So 2020 turned out to be a pretty challenging year for business, understatement of the century, right? In this post we’ll explore creative and sustainable ways to increase sales when business is slow. You don’t have to come up with a brand new product or service or run yourself ragged. There are small tweaks you can make to your current offering to ensure you’re making more money and staying afloat against all the odds.
Small business owners and self-employed creatives everywhere are having to explore new ideas and venture out of their comfort zone to increase sales during this strange time. Here’s a look at a few ways you can increase sales…
Think about your local community and how you can serve them. Can you deliver your essential goods to the customers nearby? Team up with other local businesses to help to promote each other. Unite in marketing each others products and services. Lift each other up during this difficult time. If another local business is still thriving, perhaps ask if you can include your promotional material in their orders.
Could you take orders online and set up a delivery service? Perhaps you are a therapist or consultant, could you arrange to meet clients virtually? Harness the power of technology to increase sales and continue to thrive in this time of great uncertainty. Share you work online via social media to reach a wider audience and engage customers. If you are a beautician or similar, perhaps you could sell gift vouchers for your services, so that customers can treat their loved ones for future treatments.
Consider Increasing Your Prices
Controversial suggestion! Many businesses and individuals set their prices low when they start in the hopes that they will build up a customer base. However, setting your prices too low can be detrimental, as this leaves no room for promotions. If your product/services have improved, and even if they have remained the same, it could be time to ask for more money providing you believe you are worth it. You need to be smart about this. Be honest with your customers about why you’re increasing your prices and if they truly love what you offer, they will still work with you and buy your products and services. Don’t undervalue your time and talents.
Now could be the time to take a look at your processes and see if there is anything that you could eliminate. Think about it this way: all of the money you save by eliminating the cost of things that don’t add value to your company or to your customer will go directly to your bottom line and keep you in business. Are there certain non-profitable tasks and activities that you could eliminate to free up your time.
Accepting multiple currencies on your website will encourage consumers from different countries to purchase from you, and will help you to expand your reach from national to global. Look at opening foreign currency accounts now so you can get an idea of what you need to do to expand.
As well as dropping processes that don’t add value, look for ways you can increase value, too. You could do this by looking to increase the value of every purchase transaction with your clients. Make sure you think about up-selling and cross-selling – but always aim to provide even more value.
Reduce Your Outgoings
Now could be a good time to look at contracts with your suppliers to see if you can get a better deal. Can you talk to your landlord to get a better deal on your premises rent? Lowering the cost of goods from suppliers will not only increase your net profit, but can also enable you to possibly sell your products at a lower price or allow for more promotional offers.
Focus On Happiness
When times are challenging financially, it’s easy to get bogged down and feel unhappy. Try to avoid falling into this slump. Having a great relationship with your team members will keep them happy, which can also encourage them to stay loyal to you. Look at improving your company culture and asking for feedback from employees, too, you never know- they may have suggestions that could help to increase sales and keep the company afloat.
Even though times are tough, hopefully these small tweaks might spark a little inspiration to help increase sales. Stay positive and keep striving for your dreams!
“If your ship doesn’t come in, swim out to meet it!”– Jonathan Winters