5 Immediate Things to Do When Business Is Slow
Is your business going through a quiet spell at the moment? Are you starting to worry about where the next client will come from? If so, do you want some tips on how to turn the situation around?
Most businesses go through quiet periods from time to time. This may be due to the economy or, simply, the time of year. As a result, companies prepare for this, and it’s usually not a big deal.
But, when business is slow for a significant amount of time, it can have major consequences. So, it’s important to identify why sales are down and how to fix the situation.
Great, how do you do this?
Well, in this article, we’ll share five immediate actions you can take when business is slow. By following these tips, you’ll be able to turn your fortunes around get your business back on track.
Read on for more information.
Table of Contents
1.Analyze Your CRM
When business is slow, it’s a good idea to turn to your CRM for answers. Customer relationship management systems are the backbones of most businesses, and they can offer detailed insights.
To start with, go through your client lists and ensure that all their contact details are correct and up to date. If they’re not, then your weekly newsletters may not be going to the key decision-makers.
Next, you should start to analyze buying patterns and identify which customers have dropped off. If you find that a regular customer hasn’t ordered in a while, then you need to make it a priority to find out why.
Finally, take a look at how long your sales reps are taking to follow up on leads and close deals. If they’re struggling to manage their clients, then this could show you need more staff, or they need additional training.
2.Reach Out to Old and Inactive Clients
As we’ve mentioned, it’s important to identify clients that have recently become inactive.
The reason most customers stop buying from businesses is one of the following:
- Customer service
So, it’s likely your customers have become inactive due to one of these factors.
To get them back onside, you need to reach out to them for a discussion. Try to understand why they have stopped using your services and who they’ve turned to.
Once you establish this, you can start to offer solutions. For example, if your prices are too high, then offer them a reduced rate for their loyalty.
Just remember that you’re reaching out to understand why they’re unhappy. Don’t sound pushy or like you’re only after their money. Instead, you should listen carefully and be sympathetic.
This will help to build a level of trust and create a better relationship.
3.Look to Improve Your Website
First things first, all businesses need to have a website. There are over 3.5 billion Google searches a day which consists of people looking for your services. So, not having a website is like trying to drive a car with no tires.
But, just having a website with basic information isn’t enough.
For example, is your text easy to read? Do the pages load fast? Can a customer find what they’re looking for in just a few clicks?
If the answer is no to any of these questions, then your website is in need of an update.
Modern websites should be attractive and easy to navigate. Not only does this enhance the user experience but, it boosts your SEO score. And, that’s vital to increase more traffic to your website.
So What Is SEO and Why Is It Important?
SEO stands for search engine optimization and is the process of making your website search engine friendly. The better your SEO score, the higher you can rank on Google and Bing, etc.
There are many factors that determine your score, but some of the most important are:
- Site speed
- Being mobile-friendly
- Relevant keywords
It is possible to improve your website ranking with just a few tweaks, but it’s wise to hire an expert in the long term.
4.Conduct a Competitor Analysis
One of the most important things to do when business is slow is to look at competitors. Don’t assume you’re all in the same boat and trying to scrape by.
Some of your competitors may be doing great, and their sales are booming. If this is the case, you need to realize what they’re doing differently.
Please take a look at their marketing strategy and analyze what’s working. You can then implement this into your marketing plan. You don’t need to copy it, but instead, use it as a blueprint for yourself.
5.Offer More Products or Services
When business is slow, it’s the perfect time to look at your products or services and decide whether you can expand them.
As time goes on, things change, and businesses must adapt. If not, you can be left behind by your competitors and struggle to establish yourself.
Once again, look to competitors to see what new things they’re offering and why. Once you determine the most suitable products or services, then look to add them to your business.
This will help to keep you relevant in your industry and may well bring customers back.
What to Do When Business Is Slow?
When business is slow, it can be a very stressful time. But instead of panicking, look at what we’ve mentioned to find a solution.
In just a short time, you should be able to turn things around and see your revenue increase. Plus, you’ll know what to focus on in the future should the situation change again.
Finally, please take a look at our blog for more business advice.