5 ways to guide your team through sales slumps

It’s been a hard year for many sales teams. As the Federal Reserve began increasing interest rates to slow down the economy, the market reacted by becoming more conservative with spending. That translated to slower sales for many businesses in 2023. But the truth is, even during a normal economic state, there can be times sales get into a slump. And when that happens, it may take some work for them to get back on track and feeling motivated to keep moving forward.

If you’re seeing a sales slump in your business, the following 5 tips can help your team regroup and find success once again.

There may be some simple things you can think of that could help alleviate the issue of slower sales. Maybe you have lofty sales goals. Perhaps your key performance indicators need some tweaking. It may even be possible that one of your sales team members is lacking confidence. Uncovering the problem may help you find solid solutions that can turn sales around.

In fact, once you know what the problem is, you can create solutions that are tailored to fixing them. Whether it’s setting up smaller goals to meet the larger ones later down the road, beefing up marketing to gather stronger leads, or helping a team member get inspired and gain confidence, it can be incredibly powerful to identify an issue and fix it. And it can go a long way toward fixing those slumps.

Rewards and sales incentives are a great motivator for employees. A cash bonus may be a great incentive alone, but you may want to get more creative with giveaways, too. Things like tickets to sporting events or concerts, extra paid time off, gift cards, and tech may be a way to sweeten the pot for your salespeople who are struggling.

In fact, research shows sales incentives that come right after a task is completed can boost morale so much that people are 35 percent more likely to continue completing tasks. While a reward may seem simple, it’s so motivating to many employees that it can get them out of uncertain times and moving toward success quickly.

Sometimes your team just needs to feel like you’re involved, especially when things get tough. After all, that hands-on approach from leadership means you’ll have a better understanding of what your team is going through and where things are going right and wrong. It can even help you see where your business has opportunity to adapt and grow.

Getting hands-on with your team doesn’t mean micromanaging, either. It means demonstrating how to get through the tough times. It means you have the opportunity to coach and clearly communicate with your team. And it means being transparent, as well as being able to take constructive criticism as well as giving it out. In the long-run, it also means you’ll have more respect from your team, which is motivating on so many levels.

To be able to succeed at the most basic level, your sales team needs a few specific things, like training, quality leads, equipment, and sales tools. But to truly succeed and to get out of a slump, they also need support that includes motivational tools, professional development, and clarity.

Start with those basics. Make sure you’ve employed a great training system and clear processes and procedures that will ensure they know what is expected of them. If it’s been a while since they’ve had training, including updates on market trends, learning new CRM systems, attending seminars, and more, giving them opportunities to learn can ensure their success.

It’s amazing how a simple thank you can go a long way toward boosting morale within your team. Sometimes just acknowledging the small wins can be enough to pull your team out of a slump. But that’s not the only reason you should thank your team. Truly, you should thank them regularly for the fact that they’re putting in the time to help your organization succeed.

It could be as simple as a card. You could give a successful employee a shoutout in a meeting. Maybe you say it with a cup of coffee. Or maybe it’s a quick pat on the back. When you’ve had a team member struggling, that little thanks can turn around a difficult time and get your team back on track.

Burnout, frustration, and uncertainty can all lead to a slower sales season. But with some intentional effort placed toward your team, it’s something you can easily get through to ensure a more successful sales season.

Jim Allen is a business leader and entrepreneur who has built one of the top-producing real estate groups in the Triangle. He is President of The Jim Allen Group, which is consistently named one of the top real estate teams in North Carolina and even North America.