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Tips on how to boost a slow-moving business

  • 2 min read

  • Highlights

  • Add products or services to complement existing offerings

  • Change your method of sale and payment; go online

  • Organise pop-up sales and participate in events

  • Start a rewards programme or offer freebies

Every business experiences phases of lull. This does not mean that you are doing anything wrong. It only means that it is that part of the business cycle where you need a smart strategy. Some prior planning and industry research will help you to come up with ideas that could boost sales.
Here are some suggestions which should work wonders to fuel your slow-moving business.

Add new products/services to match existing offerings:

Expand your offerings. Understand what add-ons your existing customers would be interested in and start stocking them. For example, if you own a computer store, you can consider adding printers, accessories such as data cards and cables, etc. to your inventory. Further, you can also offer on-site support to build long-term relationships with your customers. Finance such activities using a collateral-free business loan that offers a nominal interest rate.

Change the method of sale, delivery and payment:

Traditional methods of selling may no longer work. So, you may need to offer online sales, sales via mobile payment platforms or same-day delivery services to boost sales. Give your consumers new means of payments too like mobile wallets or credit card machines at the point of delivery.

Have a pop-up sale and market it well:

A pop-up sale is a temporary sale at a new location that is frequented by your target audience. This could be a retail outlet, a restaurant or an art gallery. This is a way of building interest and approaching a new base of customers in another location. Be creative to draw in customers to the venue. You can use digital marketing to spread the word. Use the concept to liquidate slow-moving items, but keep customer preferences in mind.

Host an offline or online event:

Participating in events like a flea market, a bazaar or an exhibition is a great way to meet buyers looking for a deal. This could help you sell items in your inventory with ease. You can also host an online event such as using digital means like Facebook Live. Organise a talk with an expert and stream it live to get views and then sell online. You could also participate in online sales events.

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Start a rewards programme or offer freebies:

Start referral programs and reward existing customers when you sell to new customers referred by them. You can offer discounts or provide coupons for the next purchase to amp up sales. You can also offer a freebie or gift on every purchase, such as a pen along with the sale of an office diary.

Use these suggestions as a start and keep your thinking cap on to come up with more ideas that will boost business revenues.

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