How to boost sales during low periods
With Ramadan and summer approaching and a seasonal commercial lull expected for many organisations, Spencer Lodge, founder of makeithappen, explains how organisations can minimise the impact upon their bottom line and even provide a boost to sales during low periods.
Every business, seasonal or not, experiences low income periods. If you are an experienced businessperson, you should already know when your low periods will come, but occasionally business does begin slowing unexpectedly. Either way, you are better off treating this slow period as an opportunity. With a little creative thinking and planning ahead, you can ride such low seasons out.
If you are in a position to do so, plan for a year in advance knowing when your peaks and troughs are. Work out why these low periods happen. In the Middle East our summer months see something of an exodus. However, the reality is that today, it’s mainly mums and school children who leave the country for long periods, with businesses still functioning more or less as normal. According to a June 2016 YouGov survey of 1,523 people in the UAE, Saudi Arabia and Egypt, 72 per cent said they had no plans to travel during Ramadan, with most of them preferring to stay in their country of residence. Also, 43 per cent said they would travel during Eid–but that is a week, not all summer. In the UAE 23 per cent of people polled said they would not be travelling at all due to work commitments.
Planning ahead will help your bottom line no end. For instance, if you know when your low season is and, say on average you are communicating with 500 prospects in high season, you need to rethink. What you should be doing is doubling your prospects while you can in high season to compensate for the coming low season.
Another good option is to put on offers during these periods. Think about this: why do the retailers put on sales over months like January? One reason is that, after Christmas everyone has spent all their money, making the first month of the year a typically a low period. So what do retailers do? They put on massive discounts and incentives to lure customers back through their doors. The retail industry frequently offers sales during low periods to attract customers - so do the same thing. What do we all want? We all want a bargain. Retail was just an example, this is applicable whether your company offers a product or a service and in any country.
Some of your competition will be away in low season, believing the conventional hype of it ‘being the best time to holiday’. This gives you a massive opportunity. With your competition out of the game you have free reign. The majority of people do still go to work over the summer here, so while it may be ‘low’ season, it’s not ‘no’ season. There are always times when fewer people spend, but it only affects you if you allow it to affect you. do not always believe public sentiment, people are still around over the summer and people have more time over the summer to meet you. So get making appointments.