Ways to Increase Sales in an Economic Crisis

If your customers are going through difficult times, it means that your sales are also included in the same process. Each of the factors such as the anxiety of being fired at any moment, decreases in income and unemployment are the factors that damage the spending habits of customers today.

How to Increase Sales in Economic Crisis

The way to increase sales during economic crises is to understand the mentality of customers who have difficulty in making a living and the opportunities created by changing spending trends. Therefore, in order to continue your company activities successfully in times of crisis, you should re-adapt your sales and marketing strategies according to the changing habits of your customers. Then, you should closely monitor the effectiveness of your new sales strategies, and you should not hesitate to eliminate those that do not produce positive results.

Here are the most effective ways to increase your sales during periods when the economy is stagnant and customers are spending less money:

Customer relationship

Your customers are vital to your company, especially in times of economic crisis. That's why in such situations you have to value your customers more than ever before. The way to ensure that your customers buy your products or services regularly is to make them feel that you really care. In this context, you can discover what moral benefits your company provides to your customers and try to constantly strengthen these benefits.

For example, let's say you have a spa and your customers come to your center to be pampered and relieved from the stress of everyday life. For this reason, you can add some additional stages to your service delivery that will make them a little happier and try to implement them in the best way. At the same time, we recommend that you do not forget the names of your customers and their preferences for the service they receive from you. It's also helpful to spend extra time with them, listen carefully to what they say, and closely monitor their body movements.This extra attention will bring two benefits at the same time:

You will not only be more interested in and improve your relationships with your customers, but you will also gain important insights into how you can best meet their needs.

Price

When customers don't have a lot of money to spend, they tend to be more cautious about what they buy and the amount of money they pay. While it may be a foolish move to lower your prices to the point where you can't generate revenue, you can rearrange your product combination and focus on lower-priced items instead of what customers see as a luxury spend.

Of course, you may still be determined to offer high-priced products to your customers, but we recommend that you at least keep them in the background and highlight the products that more customers can buy.

Value

Strive to provide your customers with maximum value for the money they pay for your products or services during difficult economic times. Make them feel that you are justifying their spending. When you offer a product that has a longer lifespan than its competitors, try to fully explain to your customers the profit they have made from your product.

For example, if your product is related to foot care and is much healthier than similar product options, you can set up your marketing activities to tell your potential customers that your product is superior to similar products. In addition, by informing your customers about the benefits of your products, you can increase their purchasing intention despite the stagnant economic conditions.

Creative Marketing Activities

In times of crisis, the resources you can allocate for your marketing activities will also be very limited. Although such a limitation may seem like a hindrance to successful marketing activities, it can actually turn into an important opportunity: When you have less money to spend, you will need to carefully review your spending methods and develop innovative marketing strategies.

For example, you can collaborate with other companies to reach a wider customer base. To make your marketing efforts more effective, take the time to learn more about the demographics of your main customers in the most accurate way. Take advantage of social media to increase the recognition of your products or services and create a brand image for your company.

The market research

If your sales are low, your first thought is probably to reduce your budget for market research. However, according to Harvard Business Professor John Quelch, it is necessary to increase this budget in times like these. Quelch advises companies to increase their market research spending during times of crisis. Thanks to these researches, you can discover the reasons why customers do not buy the products or services they bought before in times of crisis, and you can once again review your sales targets for your products or services that are no longer in demand. In addition, you can learn which products or services customers want to buy and try to meet this demand.

Motivation

During times of crisis, your sales team will likely begin to worry that their salaries will be reduced or they will be fired. If they are in a depressed and tense mood, you can increase their motivation by organizing a party or a fun one-day trip plan for them. While you might think you need to cut back on such spending in times of crisis, this is a misconception, according to Harvard Business professor Rosabeth Moss, because your customers will want to encounter friendly salespeople every time they come to your outlets.

The more you can meet these requests, the more they will be willing to receive your products or services. Remember that being motivating in times of crisis equals investing in the happiness of your future customers.