AdviCoach Franchise Reviews: How to Survive a Seasonal Slump

AdviCoach Franchise Reviews: How to Survive a Seasonal Slump

Every business will experience an “off” day or two – it is a natural part of the sales cycle. However, when those days turn into “off” weeks and then “off” months, that’s when your business has found itself in a classic example of a seasonal slump. Perhaps your products and services may not be popular during some seasons, or maybe there are other external forces at work? Whatever the reason, when the inevitable slump arrives – your business can take a severe hit and your wallet will feel substantially lighter. It is important to note that a sales slump is not a death sentence and learning how to navigate through slow months is something your small business must do in order to thrive.

AdviCoach is here to offer some tips that will not only help your business overcome a seasonal slump but also help offset them in the future.

  • Understand Why You’re In a Slump

Before you can prepare for a slump, it is important to know the underlining cause. Take a careful look over your yearly trends and spot any months that have consistent dips. Perhaps your business provides products or services that your customers don’t use during a certain time of year (e.g. landscaping and pool cleaning) and a slump is to be expected. Perhaps there are other factors at work that you have no control over such as an economic slowdown or an industry crisis. Take for example the recession in 2008 – most industries experienced a sharp decrease in revenue and over 170,000 small businesses in the United States were forced to close their doors due to circumstances beyond their control. Whatever the case may be, understanding the source of the slump is the only way to begin to combat it.

  •  Keep Your Existing Customers Happy

This goes back to the concept of over-delivering on goods and services. Exceptional customer service is the key to any business’s success. Little things like learning your costumer’s names and treating their concerns with respect can end up paying off big during slump months. According to The Chartered Institute of Marketing, 65 percent of a company’s revenue comes from existing customers and it is in your businesses best interest to keep them coming back. On average it costs five times as much to attract a new costumer as it does to keep an existing one satisfied. Offering returning costumers discounts and other concessions can end up saving your business money in the long run. Satisfied customers provide positive reviews and word of mouth that helps foster new business. New business can provide that extra revenue push that can keep your brand afloat during some of the leaner months.

  •  Offer More Discounts

Costumers love to save money no matter what time of year it is. It can be difficult for small business owners to lower their prices during a time when profits are down, but it can end up paying off big in the long-run. The benefits of offering an exceptional discount may far outweigh the drawbacks, as you are more likely to move products and services at a time where you otherwise wouldn’t have been able to.

  •  Increase Your Marketing Efforts

It is understood that you need to spend money to make money – well, a sales slump is a great time to start. You’ve already reached your core customer base and because they don’t seem to be stopping in, it is time to find a new audience. If you increase your marketing efforts, you can continually spread awareness of your brand at a time where other business owners might be cutting back. If you are in a season slump, odds are so are your competitors. A seasonal slump is a great time to increase your marketing efforts and ensure that your brand remains at the top of your target market’s decision set.

Every industry has peaks and slumps, but it is how you handle yourself during the latter that helps ensure future growth. If you are a small business owner and would like to learn more about successfully overcoming a seasonal slump, contact a small business coach at AdviCoach today http://www.advicoach.com/contact-us.aspx.

 

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