Assessing current and future demand to drive sales 🔍 Evolving Strategies

EVOLVING STRATEGIES

This week’s opportunity to evolve your strategy

How to assess current and future demands to drive digital sales

Imagine your business is solely focused on the current situation of what’s going on in the market. There’s a huge amount of demand coming in and you’re thinking, I don’t need to worry about down the road because I have so many sales coming in right now.

What you don’t realize, is the markets are changing, customer behaviour is changing and interest rates are going up. Inflation post-pandemic was increasing above the 2-3% target rate and that meant the government had to do something to bring it back within the target rate. So prices started increasing on goods, and the base line interest rate started to increase which means lending rates and savings rates also went up.

The future can be unpredictable, even though there are so many government bodies, and businesses that are regularly trying to predict what’s to come. The point of this example is not to just focus on the current situation of your business, but a successful digital sales strategy also looks at whats to come down the road.

Analyze, stay up to date and regularly look at changes that are happening so you can pivot to keep growing. So how do you do this?

How to apply this:

What you should takeaway and apply to your digital sales strategy:

1. Review your sales and customer data

2. Analyze for insights

3. Future trends and opportunities

Review your sales and customer data

Questions to ask yourself as you gather the data and review. Use charts, graphs and pivot tables. Manipulating the data allows you to find insights by grouping them into segments.

• What products are being bought?

• Is there a shift from what was being bought before to now?

• What are customers looking at on your site?

• What are they adding to their cart? Are they abandoning more than before?

• What are reviews saying about your products? Is there a change in what they say?

Analyze for insights

The answer to your questions is an opportunity to identify trends. Think about these as you look at the different segments. See if there’s something that stands out, which could help you make improvements.

• Is there anything that stands out from 2 months ago, or 6 months ago?

• What’s different in how customers are buying products?

• What’s happening slowly and progressing that wasn’t before? (future opportunities)

Use this information to adjust your strategy, make changes and improve you’re overall business. This could be processes, products, systems, even customer experience.

Future trends and opportunities

Use your current position to pivot strategically for the future. Don’t lose out on the current opportunities

Instead slowly pivot from right now and setting up your business for the future. This may mean slowly removing a product that isn’t selling anymore for example. Not immediately removing it, but slowly fading it away.

Here’s how to adjust strategically overtime:

• Stop advertising the product

• Stop investing in it for research and development

• Let customers know it’ll be discontinued

• Announce a removal date for anyone that’s still interested to buy before it’s gone

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