Business owners run into unexpected sales slumps all the time. When this occurs, though, it’s important to have a solid game plan that will identify the root cause of why customers are leaving so you can take appropriate measures to win them back.
As a business owner, you’re always monitoring your customer base and sales figures. Assuming you’ve been in the industry for a while, these numbers are usually in a range that you would expect – perhaps some lows coupled with some highs. However, one day you might wake up to find that your sales volume has shrunk and that your clients are leaving. If this moment arrives, don’t panic. Here are six things you should do to remedy the situation.
1. Identify any recent changes
This should be your first priority. Ask yourself if you’ve changed any elements of your business that could be impacting your sales or client retention. Often, it is the smallest tweaks that make the largest differences. Even slight changes in how you package a product or what time of the day you display advertisements can drastically affect your bottom line. Creating a list of possible culprits and then assessing each factor one by one is key to bringing back clients.
2. Study your analytics
Of course, you probably discovered this decline in performance by analyzing your data to begin with, but now it’s time to dive in for a closer look. The first step is to identify when exactly your clients began to leave. Did the drop in sales begin abruptly this week, or has it been a gradual downward spiral since the start of the month? Learning this will help narrow your search.
The next step is to identify trends occurring around the time sales started to decline. Check Google Analytics, social media graphs and advertising statistics to see if there are any trends in the data that might indicate what the underlying problem is. ….