What can you do when sales are slow? Should you pack things up and call it quits? Never!
If business is slow, lower prices. The reason you may not be getting as many customer as you deserve may be because your competitors are marking down their own products. You must compete for your customer loyalty and offer them a reason they should go with your products instead. A few things you can do during a sales slump to increase sales are:
Offer a Package Deal : If you have a product or service that isn’t moving, try bundling it with another service that is selling better.
Percent Off : If you offer a coupon for up to 20% off anything in your store, customers are more likely to shop around and stay shopping around your services longer.
Change up your Marketing Efforts : Sometimes you have a great product but people won’t know it unless you tell them all the benefits they are getting from going with you. The goal to increase sales is to give your customers so much value for the price they pay, the benefits you provide make them say ‘why not?’. Sometimes its best to provide your customers with a list of benefits they will receive just by trying your product. Some benefits you can let them know about your service may include : Improvements to your customer’s health, Makes your customer’s lives easier, Makes work less difficult, Showing how your product is better than anything else on the market, etc…
Getting Repeat Customers: 5 Easy Steps
More customers are great, but what’s even better are repeat customers. If a customer is happy with your product and service, they’ll commit to a lifetime of buying from you, and they’ll tell their friends! Here are 5 easy steps to getting repeat business.
1. Incentives. Everyone likes getting something for free. Offer repeat buyers discounts or freebies. The more they purchase, the more they get!
2. Free Samples. If a customer doesn’t try a new product, chances are they’ll never buy it. But if you provide free samples, it entices the customer to try the product risk free, and then they’ll want to buy two!
3. Communication. Keep your customers in the know by sending email or direct mail sales flyers. By offering special discounts to your database of customers, they feel unique and will take advantage of the promotion – multiple times!
4. Be Honest. If a product isn’t a good fit, or if it’s going on sale next week, tell your customer. You may not make a sale today, but you can be sure the customer will be so impressed that you put their needs above your own that they’ll come back and bring friends!
5. Customer Service. If you treat customers well, they will come back. Always be courteous, and call your customers by their names if you know them!
Getting Out Of A Sales Slump
Suffering from stagnant sales? Don’t despair! Take note on these tips and you’ll be back up to soaring sales numbers!
Advertise More. Even if you think you can’t afford to advertise because your numbers are down, a slow period is the perfect time to advertise in magazines, publications and online to get your numbers up.
Get Press. If you have something newsworthy, get it in a press release and send it to the media. If you can get some exposure in newspapers and online, you can generate interest and sales.
Network. Join a networking group or three in your community to build relationships with potential clients.
Look at Pricing. Maybe your sales are down because your prices don’t reflect supply and demand. Consider cutting prices or offering promotional pricing.
Check with Your Customer. See if there’s something you’re not seeing from your side of the equation. Your customer may tell you your competitor is offering an unbelievable deal, and you’ll need to act on it by offering your own promotion.
Get New and Improved. Take this time to make your product better able to compete in a saturated market. See if you can cut costs or offer better service or technology, and once your new and improved product hits the shelves, sales will boost instantly!
Keep Pricing low
This is one of my favorite principles that as a consultant advice all businesses to try and do. To be successful and get a bigger piece of the pie, you must keep prices low enough to be competitive and high enough to cover your costs. It is better to make $1 profit instead of $5 if you know you will be selling more which will in effect convert to more higher sales and more profits for you. So as the saying goes “Stack them high and sell them cheap” applies in this case. That is what supermarkets do and you can too. You soon will be selling like hot cakes.
In conclusion, the web is always changing. If you don’t keep up with trends you may be left behind. Don’t be afraid to change your sales and promotion strategies every now and again. Much of the sales process remains the same even as we move through the Web 2.0 era. Keep your business competitive and highly visible at all times and your sales volumes will remain high.