While speaking to clients and prospects over the last few months, one question I've received often is what should we be doing to combat slowing sales.
A few considerations I share with them include:
1. Slow down on benchmarking against your existing competitors. Benchmarking can be valuable if done properly but it often results in a race to play 'feature catch up' resulting in a commodity solution and stagnating sales. To leapfrog the competition, consider looking at adjacent products or alternatives to uncover new feature sets that will position your product uniquely in the marketplace.
2. Revisit the problem your product or service is addressing. What are the key features that are required to answer that problem? Focus on ensuring these most important features are continuously being improved upon. There is a tendency for companies to add more advanced functionality because that is what is being requested by existing clients at the expense of improving upon the core functionality that will lead to more new client sales.
3. NIHITO - This acronym, which stands for "nothing important happens in the office", means you need to be externally focused. Don't fall in love with your product, rather fall in love with the problem you are fixing. Therefore it is critical that you are talking to clients as well as lost prospects to understand their pain. It also means monitoring the latest market trends to see if there is a new type of technology, for example, that you could be implementing into your solution to make it unique or easier to use.
For more information regarding what strategies you should be using to increase revenues, please email me at firstname.lastname@example.org.