The soaring cost of living, on the heels of a traumatic pandemic, has changed consumer culture and behaviour. Thriftiness is trending. Influencers are pushing knock-offs of big brand items. Most people are taking a second look at the price of products and services that were once routine spends. Since the economy is not likely to change much in the foreseeable future, a downward drift in your business is something you want to take a hard look at sooner rather than later. Here are some things to consider.
Does your target market consider what you offer to be essential?
If it is, focus your marketing on the reasons why AND why they should buy from you. For example: “Getting us to clean your blinds every six months is cheaper than allergy medicine.”
Have you noticed that regulars are cutting back?
Retaining customers is more cost-effective than attracting new ones. If even your regular repeat clients are booking or purchasing less frequently, you need to do what you can to keep them coming back. Could you freeze pricing for a period of time without taking a hit on your bottom line? Could you offer a discount for a subscription-type service? What about an in-house rewards program?
Are you a higher-priced pro competing with cheaper, not-so-professional companies?
Focus your marketing on cost/benefit and the risk of going with one of these competitors. If you do any fixing of other’s mistakes, be sure to take video! It’s not a good idea to name names, but you want to show the value of paying for quality.
Have you cut back on marketing?
Unfortunately, many companies facing budget issues decrease or stop marketing altogether, which is exactly the wrong thing to do. You do want to look at your strategy and focus on the best return on investment tactics, but this is actually an opportunity for you to increase your customer base by keeping your name out there when others aren’t.
If you’re seeing a slump in sales, give us a call. We can help!