Over the past several years, consumers have become somewhat more careful about how and where they spend their hard-earned money. Instead of doling out money on things they don’t need, shoppers are looking to conjure up a greater reason to spend that extra cash in their wallets and pockets.
This is why businesses have to do more to entice customers to spend that money in their store.
Since the financial crisis, consumers are deeply indebted, living paycheck to paycheck and are on the brink of a household collapse if they lose their jobs. Why should a person spend their disposable income at your shop or website? It’s an important question for the shopper to ask and an important question for the brand to answer.
If the response isn’t satisfactory then the company has to employ a number of methods, measures and tricks to ensure the enterprise is viable for the medium- to -long-term. This can consist of new marketing schemes, cost-cutting initiatives and energizing the staff members.
Here are seven ways to boost your business when things are moving slow:
1. Cutting Back on Expenses
Whether it’s scaling back on operating expenses, reducing corporate debt levels or minimizing staffing hours, it’s important for any business to start cutting back on expenses during down periods - and not just during recessions. By lowering overall expenses, the company can remain afloat throughout this time and perhaps stay in the black.
2. Seeking Out Business Funding
Today, there are more business funding options than ever before. If a business cannot attain funding from financial institutions or traditional lenders, then a company can utilize peer-to-peer lending services, merchant cash advances, lines of credit or investors. This level of business funding can be used in two ways: cover short-term expenses or employ new business plans to rev up revenues and boost profit margins.
3. Rebranding Your Business
Do you feel tired with your current branding? Well, if you do then it’s likely the consuming public is too.
At the present moment, with tumbling sales and a lack of foot (or digital) traffic, this would be an opportune time to initiate an entirely new brand. Rebranding your business can be a step in the right direction to introduce a new logo, establish a new business model, hire new staff and bring a new attitude towards your enterprise.
4. Rejuvenating Your Staff
Customer service has greatly changed over the past few years. From responding to social media inquiries to effectively up selling customers, rejuvenating your staff should be one of the most important aspects of boosting your business when things are moving slow. This could consist of letting go the underperformers and bringing in top-notch talent, re-energizing the team through gamification or re-training the entire workforce.
5. Launching a New Marketing Plan
It takes a lot more than just creating social media accounts and using Google AdWords. Today’s world of marketing has evolved, or devolved, if you will. Most marketing plans in the modern world have to take into account mobile commerce, mobile marketing, mobile SEO, full-fledged social media campaigns, content, metrics and analytics.
It’s getting a lot harder to attract eyeballs to products and services so marketing endeavors have to be adept, strong and effective. If it doesn’t work, then attempt to implement another concept.
6. Establishing Store Events
Is it the company’s three-year anniversary since opening its doors? Is the company celebrating a certain staff member’s time with the firm? Is it the first day of spring? Whatever it is you’re commemorating, it’s wise to start incorporating storewide events to those days as well as to include sales into these said events. Let’s face it: despite consumers’ jaded behavior and cynical astuteness, we’re all seduced into looking at sales.
7. Engaging With Your Audience
Modern consumers, especially the millennial demographic, want to be engaged and treated like human beings rather than just another statistic on a sales sheet. This means that a brand should always be engaging with customers, which can include contests, social media sharing, email newsletters and thanking clients for kind words on Facebook, Twitter and Google+. Always be engaging.
It’s difficult to own and operate a business in the present economic conditions. Although businesses always like to remain flooded with customers and generate revenues, it’s not always feasible. Brands have to avoid being complacent otherwise they will start to lag behind and perhaps fall into the pit of obscurity.