Constant growth is a challenge for all businesses. Here are some things you can try if your company has hit a plateau so you can begin growing again in 2018.
No matter the type of business you are in, there can be peaks and valleys in your growth. This is a completely normal experience and is typically analyzed as a trend over time. When your average trend is steadily rising, you have no need for concern. But what happens when your average starts to plateau? When you notice your business growth slow, stop, or even start to take a downward turn, it is time to take action. The question is, what actions do you take?
Luckily, there are a variety of ways to flip your decrease in sales to a bump in business. Here are just a few techniques businesses use to accomplish just that:
MAKE SPECIAL OFFERS
Everyone loves finding a way to save money; it makes us feel special and financially savvy. No matter what area of business you’re involved in – you create fast sales, move more volume and help cash flow by offering a special price on your product or service.
These specials can take many forms, but some tried and true options like buy-one-get-one pricing; volume discounts; seasonal or holiday specials, are simple to put in place and can be very effective.
OFFER REFERRAL INCENTIVES
Another way to increase sales during slow periods (or even during normal business flow) is to offer referral incentives to your existing customers. There is no better advertisement than positive word-of-mouth, and this is exactly what you’re getting when you harness the power of referrals.
Happy customers create a positive message about your business and back it with their own credibility to those they are sharing it with. It’s a win-win because you’re improving sales, and your customers are walking away with a deal for sharing their love of your business.
OFFER SIGN-UP INCENTIVES
If you provide services that require sign-up and/or an on-going commitment, use the sign-up event as an opportunity to offer an incentive. Make it attractive and beneficial to sign up during a set period and generate new business. Maybe offer existing customers an incentive for committing to longer terms or for adding services.
Businesses like Netflix and Amazon are great examples of using the sign-up incentive of a free-service period. Netflix added more than four million new members in the last quarter of 2016, and Amazon Prime has doubled subscribers over the last two years.
GET INVOLVED IN THE COMMUNITY
Sometimes the boost your business needs can simply be driven by engagement with your local community. Whether you hold an event at your business location or sponsor the local little-league team, having your business name and brand in front of customers can spark an uptick in sales.
Another great way to do this is by partnering with other local businesses and community organizations to get involved with community events, festivals, fairs, celebrations, and even fund raisers for good causes.
THINK OUTSIDE THE BOX
When sales drop outside normal patterns or expectations, it’s time to take a long look at what you and your team are doing during the day. Are you able to get to make your outbound sales calls that are generating revenue, or are you swamped with reactionary activities generated by inbound callers asking common, non-sales related questions? One creative and affordable step you can take to overcome this time-suck is to partner with a 24×7 answering service provider. Many of these services can handle calls 24 hours a day, 365 days a year. No matter what you need from them, the time you gain can be focused on turning sales around and preventing it from happening again.
If you start to notice your business is experiencing a downward trend, try testing out some of these sales-boosting tactics. Granted, none of them are exactly a silver-bullet for all businesses or circumstances, but they have successful track records for getting many organizations back on track in terms of business growth.
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