27-05-2025
Surviving a sales slump: 4 tactics to keep cash flowing at all times
Sales aren't always predictable. You can forecast away and put forth your best effort year after year. Despite this, sometimes the numbers don't move in the direction you'd hoped.
Being a market leader doesn't make you immune to business cycles and unforeseen forces; sales slumps happen to nearly everyone, including those working for top companies. What matters is how you adapt while learning ways to survive these cycles.
Below are four tactics I've picked up over the years.
1. SEPARATE YOUR EGO FROM THE GAME
You won't get a yes every time you make a pitch. Sales don't usually work that way. But sales pros who excel know rejection is par for the course. They know it's just business and learn not to take it personally.
I attended an event last year in St. Louis, MO, where a speaker named Amy Lemire shared helpful sales strategies. Since then, I've connected with her to learn more about a few sales strategies I can implement in my business. One strategy Amy shared really stood out to me. It's called 'Quit Taking It Personally,' or Q.T.I.P. for short.
Essentially, the Q.T.I.P. strategy helps sales leaders realize rejection happens even when you do everything right. The strategy offers a perspective I didn't realize existed, and it's also helped me move on more easily when rejection happens.
2. REINVENT THE BRAND
It's not easy to admit when the path you're on isn't the right one. Sometimes a sales slump signals a larger opportunity, such as a shift in the market.
Consider a company like IBM. When the computing era took off, so did IBM's products because the company was making the computer equipment customers wanted. Yet, by 1993, IBM experienced an $8 billion quarterly loss. This was more than a temporary sales glitch. It was a sign to change direction by reinventing the brand.
IBM's sales leaders pulled it off by listening to the market. Summoning their courage, they focused on providing completely different services. By switching to software, research, and IT consulting, IBM's leaders turned the ship around.
As of 2023, IBM's brand value is over $87 billion. The company is still a global powerhouse, largely because its leaders weren't afraid to abandon what they knew when it was no longer working.
3. REVAMP DIGITAL FOOTPRINTS
Your website and social media presence are usually a lead's introduction to your business. Everything from product descriptions to the company's response to an online question speaks volumes. While it's tempting to think your words work in your favor, they may not have the powerful punch you want them to.
When sales are slow, it's an opportune time to revisit your website copy, social media pages, and digital content. Does its organic traffic match your goals? Is the content bringing in a good number of qualified leads? Even if you're close to or crushing your goals for the year, complacency is never a good idea.
If an entire re-do of your website feels too ambitious, start small. Look at your product descriptions. When was the last time you changed the copy? If it's getting stale, A/B test different versions to see which one gets better results. Maybe there are new ways to say the same thing, but in a way that drives more traffic to your site.
You can also look at some of the design elements, or get outside feedback about page navigation, look, feel, and functionality. You might be surprised to learn that something you thought was insignificant can make a considerable difference. I suggest also trying different strategies with social media, such as interactive giveaways and online scavenger hunts, to stir up interest.
4. SHIFT YOUR FOCUS
Are you focused more on acquiring new customers or strengthening relationships with existing ones? I don't need to tell you it's easier to sell to someone already familiar with your product than someone who isn't. Adopting a positive mindset may be key. But this approach only goes so far when the obstacles to your goals seem to multiply.
Shifting your focus to existing clients can be beneficial in many ways. For instance, you don't have to psyche yourself up for another cold call. Instead, you can lead with a follow-up to the last conversation you had or how the customer's business is going.
Probe for opportunities to add value, such as introducing an upgrade or an add-on to fill a gap. Even if the timing isn't right, you've at least sown the seed for a potential future sale. Plus, by reaching out, you reminded the client of what you bring to the table. Outreach can also prevent churn, which is just as crucial for maintaining cash flow.
