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We can all agree that the last couple of years have been tough. Confidence that the economy is taking an upward turn again is a fragile commodity, at the mercy of any doom-and-gloom media reports.
But recovery does now appear to be arriving. For the first time since the end of 2010, all the major sectors of the economy – services, industry and construction – have shown positive growth, and many people now feel more confident about spending, which in turn will cement the recovery further.
In the midst of more positive economic news, now is an ideal time to look at what is happening with your sales. Discovering why your sales are increasing or decreasing will put you in a stronger position for the future.
So, as business confidence returns, let’s look at some reasons behind changes in your sales figures:
There could be many reasons why your sales are on the up but, rather than just accepting your good fortune and hoping for it to continue, use market research as a tool to investigate further. Questions to ask yourself are…
- Has your market share increased? If so, why?
- Are you benefitting from product or service innovations (especially those introduced by your competitors)? Your competitors could have a growing market share despite your own increase in sales.
- If increased business confidence is also being felt in other countries, is now the right time to export to new markets? (Have a look at a previous newsletter on this topic here).
As recovery filters through the economy, you will understandably want your business to benefit from the resulting boost in confidence and spending. But if your sales have not yet started to recover, it’s important to stop and ask “What’s going on, and what can I do about it?”…
- Is your business still providing what customers need?
- Have you lost customers in the downturn?
- Are your competitors selling the same product/service to your customers but at a lower price?
- Or are these customers buying a new or improved product/service that addresses their needs better?
- Lastly, do explore whether there is attractive potential in other countries? If yes, now is likely to be a good time to launch into new territories.
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