Getting your business through a sales slump

Every small to medium enterprise (SME) goes through sluggish periods – it’s an unavoidable economic reality. The key is to recognise when you are experiencing a slump, try to find out why this might be and then work out effective strategies to counteract it. There are many things you can do to help your business increase revenue and win new customers during difficult times. Here are just a few of them:

Online marketing: With more and more businesses turning to the Internet for marketing purposes, you can’t afford to not have a website of some kind. Online marketing through social media such as Facebook and Twitter is free and the networking opportunities it presents can really help you win new customers. However, it takes time to build up business this way so you may want to consider SEO strategies or search engine marketing (paid online placement). However, the latter can be expensive so if you have a small budget you may want to think very carefully before you take this route.

Advertising banners: Not every business relies on the Internet for boosting sales. If you have a shop in a certain location and want to draw in more customers during a time of low turnover, the answer for you may be a more traditional marketing strategy such as signs and banners. These are a simple and eyecatching way to get your message across and can really work on a smaller scale. You might consider having a sale or special offer and using advertising banners to promote this.

Branch out: Depending on the kind of slump you are experiencing, you may want to consider offering a different kind of product or service. For example, if you sell skiing equipment or lessons, sales may well dip each year during the summer months. What you could do is branch out into selling different kinds of sporting gear and related accessories – and, of course, advertise it using the above methods. If you are a company known for developing unique and innovative new gadgets, now might be the time to get an exciting new product to market.

Ask for referrals: You may not want to approach your customers, but sometimes this can be the quickest way to add to your client list. Go to your best and most longstanding customers, who know you can be relied on, explain that business is slow and that you would like to make some new business contacts. You will find that most people will be only too happy to give references for a valued supplier.