Every business goes through a slump now and then. It’s possibly caused by changes in trends, fluctuations in the economy or perhaps just a temporary setback caused by a recent news article that affected your entire industry. There are plenty of situations that could negatively affect us, so how do we deal with those slumps? In this informative article, we’ll be going through a couple of different strategies that seasoned business owners use to get out of a difficult period in their business growth.
Market your service or products more aggressively
Aggressively marketing your products could help you push competitors away and put you back in the limelight. It’s difficult because you need to invest a lot of money in order to really stand out, but it’s one of the best ways to actually get noticed if you have the funds for it. Sadly, not every company has the money to invest in order to advertise aggressively. Luckily, there are much cheaper ways to do so. One way is to make more public appearances. This means attending trade shows, networking events or even setting up stands at conventions and other public events. This will really depend on the type of business that you operate, but it goes without saying that showing up in public can attract a completely different audience. As long as you work hard to get the ball rolling, it’s easy to keep it in motion.
Promote yourself instead of your business
Another smart way of advertising is to actually market yourself, not just your business. Many people have become figureheads in their industries and have developed huge followings due to their personality and affiliation with a company. Eventually, some people will take notice of these individuals and follow them instead of just their company. A good example of this was with Steve Jobs. Although he found and managed Apple up to his passing, he made plenty of public appearances and had biographies and articles published about him and not just his company. This helped him build his personal brand which directly helped his business as well. In other words, don’t just focus on advertising your business or building your company’s brand. Learn to expose yourself as well to gain maximum attention.
Diversify your product line or services
If you really want to stand out, why not try to create a new product? Even if it’s just a new colour for your flagship smartphone or a slightly more expensive subscription service, it gives you an opportunity to write a press release and get yourself back into the spotlight. It’s difficult to make full use of new products, which is why it’s important to first generate buzz around your products before you release them. Speak about them on social media, send press releases around and connect with content creators for sponsored reviews.
Start a sale period and announce it
A great way to bring some temporary attention to your business is to announce a sale to the public. As long as you’re still able to make a profit from your products being on sale, it’s a great way to trade profit for growing your audience. Sales are also a fantastic way to get rid of excess or old stock, and in some cases, it could even draw new buyers to your business. Just keep in mind that you can’t just randomly throw a sale. It’s important to time your sale at the opportune moment to get the most profit. This can really depend on the type of products you sell but it also depends on the sort of audience you’re aiming for.
Release teasers or samples of upcoming products
If you have upcoming products on the way then it’s a good idea to look for ways to generate buzz. Whether it’s posting them on a company blog or bringing a working prototype to the next public event you attend, there are many different ways to release teasers and samples to your audience. If you want to make the most of the teasers that you release, then you need to follow them up with good copywriting that manages to show off the most important details that you want to show off. Whether it’s the specs of a smartphone or the convenience your products offer, first impressions count.
Look for financing options to grow your company
Going through a slump usually means that you won’t be able to grow your company until the period is over. In order to turn your fortune around, you may need a convenient injection of cash to help you grow your company. The wall you’re facing might just be a hurdle on your path to a successful business, and to overcome it you’ll need the help from Rob Sinclair and other similar financial services that can help you pay for equipment and machinery that can assist in your business growth. Whether it’s new transport vehicles to help with your logistics situation or a new machine that helps you take more control over your production, there are plenty of good ways to spend capital for the sake of boosting your company out of a slump.
Embrace the downtime and do something else
Some companies are completely seasonal and thrive off ups and downs in their business. For instance, fashion companies can charge exorbitant amounts of money for their clothing lines because they’re exclusive and only release during certain seasons. Restocks are rare and the only way to buy those clothing items is to look on second-hand sites or find a reseller that is willing to part with their own. As such, they can charge higher-than-usual amounts for their stock, knowing that customers and loyal fans are willing to pay extra for something exclusive that won’t’ be authentically produced again. During their downtime, they work on the next big clothing label, they network with other companies and find ways to optimise the way their business operates. In other words, the slump you experience might be completely seasonal and it’s fine to find something else productive to do.
Firstly, use your downtime to network and build contacts. For example, you could attend business events and make public appearances for the sake of meeting your customers, speaking with other industry experts and even chatting with content creators about the potential of a sponsorship deal. After a few talks, you’ll build relationships with these people that could flourish into something that can help to bolster your business. You can also use social media to engage with your audience, industry figureheads and even the media in order to grow your list of contacts and find more people to work together with in the near or far future.Even during slow and challenging times we can make progress and grow #business #entrepreneur #attitude #determination Click To Tweet
Another important task to complete during downtime is acknowledging your competition and tracking what they do. If you feel like your competition has been gaining an advantage on you, then it’s worth examining how they act, what markets they target and how they respond to their customers. In other words, you can’t just sit idle and hope that everything works out; you need to take action. Analyse their websites to see how they present themselves, look at their social media feeds to see what they’re doing differently and examine their products to see what makes them a competitor to you.
Focus on training your staff and growing their skills
If you’re going through a slump then it’s worth putting some time into boosting your business by training your staff. Thanks to all of the unique online learning opportunities given to us by technological advances, it’s possible for your staff to attend work yet still learn new skills using the internet. Thanks to the power of internet learning, once you’ve signed up for or purchased a course for an employee, they can continue learning from it and watching in their own time at home, on a tablet or even a smartphone. This means that they can continue learning no matter where they are. Teaching your staff new skills is a crucial way to promote better efficiency and productivity in your company. If you feel like your staff are becoming old dogs, then it’s time to teach them a few new tricks.
Work on your social media and online presence
Lastly, we can’t forget about boosting our online presence to reach a wider audience online. This is like advertising, but instead of just focusing on exposing your business, you’re focusing on building a wider audience organically by using intelligently using social media, by focusing on search engine optimisation and by improving your website. There are many different ways to reinforce your online presence and thanks to all of the digital and cloud tools available, it’s easier than you might think to actually get recognised on a more regular basis on the internet.
There you have it, a few powerful ways you can help your business when it’s going through a slow time. We hope you find them useful.
Do you have any other tips you would like to share?