Trade-In Tech
by on February 26, 2021
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Unfortunately, every business runs into sales slumps from time to time. A sales slump is another way of saying that your company’s sales either aren’t coming on or have slowed down considerably.

 

One minute your business is selling smartphones and tablets; the next minute, you’re wondering why all of your momentum slowed to a crawl.

 

A dreaded sales slump is almost impossible to avoid. But this type of slump is always possible to get out of.

 

You can bounce back from this slump by following a few special strategies and tips.

 

1. Start Selling Your Electronics on Trade-In Tech

 

 

One of the best ways to get over a slump in sales is to expand the reach of your company. There are many ways to achieve the goal of growing your business.

 

If you’re looking for a simple and fast way to do this, become a Trade-In Tech member. Trade-In Tech is a wholesale platform for electronics dealers.

 

But how does Trade-In Tech help you out of a sales slump? Fortunately, we do this in many ways. Let’s take a closer look at why becoming a Trade-In Tech member is so beneficial.

 

The first way Trade-In Tech can help you out of a sales slump is through our network of members. If you’re having trouble making sales in the electronics industry, it might not even be your fault!

 

Many electronics companies experience a lack of sales if they’re not working with a large enough network of buyers and sellers. 

 

At Trade-In Tech, we have thousands and thousands of both buyers and sellers ready to make transactions with your business.

 

Plus, Trade-In Tech’s marketplace is extremely organized. We have all of our products categorized to make it for sellers to list their items and buyers to find what they need.

 

We also regularly speak with business leaders as part of our blog. Here’s a recent post we put together discussing how one of our members led his wholesale electronics company to success.

 

2. Use a Sales Slump as a Training Opportunity

 

Sometimes, sales problems begin because of something you don’t understand. Instead of letting this situation affect your business, now might be the best time to fix this problem through a little training.

 

This training doesn’t have to come in the form of expensive classes or personal consultants. 

 

For example, there are many sales podcasts out there to give you the help you’re after. Most of these podcasts tackle specific topics in each episode. 

 

It’s a safe bet to assume you can find at least one podcast talking about the problem you’re dealing with. Best of all, most podcasts are free to listen to. You might even find a new favorite podcast that becomes a sales inspiration in the future.

 

Another great and free source of helpful information for your electronics business is at Trade-In Tech’s blog. Each week, this blog features content aimed at helping owners of wholesale electronics companies.

 

Our blog has tips and guides for a wide range of topics, including how to improve your sales, search engine optimization tips, and much more.

 

3. Dig Deeper Into Your Sales Process

 

Image by Pexels from Pixabay

 

To solve the problem of sales slumps, it’s helpful to do a bit of investigating. Sometimes, fixing a few problems can get you out of a sales slump right away.

 

With that said, these problems might be due to the sales processes your company already has in place. If a sales strategy works for a while, it’s understandable to keep it around. Unfortunately, times change as does the effectiveness of certain sales methods.

 

Use a slump to ask yourself if any has recently changed with your company’s sales process. If you’ve kept your company’s sales process the same for quite a while, maybe now is the time to test a few new ideas.

 

For even more success, take notes about new approaches you want to try and note your results. You could soon find these new sales methods became tried and tested ways to close customers.

 

Sometimes, sales slumps are the best ways to get rid of strategies that don’t work.

 

4. Practice Your Prospecting Skills

 

Before most sales happen, companies need to build up lots of prospects. If your company’s sales are slowing down, it might be because you’re not prospecting as much as you used to.

 

Prospecting is one of the best backup plans when it comes to selling online

 

To solve the problem of slowing sales, it’s time to start prospecting. But where do you find these potentially valuable prospects?

 

You can find potential customers and future business partners on your company’s social media pages. Here’s a recent post we put together about how to find suppliers through Linkedin, a popular B2B social media network. 

 

There might also be prospects lurking in your company’s list of email subscribers.

 

Regardless of where your prospects come from, use this slump as motivation to start spending more time interacting with them. You don’t have to overthink what to say to a prospect, just work on presenting what your business offers that others don’t.

 

Consider using this time to pull up a list of your prospects and start thinking of ways to contact them. Even if only one or a few of your prospects respond, it might result in making that key sale that gets you out of a slump.

 

5. Think About What’s Going Right

 

Image by athree23 from Pixabay

 

During a sales slump, it’s easy to mentally beat yourself up with negative thoughts. However, this kind of attitude won’t solve your slump. It can even make your slump last longer because you’re in a negative state of mind.

 

Instead, you might bring yourself out of this slump with a little gratitude. Yes, we know it might sound a little strange and corny to feel happy during a sales slump. But, even tricking your brain into a temporary state of happiness can work wonders.

 

Many studies find that practicing gratitude can bring amazing results. A recent report from Berkeley University found that being thankful about what you have pushes negative thoughts out of your brain.

