4 Tips to Improve Your Business When it’s Slow
As a business owner, do you dread certain times of the year? Could post-holidays be one of those times? Or, maybe it’s the slow summer months. If you answered yes to either of those questions you may need to make some changes to boost improve your business when it’s slow.
One of the more nerve-wracking aspects of owning your own business is wondering how to survive when business is slow. But rather than accept it, there are tips to improve your business when it’s slow and improve your bottom line.
1. Have a Flash Sale
Rather than advertising ahead of time that you will be having a sale, don’t advertise.
Instead, have a flash sale once a month or every quarter. The day of, post a quick announcement on Facebook or your website, and send a fast note to customers by email.
The advantage of an unannounced flash sale is that it creates traffic flow. Customers have to come in more often to see if you are having a sale. Increased foot traffic can generate increased sales and revenue during slow times.
In addition, you can create one-of-a-kind sales. For instance, have you had a recent surge of storms in the area? If so, you could hold a rainy day sale. Another idea is to host a shop and munch by offering food or munchies for lunch hour shopping. The point is to encourage your customers to come in by creating an interesting event that makes them want to stop by.
2. Improve Your Business by Give Something Away
People love getting stuff for free so give them what they want. Let’s say you’ve recently gotten in new inventory but it isn’t moving. Offer a small but loved item for free with the purchase of one or two larger items.
Another concept is to give out free samples. This could be done during a community event or a special sale you are hosing as a way to target new customers. Plus, it’s a great way to get customers to try the latest and greatest products. This will result in them wanting to come in and spend money to get more increasing your business during slow spells.
3. Use a Rewards Program
When you reward your loyal customers they will keep coming back for more. Use a punch card or other system to offer “buy 9 get the 10th free” programs or something similar that adds to your sales. These types of programs get people to buy more in order to get the free item. At the same time, your customers feel like they have a VIP card to your business. With this type of tactic you may not have a slow time.
4. Create a Monthly Program
Anytime you can get customers coming in regularly you have an added opportunity to increase your sales. Put your thinking cap on and create a program that encourages your customers to come in on a regular basis
Create a monthly feature of new products. Or as an example, if you sell candles, feature a different scent that co-ordinates with the season. You could also give away a small candle with the purchase of two larger ones.
Rather than chewing your knuckles in dread, take action and use these tips to improve your business when it’s slow. Your bottom line will thank you.