Every business experiences ups and downs. At times, new deals seem to close daily, new prospects vie for your attention, and the phone won’t stop ringing.
Then there are those times when things move slowly, leads are scarce, and you suddenly find yourself with an abundance of free time, perhaps with no idea what to do with it.
When business and lead generation slow, it’s easy to get caught up in worry. That concern may also be justified, and it can assist you in making the best business decisions. A sales slowdown can serve as a wake-up call to be more inventive in your sales strategies.
However, if you’re going to wait out the slow period, why not look for and seize any opportunities that present themselves during this time?
How to Proceed When Business Is Sluggish
If your business is experiencing a temporary decline in lead generation, this could be the ideal time to fine-tune your routines and processes in preparation for when the tide turns.
Here are nine areas to concentrate your efforts on to ensure your business’s long-term success.
Eliminate duplicates from your email list
When was the last time your email list was updated? How many contacts are genuine and verified, and how many are invalid or out-of-date?
We’ve all had that experience when a valuable lead turned out to be firstname.lastname@example.org. Now is the time to purge your email lists of bogus accounts, misspelled addresses, and duplications.
Maintaining an accurate and up-to-date email list will help you reduce bounce rates and improve the overall performance of your email campaigns. Maintaining a healthy email list also protects your IP reputation and improves deliverability.
Complete and update your contact information.
How is your CRM system performing? Is your data up to date? Are all contact details neatly completed and recently updated? If that is the case, you did an excellent job! Your business is an outlier to the rule that most salespeople despise administrative tasks.
However, what if your CRM system is in disarray? To be sure, you are not alone.
Given that B2B data decays at a rate of 70% (!) per year, this is a task that many businesses struggle with.
The good news is that enriching and updating your customer data will pay off handsomely once the wheels of commerce begin to turn again. Reliable customer data is critical to the sales process and will significantly improve your team’s efficiency.
Additionally, now may be a good time to integrate your CRM with other systems, such as your marketing automation application, customer support platform, or VoIP provider.
Align your business strategy with your objectives
It’s easy to lose sight of your brand, marketing strategy, and overall business strategy. They are, however, extremely valuable to update and remind your team of on a regular basis.
When business is slow, it’s an excellent time to reassess your offer and positioning.
Additionally, as part of your strategy review, you can conduct a quick competitor analysis. Take care to ascertain where your competitors’ offerings fall short. These gaps may present your business with new opportunities.
Understanding what your competitors are offering puts you in a stronger position — both during sales conversations and when tailoring your own offerings.
You could even publish your comparison content on your blog or website to assist prospects in making the best choice possible for their objectives and pain points.
Additionally, keep in mind that your competition is dynamic; new players present new challenges, and the market landscape is constantly changing.