It's the stuff of CFO nightmares.
A late-night, coffee-fueled examination of the latest profit and loss (P/L) statement reveals a disturbing trend - sales are down. The cost of goods sold and operating expenses remain stable yet the declining sales are impacting net income, the bottom line. These realizations can't always be understood with a spreadsheet.
Fortunately, these nightmares can have happy endings with plenty of black ink.
Here's how to analyze your sales and marketing efforts to determine why sales are down and how to fix it.
Siloed marketing and sales teams are often the culprits of downward trending sales. The ability to track leads with CRM software is established but underutilized. Here's a marketing and sales alignment checklist.
Lower sales might be attributed to misguided or lackluster marketing efforts. Here's how marketing might be dropping the ball.
We know the importance of collaborating on content. Without that collaboration, marketing teams might be producing content with various issues.
Lastly, a marketing problem that hurts sales is a lack of competitive research and industry awareness. Sales teams are pitted against the competition every day. Marketing teams need to study competitor strategies and how rebuttals are handled. Copying competitor strategies will only make things worse, but marketing teams must understand the competitive landscape.
Sometimes sales issues aren't tied to data, analytics, or fancy strategy plans. They come down to human motivation. Sales teams are only as good as their compensation plans, training, and processes. Here's the starting framework for motivating salespeople.
As noted, there are many factors that can determine why your organization’s sales are down. Assessing the dynamics of your sales and marketing teams is a great place to start when identifying the challenge areas.
At Synchronicity, we understand the importance of aligning your marketing and sales teams. We help our customers improve their internal processes to achieve maximum efficiency and communication within the organization. Combine our knowledge and experience with your hunger for sales to help you reach and exceed your goals.