they may have more of a chance to speak.

Incentivise your team

When the market is slow, it is easy to see which members of your team are top performers. Make sure to reward your team for their hard work, even when the market is slow. When employees feel appreciated they are more likely to give 100% each day on the job, even during the frustrating slow periods.

Keep in touch with your current customers

During a slow period, it is easy to lose contact with key customers because they may not be looking to purchase anything at the time. Make sure to stay in touch with these customers and show that you value their business. When the market turns, they will remember the time you spent on them and be more likely to reach out to you for their product needs first.

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