Reasons for decline in sales volume
Sales volume metrics deal with the total number of products or services sold within a certain period. It plays a vital role as a business health indicator. Sales amount helps us track the performance of the marketing team and sales representatives. We can also choose the best location of physical stores based on the quantity sold. A decline in sales is one of the crucial threats to any business. It affects the company’s growth and revenue. Revenue generation is the main goal of any business. Sales impact the return on any investment. Low sales volume signifies underperforming products, which implies that we need to improve our sales process. It is a must to know the product very well. A good marketing strategy comes in handy in generating revenue. Thorough knowledge about the competitors is key to high sales. Identifying top customers and catering to their needs would ensure good turnover. Measuring sales volume can have a significant impact on the success of your company. There are many contributing factors to this problem.
Low Sales Volume
Here is my root cause analysis in the form of a fishbone template, which contains the critical reasons for a drop in sales volume. The visual representation of its root cause analysis makes it easy to understand the triggering factors for the same.
Curated from community experience and public sources: