Is your business feeling the effects of a summer sales slump? Has traffic slowed down or come to a halt? If so, we’re reaching out to let you know that you’re not alone. The summer slowdown in sales during the third quarter of the fiscal year can be challenging for some industries. No matter how much you prepare mentally and financially for this slump, it’s still disconcerting to see traffic slow down during the summer season. Getting deals across the finish line can make some sales representatives question their abilities and profession.
Staying positive and focused during a sales slump is not always easy, and it’s easier said than done. That’s because the summer slowdown is real. So real that two-thirds of B2B businesses experience sales slumps over the summer. July and August are the worst months; during this time, nearly 75% of businesses experienced a drop in sales of 20%, while one in five reported drops in sales of 40% or more. This sales slowdown period, usually from July through September, is where the challenge lies in navigating through this dreaded sales period for some industries. Many businesses struggle with managing their staff and maintaining profits, if not breaking even, during this sales season. At Credico, we recommend businesses find a healthy balance between sales and the slump, staying the course while managing the anxiety and uncertainty of this time of year. Keeping your head in the sales game takes balance and a healthy recognition of the facts of the matter — sales are slow in the summer with the promise of the sales industry that things will get better.
Sales may be slow in the summer, but they still exist. Customers are still making purchases, and they are still consuming. What gets in our heads about this time of year is what we got in our heads in the first place. Keeping your head in the sales game should be approached as just that – an opportunity to play and have fun. We see a sales slump as an opportunity to refine our sales techniques, get organized, and prepare for the fourth and final quarter of the fiscal year. The summer season can be seen as a well-deserved pause. As the fourth quarter approaches, we anticipate a time of intense shopping and a push to meet end-of-year goals, and many industries will experience a hectic end to the year. This summer slowdown is an opportunity for sales professionals before the busy sales period begins.
After the summer comes the period known as the “Cyber Five.” According to the Q4 Shopping Intelligence report, the weeks from late fall (and Thanksgiving in the US) through Cyber Monday have become a peak of heightened shopping activity, resulting in remarkable sales. Businesses are expected to see a surge in sales during this period, also known as the fourth quarter shopping spree or a race to the finish. In this time period, many businesses are using up their remaining discretionary funds while customers are spending for the upcoming holiday season. The fourth quarter is such an active sales season that it can account for up to 75% of a company’s annual sales.
While often dreaded, a summer sales slump should be thought of as more of a summer sales sabbatical. It’s an opportunity to take a break from the hustle and bustle of sales and reevaluate your approach to the work. Use this time to prepare instead of panicking and reflect instead of complaining about the slow pace. Businesses should support their teams with balanced schedules that allow them to adjust to the season and prepare for the future.
The summer season is a win for everyone — customers, sales reps, and businesses. As long as everyone remembers to have fun and rest, the sales slump will naturally transition into a springboard for growth.