An unexpected dip in sales can be a real obstacle for business owners. If you’ve found that your profits are down, you need to take action as soon as possible. Don’t wait. This issue will not fix itself. First, let’s deal with why your sales are down.
Here are six possible reasons that you might want to consider:
1. Your marketing plan needs updating
When you first started out, you likely spent a lot of time and energy on your marketing. However, as your sales rose, you might have taken your eye off the ball here. Often enough, people think that marketing is only essential at the start of a company’s journey.
That is simply not true. You need to take the time to continuously update your plan and make sure that it fits your current needs. It ought to go hand-in-hand with your business.
2. You’re not up to date with trends
Do you follow the latest trends? Running a lingerie store is all about fashion. If you fail to stay up to date, you could have a problem. As a business owner, it’s your job to be aware of what’s happening in the world of lingerie.
You should know about the latest trends and what else is out there. Reading fashion magazines, industry publications, and blogs is the only way to go. Be sure to dedicate time to this aspect of the business.
3. Your staff need re-training
When was the last time you trained up your staff? Again, this is a job that many business owners put a lot of emphasis on when they first start out. However, as time goes on, they forget the importance of training and retraining the group.
Your team members are the first point of contact for your customer. They are on the front-line. That’s why you need to make sure that they are on their game. Try a staff training day and give them some advice.
4. You don’t address customer feedback
It can be more than a little disheartening when a customer gives you some negative feedback. If you find that someone gives you a terrible comment or complains online, you might not know where to start.
The important thing here is that you address the feedback. Ignoring it doesn’t mean that it will just go away. What’s more, if you’re not careful, you’ll have lost a customer and perhaps even more. Take the time to resolve the issue. Talk directly to the customer and find out what the problem is. Then offer a solution that suits you both.
5. You don’t follow up
When you’ve made a sale and the customer has walked out the door, you might think that your job is done. Nothing could be further from the truth. You need to follow up with the customer and make sure that they were happy with the experience. Not only could this tip boost your lingerie store sales, but it’s just good practice.
There are a few avenues that you could explore here. For example, you could send them an e-shot to thank them for their purchase. Aside from that, you might reach out to them on social media or even send them a text. No matter how you follow up, it’s crucial that you do so sooner rather than later.
6. You’re ignoring the competition
Do you pay close attention to your competitors? You might think that – so long as you’re doing a fine job – you don’t need to know what they’re doing. Nothing could be further from the truth. You need to keep an eye on what they’re doing so that you know whether you’re giving the best level of service available.
Every now and then, take the time to survey the other lingerie stores out there. Find out what they are doing well and what’s not working. Doing so means that you will get a good idea of where your business is in the market. Use this information to improve.
While sales come in cycles, a huge decrease in your profits is cause for concern. Addressing an issue that could be causing it is the first step in this journey. It might be time to tighten up your ship and make some real changes. Consider revamping your business plan to suit the new market. It’s a challenge, but the results will be worth it in the end.