Strategies for increasing sales during a crisis

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To avoid losing your business and to get the maximum possible income from it, teach your employees to improve their work every day, even just a little bit.

Experts identify three options for strategic behavior during periods of decline: defense, attack, and readiness for the worst-case scenario.

You should take security measures electrical contractors email list for your business:

show maximum attention to regular customers;

figure out how to get additional profit from them.

Decide on an investment strategy during an economic downturn:

to specify the positioning of their products;

invest more in anti-crisis goods (services);

improve agency interactions.

Make maximum use of internal reserve resources:

improve the quality of work with clients;

stop advertising products aimed at promotion;

reduce costs.

When management starts reducing the number of employees, it does not necessarily mean that the company is in crisis, although often the reason is indeed in it. But in many companies, this is just a way to spend less. Very often, decisions to reduce staff are made simply out of fear.

Businessmen are scared and see the situation this way: large clients in the current conditions will not be able to pay on time, and salary expenses still remain, and this will inevitably lead to ruin. Instead of thinking about increasing sales during the crisis, managers begin to take emergency measures in the form of suspending advertising and projects aimed at promoting their product. In general, any expenses that do not bring obvious profit are stopped.

Strategies for increasing sales during a crisis

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What's next? No advertising - therefore, much fewer requests, and therefore a smaller percentage of those who bought (from the number of those who contacted). They ask a lot, but buy little. What to do? Defend, attack and try with all your might to be ahead of everyone.

Defensive line of action
Rethink your customer service approach: it should not be the same for everyone. ABC analysis will come in handy here. Remember the Pareto law. It states that 80% of your profits come from only 20% of your regular customers. This means that 80% of the sales force goes to earning the remaining 20% ​​of income (i.e., other small customers).

So, these costs should be reduced by half, or even 3-4 times, and then it will be possible to pay more attention to those customers who support the business. We cannot allow them to be intercepted by competitors.

Come up with and launch loyalty programs, but remember that endless discounts are a bad way to increase sales during a crisis (90% of these programs are based on price drops). In Germany, for example, this approach is prohibited by law. Here, customer loyalty is won not by discounts, but by drawing attention to the value of the product.

There is not always enough time and money for loyalty programs, but you can resort to cross-selling. Group A clients should become the main object of your attention. Do not try to sell them everything, offer what is really valuable. Cooperate with companies that are not your competitors, but you have common customers. Organize joint marketing events.