Every business goes through phases of high and low sales volume. These periods of low sales volume, often referred to as business "slumps", can be a challenging time for any business. While some slumps are predictable, such as a landscaping service expecting a decrease in jobs during winter months, others can occur unexpectedly and without any apparent reason. It's crucial to understand that these slumps are part of a normal business cycle and not a sign of impending doom. However, they should not be ignored. This article provides a step-by-step guide on how to quickly recover from a business slump.
The first step in overcoming a business slump is to try and identify its cause. This could be a recent change in your advertising or promotional activity, a new advertising campaign by a direct competitor, or a major news event negatively impacting your industry, such as a government investigation into business practices. If you can identify a specific cause, you can develop a strategy to counteract its effects. However, in many cases, there may not be an obvious cause. In such instances, it's important to take immediate action rather than waiting for the slump to reverse itself.
When a slump doesn't have an apparent cause, it's what I refer to as a "normal" business slump. The best way to overcome a normal business slump is to take immediate action to generate additional business quickly. This additional business can supplement the current low flow of business and mitigate the impact of the slump.
Here are four actions you can take immediately to reverse the effects of a business slump:
Develop a special offer for existing customers/clients with a short deadline to encourage immediate action. Communicate this offer using fast and inexpensive methods such as email, faxes, postcards, or phone calls.
Inform your recent prospects who did not make a purchase about the same special offer using the same communication methods.
Reach out to your best customers and ask for their help. Explain that business is slow and you would like to use this time to approach potential new customers/clients. Ask them for referrals.
Temporarily increase advertising in media where it is seen immediately (or almost immediately). This could include website and ezine ads, newspaper ads, First Class direct mail or postcards, radio spots, etc.
Business slumps can sometimes be beneficial. A temporary action taken to reverse a slump can prove so effective that you decide to continue it even after recovering from the slump, resulting in a permanent increase in your volume of business.
Make Your Business More Profitable
More sales and more profit. Isn't that what you want from your business? It's not hard to achieve if you follow these 4 simple tips.
9 Highly Effective Marketing Tips
9 Highly ... ... Tips ... 2005 Bob Leduc ... Here are 9 low-cost but highly ... ... tips to help you boost your sales and profits fast.Tip #1: Look for so
4 Dynamic Marketing Tactics
Some of the simplest marketing tactics often produce the most profitable results. Here are 4 examples that have proven highly effective for any business.
