It is common for sales to decline at some point in a business. Sometimes it is due to an economic or sectoral crisis, and other times it is due to the actions of competitors or because the product's life cycle has come to an end.
Whatever the reason, it is normal that when faced with a drop in sales you wonder what to do. And no wonder, because a drop in sales can lead to the closure of your business . The first thing to do is to analyze the problem well:
See which product or service lines have seen a decline in sales.
See which sellers have suffered the biggest drop in sales.
See which customer phone number for thailand segment or geographic area has seen a decline in sales.
The market is a living , dynamic thing that changes constantly. What works today may not work tomorrow. No business escapes the cycles of the economy and the market, and today changes in tastes are much faster than in the last century, not to mention the advances in technology.
Once we have analyzed the problem, we must look for solutions . Although each sector and business is unique, there are some that are valid and universal:
Strategy changes gone wrong: If the drop in sales coincides with the introduction of a new strategy, it is clear that it has not worked well. Therefore, it is best to rectify it.
New competitors have entered: It is very common for new competitors to enter profitable sectors and markets, especially when there are low barriers to entry, as is the case with certain services. The solution here is to retain our customers to prevent them from leaving for the competition.