 

The next time a sales slump has you down, remember why you started working in the electronics industry. Also, take note of your accomplishments and focus on positive things happening with your business. 

 

No matter how small these accomplishments might seem, repeating them to yourself can have major positive implications.

 

Taking the previously mentioned steps can get you mentally ready to get past any sales slump.

 

6. Reach Out to Current Customers for Referrals

 

If your business isn’t making enough sales, take a closer look at your company’s current and past customers.

 

Chances are, at least a few of these people love doing business with your company. Considering that, it’s time to reach out to these individuals and ask for a referral. 

 

In a recent article, Forbes reported that 78% of B2B marketers felt that referrals bring either good or excellent leads. One reason for this is because most people trust referrals from people they know.

 

It might seem a little intimidating to ask customers for referrals. However, as it is with almost anything in life, asking for referrals gets easier as you continue doing it.

 

The key to getting referrals is to take the awkwardness out of this situation by being honest. Customers understand that businesses depend on referrals to continue growing.

 

Plus, the worst response you can get is “no.” To drum up more potential sales, start looking into your past and present customers. Chances are, you’ll find more than a few people willing to refer your company out to other people.

 

7. Clock Out Later

 

Image by Free-Photos from Pixabay

 

It’s human nature for people to get stuck in routines. Whether you’re working 40 or 80 hours each week, people generally get used to consistent routines and behaviors.

 

During a time when slumps happen, you might feel tempted to walk away from sales forever. While you might get more free time, walking away from everything won’t solve your problems.

 

Instead of doing this, do the uncomfortable and spend more time working on your sales. Yes, you might feel exhausted. But pushing through a slump is a secret the professionals use to fix this problem.

 

Even if you’re working an extra 30 minutes each workday, that adds up to 2.5 hours of extra work each week towards gaining new customers.

 

After all, the best way to get out of a sales slump is by making a sale! For more help, here’s a recent interview our CEO Hayden Howard did with NYC Phone Buyer, a company that makes about $100,000 in monthly phone flipping sales.

 

8. Take Time to Evaluate Your Surroundings

 

Sales slumps are sometimes the product of your surroundings. Considering that, another important step to improve a slow sales period is to evaluate your surroundings.

 

When your day begins, are you pumping yourself up or putting yourself down?

 

Do you feel excited about talking with prospects, or is this something you’re putting off?

 

Think about everything that is going on around you. It’s possible to find that changing the music you listen to or working from a new location for a while improves your ability to make sales and profit by selling electronics.

 

9. Consider Taking a Day Off

 

Image by Jill Wellington from Pixabay

 

While you’re dealing with slow sales, it’s understandable to want to pack everything up and close up shop. Instead of doing this, maybe it’s time for you to take a day off.

 

There are times when sales can stop due to outside factors. However, certain sales slumps can happen because a company’s sales employees need a break.

 

What you choose to do with this time away is up to you. Certain professionals might use this time to reflect on what got them into the electronics industry. You can also use this time to completely get away from sales and relax for a bit.

 

The most important thing is that you don’t let a temporary sales slump take out of this industry for good. 

 

We can’t guarantee when you’ll make your next sale. Unfortunately, we can guarantee that you won’t make another sale if you decide to quit.

 

10. Buy Yourself a Small Reward

 

This next tip might sound strange, but it’s one worth considering. Sometimes, sales slumps are signs that it’s time to reward yourself. If you’re like most entrepreneurs, you’ve likely spent a lot of time building up your business.

 

Yes, it might sound a little weird. But sometimes, you need to reward yourself in the present to keep yourself going in the future.

 

Of course, we’re not suggesting you open up a new credit card or buy that dream car you have your eye on. However, spending a little money on something less expensive you want can sometimes be that action that pulls you out of a slump.

 

If this doesn’t sound like something you feel comfortable with, it’s OK to skip this item.

 

11. Start an Exercise Program

 

Image by Jill Wellington from Pixabay

 

There’s a reason why many successful business owners swear by focusing on their health. When you exercise, it releases chemicals throughout your body and mind like dopamine.

 

As you continue exercising, you typically feel better about yourself. Plus, regular exercise often helps people experience more energy during a typical day.

 

No, you don’t need to spend hours every day working out. You might find that taking 15-20 minutes out of your day to go on a walk gives you the benefits that exercise provides.

 

Plus, exercising is another way to get away from the business side of things for a little bit. Taking a few of these breaks throughout the week might give you the better results you’re after.

 

In conclusion, everyone deals with a slump in sales from time to time. The key to bouncing back from a sales slump is to understand how this can lead to improvements in your company. You can also use this time to research what might be causing sales to slow down. For more help with running your business, make sure to visit Trade-In Tech’s blog for proven marketing and sales strategies.

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