4 Ways To Boost Your Business During Slow Moving Periods


With the FIFA World Cup being just ended, not many businesses ended the month with a high-note in terms of business sales. If you have noticed your sales declining, do not worry, you are not alone as many businesses fell into “Anti-Football Consumption”. Businesses like cinemas and restaurants were deeply affected, as fast-food joints, bars and restaurants, as well as mamaks, where the spectators were able to find everything that was convenient to enjoy the game. Whether it is online or on retail, having a dry spell is no laughing matter and we wish to help. iPay88 suggests a few ways on how to boost your business during a slow moving period.


1. Have a loyalty programme

With the market getting more competitive and saturated, having your customers coming regularly is becoming a struggle that many face. With more competitors in the market, they could entice your customers with better pricing and more attractive services, making customers to be less loyal towards your brand and willing to try your competitors’ offerings. Studies have shown that 25-50% of brand’s highest customers also shop at their competitors. Therefore, implementation of a loyalty programme would be a good stepping-stone to keep your regular customers. Loyalty programmes could be as easy as a “Buy 10 Free 1” stamps or as complex as a reward system where customers can collect points in exchange for a particular set of products. Loyalty programs could also distinguish your business from your competitors and attract your customers to come back in order to receive more rewards.

2. Revamp your social media platforms

Take this sluggish month and turn it into an opportunity to elevate the things that you wished you could do when you had the time. One of the things that business owners could elevate is to try new ways to reach out to their customers by using social media platforms. For example, businesses could post “discount codes” on their social media platforms and customers who have followed them on social media would be able to see them and use them to get a discount when they checkout online. In retail, it could also create a word-of-mouth approach where walk-in customers would feel curious about other customers flashing their phones to receive discounts and they would then need to follow your social media in order to get the discount. This will help to increase your social media followers as well as increase your sales.

3. Giving away freebies

Who doesn’t love getting free stuff? People love freebies regardless what it is and chances are if they are browsing through your products or services, they are very interested in your products and services. Offering freebies as simple as free shipping if you shop online or giving away samples of your products with purchases is one of the ways to increase sales. Giving away freebies to customers could also make them feel important and valued as a customer, it is a great way to show a token of appreciation to them. You could also use this opportunity to give away slow moving products that customers would try and possibly buy in the future. In addition, this would be a great way to target new customers as they now could try a wider range of products without burning a hole in their pockets.

4. Try new marketing tools

One of the marketing tools that many businesses have been practicing lately is digital newsletter marketing. Research found that people who buy products marketed through email spend approximately 140% more than people who did not receive email offers. Digital newsletter is not something complex and does not require a lot of investment. It enables businesses to create a deeper connection with its customers and bring more credibility. Customers make purchases with businesses that they like, know and trust and by sharing informative and helpful content to your customers, your business is able to build a credible customer base. It allows customers to stay connected and engage in your business as well even if they are not physically present in your retail or on your online store. It is also one of the best ways to reach out to all your customers when you want to inform them about a new product or a new promotion.

Conclusion

Take this opportunity to try out some of these new marketing ways to attract yout customers during slow moving period. We hope that this post is indeed helpful for you and if you are interested in reading more blogs like this, do subscribe to our newsletter by registering your name and e-mail address on the right or through this link.