When running a business, there are many things to account for in ensuring the success of your venture. As a business owner your focus tends to primarily be on how to grow and what it will take to reach the next milestone. However, like most things in life there will be ebbs and flows. We’re here to guide you through the uncertainty by providing you with five questions to ask yourself when you’re in a slump and sales are down.
1. What factors have contributed to slow sales?
This would be the time to do some internal digging to understand what may have changed in the past couple of weeks/months to contribute to the low sales. Did you increase your prices? If you own a restaurant did you change the menu? How has the weather been lately? Sometimes even the slightest difference can trigger your consumers positively and/or negatively. A good way to find out what’s going on is to survey your customers to understand their desires. You can also use Clover Insights to identify trends. Perhaps this time was also slow last year?
2. How can social media increase sales?
It’s time to get creative! Think about ways in which you can use social media marketing to increase sales. Have team brainstorms on past strategies that have worked and ways in which you can build momentum. Try re-introducing yourself to new followers. Paid advertising is also a great tool that can increase sales dramatically if used correctly.
3. Which partnerships can be created to drive traffic?
Partnerships are a great way to build brand recognition and loyalty. Think of possible micro-influencers you can collaborate with to help you spread the work. Search hashtags related to your industry and find people that are already in the space. These influencers are more likely to form partnerships and bring their followers to you organically.
4. Are there special offers you can create for customers?
Exclusive deals can peek interest when your company is experiencing downturn. Think of discounts, bundles, exclusive offers you can use to get people through the doors. Sales on lower performing inventory allows you to promote an exciting offer and get rid of stagnant inventory.
5. Is an updated website and/or store design necessary?
Media is constantly changing, so take a look at your designs to see if you are staying current to existing trends. Outdated media can turn customers away if your creative isn’t up to date or on par with your competitors. Look to make changes to your designs quarterly. Most companies create according to the seasons and holidays. Use this timeline as a framework when looking for ideas to get started.
Clover is sold by leading U.S. banks including Bank of America, BBVA, Citi, PNC, Sun Trust and Wells Fargo. You’ll also find Clover at our trusted partners including Ignite Payments, Restaurant Depot, and Sam’s Club. For more information, visit us at clover.com.