Maximize Sales during Your Slow Season
No matter how successful it is, any business can experience periods when demand naturally decreases and sales decline. Summer may be a prime time for such sluggishness thanks to its idyllic weather and numerous distractions, but lulls can hit at any point in the year depending on the industry. Whether yours tend to fall during the warmer months, in winter, or at another point, you can mitigate or possibly even avoid them altogether with these strategies.
Provide discounts
Offering seasonal markdowns can be one of the best ways to encourage more customers to buy during a lull—after all, the lure of a sale can be difficult for anyone to pass up. Consider creating limited-time deals for your slowest-moving products or providing early-bird specials, such as for an annual furnace tune-up in summer. These price cuts can generate steadier business, attracting customers who may be interested in stocking up or finally pulling the trigger on a purchase while the cost is low. In turn, you can get the opportunity to clear inventory before the next season and help keep your staff busy until your slow period ends.
Develop new services
To offset a drop in sales for your usual offerings, try expanding your slate to include more versatile options that both serve existing clients and broaden your appeal to new ones. For example, a tax accountant could augment their business with financial advice and bookkeeping, while a real estate agent could also become a notary or develop a home-staging service. To determine what additions your clients might best appreciate, send out a poll via email or social media or investigate what your competitors are doing this time of year.
Add products
Similarly, you could create products you can sell year-round to help supplement your revenue when demand for your other ones dips. A good option for any industry is an e-book offering tips and advice in your area of expertise, which can position you as a thought leader. Think a guide to building a nest egg if you’re a financial advisor or a how-to on healthy eating if you’re a health professional. Whatever you opt for, aim to have it ready for the beginning of your business’s lull, if possible; launching a compelling new product could generate buzz to keep customers engaged and invite new clients to come check your company out. You could also take advantage of the extra time a slow period provides to develop and test prototypes of your product ideas. Then you can ensure that they are ready and available before your next offseason.
Create new pairings
Another avenue to try is expanding into adjacent markets, which are industries related to yours that serve the same customers. If you’re a product-based business, you can do this by adding services that complement your existing line. Say you sell landscaping supplies; you could also provide related maintenance in your offseason to help get your clients’ equipment in tip-top shape. Naturally, if you’re a service-based business, consider the opposite—building products that complement your services. Perhaps you own a physical therapy clinic; you could sell retail equipment your patients can utilize at home for their prescribed exercise programs. Whatever your niche, creating industry verticals relevant to your business may allow you to better benefit from your existing capabilities, reach more customers, and possibly extend your busy season.
Host classes
Crafting online or in-person classes is one way you could pique your customers’ interest and boost cash flow during your slow periods. For example, a financial advisor could run personal finance seminars on critically needed topics such as saving for retirement or for a child’s education. You could offer these classes for a fee to generate additional income or provide them without charge as a marketing strategy to draw in customers. Either way, they will give you a chance to show off your expertise and entice people to know, like, and trust you, enabling you to earn their business and, potentially, their loyalty.
Hold events
Even if they’re not actively looking to buy, few people can resist the intrigue of an open house. Invite customers into your business for an event where they can get to know you, try free product samples, and enjoy a product demonstration or two. To increase the allure, give your gathering an engaging theme or offer activities and prizes. You could also partner with other businesses to increase your reach, such as by hosting a community-wide event (as discussed earlier in this issue).
Keep in touch
Don’t let your slow season become an excuse to minimize your marketing efforts. Continue to regularly post on social media and send email blasts, making sure to highlight your seasonal offerings, including discounts, new products or services, and upcoming events. By maintaining your online presence, you can stay top of mind with current clients and prospects alike to better ensure that all your efforts to boost your offseason sales yield satisfying results.
TAKE ACTION:
Look for simple ways to expand your product line or services to bolster your business against slow periods.