Do This If Sales Are Low

In this article, you'll learn:

• What to do if sales are low.
• How to prepare for when people are spending again.

=============================

It's a tricky time for businesses. Here in the UK we're told that inflation rates are easing (yay), but then told that other bills are increasing (boo).

We're all in the luxury goods market, which means we're the first to be dropped when people want to cut costs.

But what do you do if sales are low, and you know it's because of the current market conditions and has nothing to do with you as a brand?

In situations like this, I think it's important to retract your spend, manage costs and spend your marketing budget carefully.

Don't fall into the discounting trap

When sales are slow, it's very easy to run a 'flash sale' with a discount attached to it. Try to avoid this, lots of other companies are doing it too. Not only will it not work as well as you had hoped, but it can start to cheapen your brand.

Instead, offer something for free on orders over a certain amount. For example, "get a free candle on all orders over £20". This type of offer will have a much greater positive impact on your business.

Ease back on new product releases

Launching new products costs time and money, be careful when doing this in times of low sales. If your customers cannot afford to buy from you, then a new product launch won't make any difference.

Manage stock levels

Don't worry about having shelves full of stock. Work out how many items you're selling on a weekly basis and stick to that. Having money tied up in stock which is not selling is not smart. Instead, keep this money as cash within your business so you can be flexible on where to spend it.

Cut costs where possible

Go through your bank statements, look at any subscriptions or expenses you're paying out for and cut costs on things you no longer need. It all adds up.

Focus on building community

Your marketing efforts, in my opinion, and experience, should be focused on building a community of loyal customers. So, focus on your Facebook Group, chat with everyone, go live in the group, run competitions, play games. Do anything you can to get people to engage with you.

This will build brand loyalty, and when people are in a position to buy luxury products, they will most likely spend that money with you.

Conclusion

If you can ride the wave of low sales, and come out of it strong, you are on to a winner. Just be careful not to invest too much into stock and new products. Be wise and you will flourish.

That's it for today, thank you for reading.

Paul

=============================

When you're ready, this is how we can help you:

Join our HFA Growth Hub and get access to:

• All current and future courses
• Downloadable premium resources
• A community of other HFA members to chat with
• Video Coaching
• 1-2-1 support to help you grow your business

Click here to join

=============================