It happens to every seller, every year and to every single product. At some point, your product is going to hit a slump in sales and while this is a natural response to any market, there are things you can do to increase sales and shorten your slump cycle.
When you first realize that your product sales are in a slump, there's a few things you should do first before taking any actions.
Slow Sales Checklist
Are you in the middle of a seasonal dip?
Many products, if not most products have seasonal cycles. Products like toys, kitchenware and some electronics are at their sales peak in the months leading up to Christmas. Some products, like office supplies has a consistent sales cycle throughout the year. So it's important for you to understand your products sales cycle. If you sell halloween masks, then it's perfectly naturally for you to see a slump in sales in November. If this is the case, then you can skip to the bottom on how to get out of your sales slump.
How are your product reviews?
Product reviews are very important to all products sold online, so if you have a string of negative reviews, this could adversely effect your products overall ranking and turn off potential buyers from buying your product. If you do have a string of negative product reviews then your first course of action is to see if you can get the removed. If that doesn't work then you need to try and get more reviews to offset your negative reviews.
It's VERY important that you improve your overall product review score, because if it gets below a two, you can kiss that product goodbye.
Did a sale or promotion recently end?
Maybe you had a sale or promotion running and it ended recently. When you're running 100's of campaigns, it's easy to forget about 1 or 2.
Amazon Sponsored Ads OK?
If you know your product has a sponsored ad currently running, check it out and see how it's doing. Look at your CTR, click, impressions, ACoS metrics as these will be able to tell you how your ad is performing. This article will tell you what each metric means and how to read them.
How are your other Ad campaigns performing?
If you're using other Ad platform, e.g., Google Adwords and/or Facebook, you should see how those are performing. If they aren't performing up to par then you need to reevaluate the campaign altogether.
Do you have new competition?
You should already be keeping an eye on the competition, so when and if a new competitor pops up you'll quickly be able to notice. If you start to notice more and more competitors, then this is a sign of a changing market and you'll have to readjust.
How to get out of that Sales Slump
OK, you went through your checklist to help you figure out why your product sales are low. Now, let's figure out what you can do to improve your sales or how you can take advantage of this opportunity.
Prepare for your next boom cycle
A period of slow sales is a perfect time to recalibrate your business and get ready for the next boom cycle. Maybe you're unhappy with your shipping rates or you want to lower expenses in one area of your business. This is a perfect time to these activities. Most importantly, make sure you're ready for the next big sales cycle by making sure you have enough inventory based on previous years numbers are this years projected forecast.
Optimize your listing
If you looked at your listing and realized there are areas for improvement, then this is a no brainer. A bad listing, is going to cost you a lot of money, so fix this as quickly as possible. In this article we cover how to optimize your product listing.
Get more product reviews
If your product doesn't have many product reviews or you have recently had a string of bad reviews, then this needs to be your #1 priority. We've created a detailed paper on how to get more product reviews as quickly as possible.
Amazon PPC campaigns
PPC campaigns are another way for your to increase your sales when you're experiencing a downturn, but if your product is one that is significantly effected by a seasonal cycle, then it might make more sense for you to hold off on your PPC campaign and then go hard at the beginning of your boom cycle to get an edge on your product search ranking.
Change Your Product Pricing Regularly
When a user views an item but doesn't purchase it AND your product price lowers within 1-2 weeks of them viewing that product, Amazon will notify the user that this product's price has lowered. This increases your chance of completing that sale.