Happy Summer to everyone! I hope you are finding time to stay cool and have fun while keeping those sales fires burning. One of the things on my mind lately is how to recognize a sales slump before it happens and what to do to prevent it.
3 tips to prevent sales slumps:
- Review your KPIs. The easiest way to spot a slow down in sales is to review your key performance indicators and related metrics over a period of time. Time frames depend on the type of sales you are responsible for. Those with short selling cycles, (i.e. week to week) can spot a slump very quickly and need to respond equally as fast. Those with longer cycles need to recognize signs in advance and take corrective action immediately. The longer you wait, the more serious the slump will be! Take action by asking a few questions and reviewing the related KPIs:
- Have I slowed down any of my Prospecting Activities? How do I re-engage?
- Am I maintaining a solid ratio of new qualified opportunities? Meaning, those opportunities that I’ve actually created a sales estimate for.
- Have I been slacking off on closing or losing the low hanging fruit?
- Clean your (Sales) closet. Review the WeOpportunity and WeEstimate URGs – select the views that show you “front and center” those opportunities that need to go to a “quoting” stage and those quoted sales that need to be closed or lost.
- Opportunities: cycle through the Opportunities that have truly interested Prospects. Determine the activity task each needs for the next “go” or “no go” decision.
- Decide: for the “no go” Opportunities, either lose them or move them to an “On Hold” status for later follow up. Be real! Only those that truly have a chance move to “On Hold”, all others go right into the lost pile. Move on!
- In Negotiation: for those quoted sales that are “In Negotiation” with Prospects, get on them now. These are your best shot at an immediate sale. Which are worth the most? Which have the greatest likelihood of winning? Which have the most impact on your bottom line? Get on those now!
- Positive Attitude & Just do it! Perhaps most importantly, encourage yourself. I often tell myself to “Snap out of it!”, (thank you, Cher in the movie “Moonstruck). That simple phrase makes me laugh, kicks me in the butt and I get going. One positive activity leads to another and that’s all it takes to get back on track. Make a call, get an estimate out, ask the questions that move Prospects to make the decision to go left, or right. Remember: you are in control, not them! Just do it!!
I hope these three tips help you out. If you have any re-energizing tips and KPIs that help you to avoid the slump, please share!
Thanks to all of our terrific Clients – we have some really cool new “stuff” coming out in September and can’t wait to show it to you. We appreciate you and thank you for all you do to keep us on the innovation track.