Change is happening at a rampant rate in the fitness and sports industries and the competition is prolific with the various entities getting involved. Amazon and other mega-corporations are bringing with them costly features, like 1-day shipping, that local sport & fitness businesses are having trouble competing.
Whether selling sports equipment, activewear, fitness devices, etc., setting yourself apart from the rest is challenging. With the necessity to keep up with the latest trends and technology, it is important to take advantage of sales opportunities that entice consumers for your sport and fitness business.
Just as businesses have sales at certain times of the year, consumers are more likely to make purchases based on the time of year or day of the week as well. Planning for these times of year will give you the upper hand in announcing sales to consumers. Fortunately, there are websites and apps available that provide analytics of the best time to buy.
How Do I Know When My Sales Will Peak?
One of the tricks to mastering the world of business is figuring out when your peak sales opportunities are. For some companies, it is obvious.
If you sell lawnmowers, your sales are going to peak when the grass is green, and the yards are growing tall. On the other hand, if you sell holiday decorations, your sales will peak when Christmas rolls around at the end of each year.
However, even if you are not a seasonal business owner, if you look closely enough, you will find that every niche has a peak sales period. This peak sales period could be on a cycle of any length. It could be that you sell the most during May-June. Or, it could be that you sell the most on Wednesday night.
Figuring out when your sales peaks are–even if they show only an ever-so-slight increase of your current volume–will help you amplify your selling potential.
What Should I Do Once I Learn My Sales Peak?
If you are able to figure out when your sales opportunities hit their peak, your sport and fitness business will have valuable information that can help you increase your revenue exponentially.
There are really two things you should do with this information, and they will both save you money and lead to more sales.
First, identify the ebb-and-flow of your sales. If they seem to peak around May/June and die down in July, you should not spend as much money advertising in July. That is the low point of your sales cycle. The market is telling you they do not need your product right now, do not waste time trying to convince them they do!
Instead, since you have identified the peak of your sales opportunities, you need to spend more money in the weeks leading up to that peak in May/June so that you can be at the forefront of everyone’s mind when they decide they need what you are selling.
When Do My Sales Opportunities Peak?
Your sales opportunities will peak when the most amount of people are interested in buying what you are selling.
Keeping this all in mind, realize that your sales peak likely will not be a month out of the year–although it could be. If you are not selling a seasonal product, your sales peak might be a time of the month. Or, it could be a time of the week. People could even be more likely to buy at a certain time of day.
All of this can be narrowed down to your audience, their usage for the product, and their lifestyle.
For instance, if you are selling a resume creation tool to job seekers, you might see your sales peak at the end of a long workday when finding a new job is fresh on their mind. That means the sales peak could be Friday night after 5 when most people are off work and have some time available to search for a job.
You could use this information to time your marketing emails more effectively and, ultimately, make more sales.
Take Advantage of Other Business’ Sales Cycles
In addition to learning your own sales cycles in order to better market your products to customers, it’s also helpful to learn the sales cycles of other companies. This can help you with contract negotiation and it can help you score discounts and deals on the equipment you need for your sport and fitness business.
During the low-ebb of a sales cycle, a business is more motivated to make a sale just to move inventory. You can use this to your advantage by buying seasonal equipment off-season and figuring out when your partner companies tend to mark down other items.
Unlock the Power of Your Sales Cycle
Learning your business’ sales cycle can help you in every aspect of your business. Not only will it enable you to better predict profits and sales, but it will also help you maximize your profits and sales by enabling you to market to your audience at the right time.
During slow periods, you can even decide if it is worth investing more in marketing to keep sales flowing or if it is best to sit back and wait until the natural sales cycle picks up again, so you have to put in less work to make a sale.
Without knowing your sales cycle, though, you might never be able to figure out the right strategy. It all starts with utilizing data to figure out when your business’ sales cycle takes place…
Looking for more ways to take your Sport and fitness eCommerce business to the next level?