I know, the sirens are going off in your head. We are seeming to slowly come out of a bad year and you’re hoping for a breakthrough soon as sales have been terribly slow; for some, sales have even halted. No one's buying your products or services and your goods are just sitting around in boxes or on shelves alongside the other items that were supposed to bring in good money last year.
So, what's a storeowner to do when he / she feels down in a slump?
First things first, know that every business, seasonal or not, experiences lull periods. Sometimes we can anticipate lulls because we know when those periods will present themselves; and then sometimes, perhaps, sales just start slowing unexpectedly. Either way, the best way to work around those lull periods would be to treat them as business opportunities. Yes, you're a businessperson. And this is just how business is at times!
You can use these periods as opportunities to interact and build relationships with your customers. You're selling or advertising on online platforms like Facebook, Instagram, Twitter etc, and you should spend some time getting to know your audience and allowing them to get to know you.
Start sharing information about your store, what you do, and what you have to offer. Introduce yourself to new prospects officially and welcome any questions they may have for you about your business. Share photos of your store and/or your products and services. Create polls and fun question and answer social media activities to encourage engagement amongst your audience.
Thank your audience for their input. Remember that people like to feel that they are a part of something. Let them know you see them when they comment, like or share your posts. Show/give your audience some perks to being “part of your team” and reward them in a simple way for following you on social media.
If you provide some sort of service, perhaps you can share some of your expertise in your field with your audience.
Address your audience directly in your post messages and encourage them to respond. Write short, meaningful posts on areas of interest that will spark conversation. Be sure to respond to EACH comment. Yes, we said EACH comment!
Brand yourself as the expert that you are! Your business is serious business, and you should treat it as such. You must advertise, market, brand and sell. Unless you outsource these elements, it’s your job too. Simply posting a link to "buy my product", or just spamming all the groups you’re in, will not bring you sales, or the recognition you want. Pop up everywhere with your products (hopefully you can), call cards, flyers, bookmarks etc. Always keep copies of your promotional material on your person wherever you go. Spontaneous encounters will win you a few customers who will check out your social media channels to find out more about you and your products or services. Persistence is key! Well, Consistency too!
Talk! When sales are slow, talk about your business and what you do with everyone you meet. Find a way to bring it into the conversation without seeming to sale-sy. Need help with this? We have you covered at The Timely Entrepreneur Resource and Research Centre. We can teach you how to carry on business conversations in almost every situation. You can always reach out to us if you need help with this.
When sales are slow, it might be a good time to switch to "power-market mode" instead of wallowing in self-pity over the lack of sales. Usually when sales are going great, you barely get time to do anything else but focus on selling. So now that sales are a bit slow, you can use this time to revamp your low - budget marketing.
Give your audience something to look forward to on your business’ website or social media platforms. You can give a sneak peek into new designs or upcoming stock and invite your audience to send pics of them using your products/services.
One of our clients sometimes have competitions/auctions for their customers to have dishes on a menu or drinks named after them. Bet you, they will buy the drink or food now, and they’ll quickly tell others about it, bringing a crowd to the restaurant. What a testimony! You do not necessarily have to follow all the suggestions, but your customers will be in their glee having something named after them. Do thank them for all their wonderful suggestions and recommendations and keep the lines of communication open always. You may, if you wish, reward your customers for their input by giving small discounts or other offers of your choice.
You can plan the things you want to focus on in the lull periods of your business, so you don't get demotivated. Plan a course of action that will not just keep you busy but will also be a positive for your business.
There are lots of other things you can do when business is slow. These can include:
- Creating your social media content for at least a month to three months
- Educating yourself on the latest business trends in your field
- Writing blog articles
- Changing the look of your store to theme an upcoming event/holiday if you have a physical space
- Branding better or actually re-branding if need be
- Taking a second look at your Business Plan, or even doing it over
- Re-examining your cash flow projections and working on new ‘revenue generators’ for your business.
This list is unlimited and we have lots of ideas for each type of business.
If you need help connecting the dots and working out some of the things you need to focus on in your business, get on a call with us.
Link with us here:- https://calendly.com/thetimelyentrepreneur/discovery-sessions?month=2021-02
