For plenty of businesses, the end of year slowdown can be a real killer. Business decisions tend to get delayed as Christmas approaches and the result is that many sectors go into what can feel like shutdown.
When sales slow, the temptation is always to start looking at ways to diversify into new markets and new products – something to fill the gap created by slowing sales.
But these diversification strategies are built for good times – they eat up resources and cash, so you need to have the existing parts of your business running well.
If your sales have slowed and you are scrambling for new sales, it could be time to refocus on your existing customers.
They know your product and they know you, so the sales job required to get them to buy shouldn’t be as great. Can you go back to them with a special “buy in bulk” deal to help you clear excess stock and hit targets? Is there another offer you can make to them?
Alternatively, think about whether you can sell your existing customers more stuff. Are there complementary products you can tack onto your existing offer to increase their spend?
Existing customers are low risk – focus here first.
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