If your company's sales results were a dance floor, how would it look? Are the numbers
jumping off the page, dazzling you with their lively performances? Or are they slow,
sluggish - perhaps even disappearing entirely? To keep the party moving, every
business needs to regularly remix its line of products or services.
There are many potential causes of a sales slowdown. But these troubles aren't all bad
- they can help you shape the sound of your revised offerings. Start with the
obvious: Are your customers drifting away? Conduct market research to find out
whether they still like what you're selling or if their needs have changed. Evolution
is normal, so be ready to adjust your menu to keep pace.
Also look into how long you've been offering the same products or services, and
whether you've saturated the market. Some things have enduring value, but demand for
others can wane as new products take the spotlight. Regular evaluations can help you
decide whether you should:
- Test a product or service in a different market or geographic area,
- "Reinvent" a product or service (for instance, by repackaging or renaming it), or
- Discontinue it.
Finally, don't ignore the economy - both national and local. Market conditions can
influence the sales of even the strongest products or services. Try to bolster the
strongest ones, but also consider discontinuing weak ones or adding new ones that
reflect the strength of the local economy.
An effective remix of your products or services can turn a sad song into a happy tune.
For help making the right tweaks, please give us a call.
This publication is distributed with the understanding that the author, publisher and
distributor are not rendering legal, accounting or other professional advice or
opinions on specific facts or matters, and, accordingly, assume no liability
whatsoever in connection with its use. The information contained in this newsletter
was not intended or written to be used and cannot be used for the purpose of (1)
avoiding tax-related penalties prescribed by the Internal Revenue Code or (2)
promoting or marketing any tax-related matter addressed herein. © 2016