Slow periods can be an opportunity to strategise ways to increase your revenue. But before you devise a strategy, it can be wise to get a sense of why sales are dropping. Is it a predictable seasonal shift? Or are there new competitors on the scene? Other external influences, such as new industry developments and economic shifts, can also hurt sales, as can internal factors like reduced spending on digital advertising.
Here are four ways to try to increase your revenue when sales drop:
Offer incentives and discounts
One of the simplest ways to increase sales during slow periods is to offer incentives and discounts to your customers. You can use various types of promotions, such as coupons, loyalty programs, referral bonuses, or seasonal sales, to entice customers to buy more or sooner. However, you should also be careful not to overuse or devalue your discounts, as they can affect your profit margins and brand perception. Make sure your incentives are relevant, timely, and aligned with your sales goals.
Upsell and cross-sell
Another way to increase sales during slow periods is to upsell and cross-sell your products or services to your existing customers. Upselling means convincing your customers to buy a higher-priced or higher-value option like upselling chain-driven roller blinds to motorised roller blinds, while cross-selling means suggesting complementary or related items, such as pairing sheer curtains with block-out roller blinds. To do this effectively, you need to understand your customers’ needs, preferences, and budget, and provide value-added suggestions that enhance their satisfaction.edia, or online platforms, and showcase them prominently.
Reach out to past customers
A third way to increase sales during slow periods is to reach out to past customers who have not purchased from you in a while. You can use various channels, such as email, phone, or social media, to reconnect with them and remind them of your brand. You can also offer them special deals, free samples, or exclusive content to re-engage them and encourage them to buy again. Always keep your messages personalised, relevant, and helpful.
Generate referrals and testimonials
A fourth way to increase sales during slow periods is to generate referrals and testimonials from your satisfied customers. Referrals and testimonials are powerful forms of word-of-mouth marketing that can help you attract new customers and build trust and credibility. You can ask your customers to refer their friends, family, or colleagues to your business, and offer them incentives or rewards for doing so. You can also ask them to write reviews, ratings, or testimonials for your website, social media, or online platforms, and showcase them prominently.
