This is what you need to do to boost sales in low periods
With Ramadan and summer fast approaching, most organisations are expecting a seasonal commercial lull. So how can organisations minimise impact on their bottom line and boost sales during slower periods?
Every business, seasonal or not, experiences low income periods. If you are an experienced businessperson, you probably have an idea of when it happens. Occasionally, businesses begin to slowing unexpectedly.
Professionals are better off treating slow periods as an opportunity. With a little creative thinking and planning ahead, they can ride low seasons out.
If you are in a position to do so, plan for a year in advance knowing when your peaks and troughs are. Work out why these low periods happen.
In the Middle East, summer months see something of an exodus. However, the fact is that it’s mainly mothers and school children who leave the country for long periods, with businesses still functioning more or less as normal.
According to a June 2016 YouGov survey of 1,523 people in the UAE, Saudi Arabia and Egypt, 72 per cent said they had no plans to travel during Ramadan, with most of them preferring to stay in their country of residence.
Additionally, 43 per cent said they would travel during Eid – for about a week. In the UAE, 23 per cent of people polled said they wouldn’t be travelling at all due to work commitments.
Planning ahead will help your bottom line no end. For instance, if you know when your low season is and on average you are communicating with 500 prospects in high season, you could adjust your numbers accordingly.
It is a good idea to try and double your prospects while you can in high season to compensate for the impending low season.
Another good option is to introduce offers and special packages during these periods. Think about this: why do the retailers put on sales over months like January?
One reason is that, after Christmas everyone has spent all their money, making the first month of the year typically a low period. So what do retailers do? They put on massive discounts and incentives to lure customers back through their doors.
The retail industry frequently offers sales during low periods to attract customers – and it almost always bridges the gap between seasons.
Retail was just an example, it depends on which product/service is offered by your company and other variables.
Some of your competition will be away in low season, believing the conventional hype of it ‘being the best time to holiday’. This presents a massive opportunity.
With your competition out of the game you have free reign. The majority of people still go to work over the summer, so while it may be ‘low’ season, it is not ‘no’ season.
It is a good idea to not always believe in public sentiment, customers are around in the summer and most of them have time to spend with you. There is nothing to keep you from making that appointment.
Spencer Lodge is the founder of the sales training website, makeithappen.university