In every business, there is usually a time where there might be little to no sales, i believe most business owner have experienced this. This period can be pretty tough, especially in a situation where the business is your only source of income. As a business owner what should one do in this periods? How do you generate sales for your business.
No sales period
- Thread starter eldavis
- Start date
Yes, I've experienced it, maybe even say it's not rare. When times like that occur, I usually think of looking for new ideas for additional products that I will sell, setting prices and various promos, etc. Apart from that, I also read people's writings on Quora to find references on ways to earn extra money or side jobs.
I used to experience when I was still starting out my business. Having established my business, I don't experience that because I have a good base of offtakers for my business.
When there are no sales, the owner should come up with an effective sales and marketing strategy. Aggressive advertising or launching marketing campaigns such as special discount day or giving out freebies may help to boost sales. In the meantime, the owner should also consider adding new products to sell in his/her shop to enlarge the customer base.
There was a time when I had no sales and it was due to nationwide economic policy. I had to adapt my strategies to match the realities of the economic reality. It was during a cash crunch. I had to open up cashless channels to get payments.
This period happens to me when university campuses are off session because my game shop business is located close to a university campus and most of my patrons are students. I have no option at this point than to make do with the little patronage I would have knowing that I would recover when schools are on session again
At this point is like a down point in the business,and what you need to do is doing what you did when just starting you business and that's promotion, campaign and advertisement of your products, you could also do a flag off sales to give discount to customers buying in bulk , this will encourage increase in sales .
The pandemic was one such kind of period and many people ended up closing their business. Similar conditions could affect any kind of business in the worst manner at any time.
As a business owner I would have to take more work pressure and give more work load to my sub ordinates. I remember when we were facing this our managers were putting so much pressure on us our working times were increases.
When your business is quiet or there are only a few sales, as a businessman you need to evaluate the prices on the products you sell, are they too expensive compared to competitors of similar goods, evaluate product quality, if you sell food pay attention to environmental hygiene factors, food taste etc.
Most businesses when they started newly usually find it very difficult to make sales because that is the time they have to struggle with getting their new customers who will patronize their business.
It might not even be pricing, it might even be that the market trend has been altered without you observing it. It could also be as a result of the season too.