Surviving a Co-Vid19 Sales Slump by Pivotting & Reinventing Your Business to Thrive in Turbulent Times
by David Staughton CSP CCEO, Keynote Speaker on Growth in Tough Times and Expert on Small Business
- has Corona Virus caused a Sales Slump or Downturn?
- Have sales dried up and your team has lost their MOJO?
- Need to PIVOT and get more new business and sales in a hurry?
In turbulent times it pays to reinvent your Business to THRIVE not just survive during a Sales Slump and Economic Downturn.
As John F Kennedy said – “the best time to repair the roof is when the sun is shining” so get ready to pivot back to profitability with these ideas…
Get Your MINDSET Right to turnaround a Sales Slump
- Adopt a Winning Mindset! – Be a Beacon – Work on being Energised, Optimistic & Friendly
- A positive Attitude helps you find the Opportunities in Turbulent Times – Always Look for the Good and What’s Working
- Fan the “Flames of Success” – FOCUS on finding and highlighting any small wins and personal bests
- Maximise Your Opportunities in Tough Times – Making the most of what you already have! – every lead, enquiry, customer, sale, staff member, past customer etc
Focus on Improving Your Customer Experience During a Sales Slump
- Deliver EPIC Customer Experiences –Find & Remove the Ouch! & Wow them. better first & Last Impressions.
- A Positive Environment is a Magnet – Improve your Surroundings – Décor, Music, Refreshment, Comfort, Nicer Toilets
- Retail is DETAIL – Time for a makeover – Decluttering, Improving Flow & Layout, Clear old stock, Refresh w/Paint&Carpet
- Asking more ‘Million Dollar’ Effective Questions – Learn The “Phrase that Pays” and Words that Sell. Develop a better script and templates. Sell more Extras and Addons.
- Online Reputation Management – get more positive online reviews, Manage any damaging review or publicity
- Create Your Retail Wonderland – An Awesome Retail Experience – retail technology
- Think Vending! – Sell additional products at all hours using vending machines
- Packaging Perfection with beautiful bags, packing, gift wrap, ribbons for presents
- Offer Speedier Service – Fast & Responsive, 24/7 support, Livechat online, Quick Email response. Podium is great for websites too.
Here are SIX ways to PIVOT your Business
1. Reinvent Your Market – Really Understand Your Customers
- Finding Your Ideal Markets – There are Riches in Niches – Look for Geographic and Web market opportunities
- Use your Unique Selling Proposition (USP) against Competitors – Target WHO? and use niche Reasons WHY? (especially targetting quiet times and offpeak seasons)
- Build your tribe of fans – VIP Loyalty Clubs – Going tribal with rewards and belonging
- Focus & Clarity – Segment your contacts and customers – Use the 10/100/1000 Strategy
- Your Love Lists – Use your ‘loved ones’ to turn ONE into Many – Ask for their help & assistance – reviews, referrals, leads
- Work your Advocates & Connections – Get Testimonials (Video too), Endorsements, Reviews, Events and join their Groups
- Maximise your CRM/Database – Collect and segment Data – prospects, clients, alliances, suppliers
- Database Marketing – Repeats & Referrals – E-news, Newsletters, Cards, Blog
- Ideas for Overcoming Internet Store Sellers -Use The FUDGE principle (Fear, Uncertainty, Doubt, Guilt and Ego) & Top 20 reasons to choose us
- Find and support a Cause – Supporting Charity & Community causes
2. Reinvent Your Marketing in a Sales Slump – Get Better Known
- Web Marketing Basics – Website, Google Places, Adwords, FB and LinkedIn local ads
- Get better known and slightly famous – Speak, Write, Make Videos and Blog online
- Go Mobile – Mobile website, Maps, Apps and Directory Listings
- Extend your Range beyond your location – Use a Distribution system with Man in a Van/Delivery and Install, Click and Collect for online orders
- Create JV/Alliances – find partners for mutual success, Joint Ventures and Co-operatives
- Offer more Samplers – People love Freebies & Free Trials – Sampling, Giveaways and Try before you buy
- Local Area Marketing and Community Connections – Groups, Clubs, Schools, Gyms etc
- Leave a Trail behind you – More great Business Cards and Flyers, Stickers and Magnets
- Create an Annual Marketing Calendar – Special Events and Sending out Cards and Gifts
3. Reinvent Your Products & Services Offering
- Offer Awesome Products – What’s New, Hot and Different. Find Exclusive / Innovative / Creative Products especially from the local area.
- Finding your Star & Hero products, Signature Product & Famous Products
- Add More Services – Customised, Unique, Bespoke, Tailored, Fitted, Repaired, DIFM,
- Train your team in product knowledge – start with the BEST sellers and hot/new offerings and PREMIUM & HEALTH products for international market
- Learn how to sell more in your Off-season and quiet times – put more of your attention on your quieter times
- Turn over your old stock – Liquidate or get rid of old inventory – Your not running a museum!
4. Build a Loyal & Engaged Team
- Better Teambuilding – Recruit and Retain the best staff. Learn how to Pick Winners and develop a recruitment system. Read the book People power by Sadhana Smiles.
- Hire Sales Superstars – Increasing Average Sale with Extras & Add-ons, Upselling and Shiftselling. Start by offering customers a MENU of things you can addon. Use a plasma TV in the foyer with a powerpoint of pictures of add-ons
- Using Team Incentives & Competitions that really work – Visual scores on the board
- Ask for more Help and Support – use your team of experts – council, accountant & associations
5. Reinvent & Build Your Brand – To Make Marketing Easier
- Think Visual Marketing – More Signage & Screens that Sell – Internal & External
- Work on your Brand – brand experience, symbols, language, titles, name, logo, tagline, recall
- Be Sticky and Memorable – Boosting Recall with Promotional Products – Alibaba.com
- Use more Advertising and Promotion – Building both your Brand & the Bottom Line
6. Reinvent & Organise Your Admin & Finance in a Sales Slump
- In turbulent times you need to Focus on your Financial Numbers and Sales Statistics – regular reports from Xero or Cloud Financial software
- Work on Cost Downs & Expense Reduction – Rent decrease, study negotiation skills
- Systemise for success – Consistency with Processes and Procedures – Read the E-Myth by Michael Gerber
- After you have created your Systems and “A Team” Consider Scaling, Replicating and Expansion – Consider Multi-store Models and Licensing your ideas
CO-VID19 Sales Slump?
Think DICEY – Different, Innovative, Creative, Exclusive & Young!
“Whoever Owns the Customer Owns the Market” – Get closer to your customer and find out what they really want and don’t want. Solve their problems. Where there is a PAIN there is a Profit.
USE INNOVATION TRIGGERS FOR YOUR NEW PRODUCTS & SERVICES – read the book The Star Principle by Richard Koch