Managing a small business can be tough, especially when sales performance is down. While you can do everything to appeal to consumers, you cannot control the amount of foot traffic that comes through your door. Still, poor sales may be problematic for the future of your business. In that case, make sure you know how to develop sales goals for your small business. These will help identify any weaknesses from previous quarters and help you target new markets to maximize profit.
Assess Your Audience
First, to properly establish new sales goals, you should assess your current target audience. This will allow you to see where you need to grow and who to target. You should have an established target audience for your business with each demographic in mind. This includes gender, income, and age. Once you track these key demographics, you can focus on branching to those markets. Tailor your products and services to these clients for a more efficient marketing strategy.
Look at the Previous Year
Looking at your weaknesses from previous year(s) to better your business for the new quarter is an excellent strategy to develop better sales goals. To determine the best goals for the next year, compare the revenues from year-over-year to see your strengths and weaknesses. You should create a realistic and achievable percentage increase to integrate into the new year’s business strategy.
Revamp Your Marketing
Sometimes your poor performance is from a failed marketing strategy. In that case, it’s time to switch gears and start anew. One of the best ways to do this is through social media. Social media is a great platform to promote content and connect with customers. You will build your customer service which, to many customers, is more important than price or product. It’s also more cost-efficient retaining customers rather than seek new ones.
Increase Your Market Share
Additionally, once you’ve maxed out a particular target market, then it’s time to expand into others. Your market share is the percent of total sales from a specific company. In this case, it relates to the number of total sales your company accounts for. Losses in market share can drastically lower your sales and revenue. You should avoid this and make an increase to your market share one of your top goals for the new quarter. One way to do this is to have a stronger hold of the target market. Utilize optimal marketing and technology to make your small business stand out amongst your competition.
As you know, one of the best pieces of technology to solidify your performance is our BPA POS software for small businesses. Our POS software is quick and easy for retail, grocery, and other small stores. The simple navigation makes sales transactions and customer loyalty easy to account for. With our system, you’ll notice a significantly smoother and more efficient transaction process.