Batten Down the Hatches: A Sales Slump Is Coming

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If you’re in the retail industry and have been lucky enough to somehow avoid a slump, then you need to know that it’s coming. It’s inevitable. That’s just how the world of retail works. There will be totally awesome times and there will be some pretty rough times. It could be a poor decision you made, it could be forces well outside your control, or it could be that a bunch of politicians made the economy crumble. Whatever the reason, a slump is gonna hit at some point and it is in those moments that you will want and need to know just how to climb out of that trough.

Don’t Wait For The Big Days

Most retailers tend to wait until national holidays and peak sale periods before celebrating, but why bother waiting? Everyone loves to celebrate. Everyone wants to get excited about something. It is addictive. So why wait for the big occasions? There may be certain niche-holidays that you can link to your business, or you could just latch onto the more bizarre ones because they will interest your customer base. Whatever it is, counter the slump with a party.

Create More Buzz Than Lightyear Himself

You may automatically think creating a buzz requires something of real noteworthiness to have happened to your business, followed by a press release to the media, but that isn’t true. Yes, this is an awesome way to get chins wagging, but it isn’t the sole path to buzz-ville. It could be that you join a charity fun run, start hosting workshops and classes, create a networking event or even organize a promotional launch party for some new product.

Help Your Customers Spend More

This is another great tool at your fingertips and one that should not be ignored. It could be that you hold a flash sale to get people buying again, or it could be that you follow the advice of and start allowing your customers to pay by credit card. Another great option is to start offering loyalty bonuses to existing customers or give 10% off for referrals. People are absolute suckers for a bit of incentive. In fact, people can resist everything except temptation. So instead of missing out on revenue, figure out a way to help them spend more and run with it.

C’mon, Connect With Your Customers

If you really want to increase sales, then you need to make a conscious effort to improve your customer service. You need to listen to what your customer is saying and understand their wants and needs. These people are screaming out the answer, so make sure you are jotting it all down. It could be you educate your customers more about a part of your business or it could be that you just let them know how valued their business is. No matter what route you go down, make sure they get a good experience to go with their product.

The slump will happen, but it is how you handle this – how you react to its arrival – that will determine just how hard it hits your bottom line.

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