Slumps are a normal part of the business. They usually happen when you’re not performing as well as you’d like to due to a mixture of factors. But in many cases, the slump can be your chance for a new marketing idea that boosts your business through its low points.
1) Use Experiential Marketing
Experiential marketing is a strategy that uses real-life experiences to draw potential customers. It involves placing an experience, whether at your business or in the customer’s life, that features your business. Experiential marketing works well when you’re in a slump, cycling you out of the slump and into high performance.
2) Look For Creative Sales Opportunities
Finding entertaining ways to market your products or services is another great way of getting past slumps and making it through until the next. Bet that while you’re finding ways to entertain your customers during the slump, they’ll be asking themselves what else they could do with your product(s) or service(s).
3) Make New Products Simple And Easy To Understand
During slumps, it’s often hard to remember why you started your business in the first place. You’ve probably made many mistakes along the way, but don’t lose sight of what’s important. Please focus on why you started your business and ensure it’s still going towards those things.
4) Maintain a Good Reputation
Word of mouth is still one of the most powerful ways to spread awareness about your brand. Even if you’re not in a sales slump, be good to customers, keep up with your accounts, and maintain an overall professional image.
5) Find Likeminded Friends to Help Brainstorm
Find other business owners who understand what it’s like to struggle and promote each other during those difficult times. When you help each other out through troubling times, it alleviates the sense of failure as well as increases quality leads down the road.
6) Try a New Product or Service
Change is often needed in your business when things aren’t going as expected. It could mean giving up an old idea and replacing it with something new or switching to something more manageable for your customer to understand.
7) Remember Your Reason for Starting Your Business
Good times and bad times are a part of the business. If you’re used to having a lot of saving up time, take every opportunity to save money by taking money out of business for yourself. Or, if you’re used to being busy, take time off work and enjoy being with family or relaxing in good company when times are rough.
Many different forms of marketing can be used during slumps, so it’s best to ask yourself what type would be best for you. As long as things get better again quickly, all should be well in the end.
The marketing idea mentioned above got me through a slump in the past and has kept my company going strong since then. Although it’s not always possible to predict slumps like this, some things are done to prepare for them, including creating new products and doing creative advertising.
Despite what others may say, you shouldn’t give up on your ideas that are currently working and stick with them just because a slump happens. Sometimes it’s not the best idea, but instead of believing in those negative people and their big mouths, listen to your inner voice and keep moving forward.