Every business goes through slow periods. In fact, sometimes you can even see a pattern at certain times of the year. For instance, unless your business is retail in nature, the winter holiday period is likely quiet. Thankfully, most of these slow periods shift with the season. However, if slow sales seem to drag on for more than a couple of months, there may be another reason. Figuring out what’s happening will take some research, time, and due diligence on your part. Once you nail down the issues, take action as soon as you can. In the meantime, here are some ways to build future revenue when your business is slow.
Build Future Revenue When Your Business Is Slow #1: Look for Additional Streams of Income
Having multiple streams of income is simply wisdom if you are an entrepreneur. Whether you diversify your existing business or take on a side hustle, the effort will pay off. Mostly, it will help fill the income void of slow seasons. For example, if you only sell from a brick-and-mortar store, consider opening an online shop as well. Just make sure you do research about how to set things up first. Take some time to check out the best ecommerce platforms and figure out which one is best for you.
Build Future Revenue When Your Business Is Slow #2: Consider Starting A Loyalty Program
When sales are slow, you may need to give customers an incentive to come and buy your products or services. If your current marketing isn’t attracting enough new business, try setting up a loyalty program. It could be a short-term promotion or one that goes on for members. Make it as complex or as simple as your time and business can handle. Just know that people will shop with you when they know they are valued.
Build Future Revenue When Your Business Is Slow #3: Rev Up Your Marketing Efforts
If your current marketing efforts don’t seem to be making any difference in your sales, maybe you’re not doing enough. Furthermore, your campaign may not be reaching the right people. Think about who you want to reach the most. Who are they? How old are they? Where do they live? What personality do they have? Considering all of these things before you reach out helps to narrow your search. It may seem counter-intuitive to seek out fewer people, but really it’s not. Speak to whom you want to be your next customer or client. Don’t be afraid to get some help with this. Investing in marketing or branding advice could pay off greatly.
Build Future Revenue When Your Business Is Slow #4: Plan Ahead
As I’ve mentioned above, these slow periods normally sort themselves out. I do recommend, however, to spend this quiet period planning for the upcoming season. It’s your chance to understand your business better and make some appropriate changes. If you plan now for all the chaos that often comes with busy times, you will be less likely to get stressed when it comes. This also gives you time to plan marketing strategies for the future. For instance, if you are quiet over Christmas, you could start planning for your spring and summer campaigns well in advance.
Build Future Revenue When Your Business Is Slow #5: Get People Excited
Another great tactic for increasing your future sales is to create a buzz around a future product or service. Social media is a powerful platform for building curiosity and interest in your business. Additionally, hosting a giveaway or even a social media competition can quickly help you gain visibility and sales. Create something that is cohesive with your brand and tells a story about who you are and what your business is about. If you are shifting your branding, make sure you have things in place to start promoting it with a punch!
Build Future Revenue When Your Business Is Slow #6: Organize An Event
If you need to quickly boost your sales and build future business, you could organize an event. For instance, why not team up with a local charity to host a fundraising day? You can give a portion of your sales to the charity and still generate some immediate income. This is also a good way to collect emails and keep in contact with potential customers. People love events, especially if there is an incentive to be there. Giveaways are usually the best way to get traffic. Offer a prize that is given away with a raffle or drawing.