There are two things that all businesses will face at some point – busy times and slow times. The fluctuations between these two things will depend on the type of business, but eventually all businesses will face a downturn.
The last thing you want to do during these challenging times is to panic and loose sight of your overall business plan. Panic will only make a bad situation worse.
A slow period is not a setback, but an opportunity.
In this article series we will focus on two areas…
what you should not do during a slow time
options that you should consider during slow time
4 Things You Shouldn’t Be Doing During a Slow Season
Cut Your Marketing Budget
When times are lean the natural thing for us to do is to cut back on spending. However, in business, this may not be the best thing to do. Of course you will want to keep an eye on your budget and your overall spending, but rather than cutting back on spending across the board you should simple be looking at reallocating your available funds.
Cutting back on marketing dollars during the slow season is a mistake that many businesses make. When you reduce your advertising budget, you are actually cutting back on your presence in areas that can make a difference in your business. If you no longer seem to be around, no one will come knocking when business starts to pick up again.
Potential customers will go else where in search of goods and services. Even past customers may move on if they feel that you are no longer around. This could actually cause you to spend more on advertising during the busy season just to win back some clients.
This is surely not a good way to run your business.
Whatever you decide to do, try to keep a solid marketing campaign running. If not it may end up costing you more in the end.
Stop Promoting Your Business
This actually goes hand in hand with marketing and advertising.
You should continue to network and get to know other people in your market to keep your name around. But, the main promotional tool you have is your business website.
You are able to add various things to your website to keep your visitors interested and coming back. During a slow season they may not really buy anything, but keeping them coming back will make sure that when things are better they will be more likely to buy from you.
A slow season is not the time to take a break and let things just sit there. Add fresh content to your site on a regular basis. While it is slow you will have plenty of time to dedicate to updating your website.
Cut Prices on Products and Services
During slow times many business are tempted to reduce prices to make a sale. While this may seem like a good idea to attract customers and make some sales, it may not have the results you were really looking for.
Granted, your business may get a sales boost from time to time, but what will you do when things pick up again? Are you going to raise your sales prices back to their original levels? I don’t think so.
If customers see you starting to raise prices you are headed for trouble.
There are other ways to stimulate demand other than just simply reducing prices. We will take a look at those later in the series.
Stop Buying What You Need
Although you should be watching your budget and avoiding unnecessary expenses, you should also be looking out for deals to get more value for your dollar.
Look around for those business that are cutting prices. Buy things that you know you need and will use. You may be spending money now, but you will be saving more in the long run.
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Good information.
In the present economic situation if you are looking to get your message across to people and advertising your business without spending loads of money, then you can opt for traditional outlets like print advertising agencies. These agencies can offer you classified ad space at special discounts. This is also a great opportunity especially if you are setting up a new business or are tight on your advertising budget.
When you use a professional ad agency, you tend to receive an early notice of the special offers and prices and also a considerable reduction in the advertising rate for national press. So help your business grow by promoting it in the low priced publications. Use print media to cut your costs and boost your advertising efforts in this growing economic recession.
Excellent information so many people during the low times stop their marketing whether it be local advertising or online advertising not considering the fact that their customers also have more time during these periods and therefore more chance to view the marketing they do. Thanks for getting that information out there.