Every year we see the same sale patterns repeating yearly, monthly, weekly, and daily. When you pay attention to the details and learn the cause and the effect of each cycle, you will see the pattern, and then you can start to make predictions, which in most cases can also be called the "future". Using these predictions wisely, we can learn to expect peaks and lows in sales and revenue. In addition, we should look at other cycles such as the branding cycle, awareness cycle, economy cycle, industry cycle, and so on.
Why should you follow your sales cycle?
Keeping track of your YOY (year over year) sales cycle is essential for businesses to understand the trends and effects of their plans. For example, a company that saw a rise in demand during the pandemic and just kept growing without considering the pandemic as the main reason for growth. The company had much more inventory than it needed after the pandemic. Therefore, those things led to longer sales cycles (i.e., the effects) and damaged the brand's reputation. Keep in mind discounts are at a high, and it might seem like your overall revenue has improved. However, in reality, prices are low, and people can allow themselves to splurge. With a big sale, you get more money and earn more income. However, your revenue stays the same, which means that to increase revenue, you need to sell at a higher/original price.
The smart way to grow your sales cycle:
1. Your company must be creative and bring to the market products that your customers will run to purchase; by creating a craving for a brand-new and exciting product/service, your customers are more likely to buy or tell their friends.
2. Another crucial part of the growth in a yearly sales cycle is always trying something new to reach possible new clients. How have you tried to attract new potential clients? Have you tried using your loyalty program by adding a referral program to attract friends and family to promote your brand and increase your customer base? Have you tried spreading brand awareness by collaborating with influencers?
The point is to try to spice things up at the beginning of each sales cycle by trying new things, launching new and exciting products, and selling more at the start of a new season.
