When business is slow and sales are declining, it is your job as the CEO to tweak the company’s marketing and sales tactics in order to get new customers interested and engaged in your brand, and to ultimately boost profitability.
In this digital age, the CEO has to be up to date with the latest technological advancements that can help the business sell its services or products. Customers are no longer buying as they use to, so your company should not be using selling and marketing techniques of the past either.
Here are three worthwhile activities a CEO can take part in when profits are down.
Clients are tired of the same old sales pitch. What’s more, they want to be in control—they do not want to feel like they are being pressured into a sale. When you engage with your customers instead of selling to them, you can close more sales.
The Internet has become the best place to engage with clients, especially when it comes to social media. Although a CEO might see social media as a waste of his representatives’ time, nothing could be further from the truth. People are constantly on social media asking questions, looking at reviews, leaving feedback, and researching products and services. A chief executive officer must make his company visible and available to customers in the digital world. When your salespeople are on social media answering questions, and providing feedback and valuable information, the customer is more likely to remember your company positively for its customer service and knowledgeable representatives. Twitter, Google +, LinkedIn, and Facebook are all valuable tools that can increase sales when used properly.
When transactions are declining and fewer new customers being acquired, it’s only natural that a CEO will analyze the company’s selling techniques to see what’s working and what isn’t. If a company’s sales are based on old-fashion cold calling, it might be time to look into the valuable tactic of inbound selling.
With this type of selling method, you are putting the customer in control to call you for your services or products, instead of trying to track them down and convince them to buy. With inbound selling, you are using tools to drive traffic to your website so your customers can get informed and educated about your business and then decide whether they are interested in what you are selling or not. It’s the path of least resistance, and it’s the easier way to turn a lead into a sale and make new customers. Through inbound selling, you are focusing your sales efforts on convincing prospects who are already interested in your products to make their buying selection, rather than wasting valuable time contacting people who have no interest in your products or services right from the start.
When a company’s sales representatives are inactive and unimaginative in their selling and marketing techniques, it’s no surprise that they are not selling as much as they could be otherwise. When it comes to selling over the Internet, you will be surprised to know that some of the most searched terms out there are “coupon” and “discount.” This is especially true of smartphone users who are actively searching for deals while they’re shopping. To increase sales, offer coupons online that can be redeemed via cell phone or print out. You will drive traffic to your website and gain an edge over your competition. To increase visibility online, you can also create contests, surveys, and creative activities to entice customers to engage with your salespeople.
When profits are declining, a company must examine its marketing and selling techniques and transition to the selling methods of the future in order to heighten productivity and increase profitability.
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