According to Merriam-Webster, “collateral” is defined as “property (such as securities) pledged by a borrower…
With the month of January nearly complete, we have a question to ask you. How is 2024 going so far? If you’ve noticed that the beginning of each year is quite the challenge for your business, know that you are not alone. For many companies, January is often marked by a slowdown in sales and customer activity. There are ways, however, to get out of the slump. Let’s look at some choice ways to regroup, strategize and set the stage for a successful year ahead.
Get in touch with your loyal supporters.
Many marketers fall off the tracks because they focus too intently on securing new customers. Never forget about those who already have your back. Reach out to your current customers and offer them some special promotions. Launch a loyalty program to incentivize repeat purchases and keep your current customers engaged. Come up with personalized offers or updates to remind your supporters of the benefits of using your products and services.
“Existing satisfied customers can be a fruitful source of new business and also restore sales professionals’ confidence,” contends The Brooks Group, “If you haven’t already, establish a program of regular check-ins via scheduled or ad hoc calls and emails to inquire about their situation and see if you can do anything to assist.”
Diversify your product or service offerings.
It’s time to do away with the “same old, same old”. Your customer base needs to be dazzled by new products or services. What can you add to your product line that may complement your existing offerings? Perhaps, you can target different customer segments. Diversification can help you attract new customers while reducing your reliance on a single product. This makes your business more resilient to seasonal fluctuations.
“You can modify your existing products so that the new version appeals to a different group of customers,” informs Ian Linton on Chron.com, “If you make tools for building professionals, for example, consider developing a version that appeals to amateur users. An alternative strategy is to offer new products to your existing customers. A retailer of fruit and vegetables could introduce a range of health foods that appeal to the same customer group.”
Analyze last year’s numbers.
So the beginning of 2023 wasn’t so hot either. But were there some bright spots when looking at last year’s sales numbers? Take a close look at your business performance during previous slow seasons. Analyze your sales data, customer feedback and market trends to identify areas of strength and weakness. Use this information to fine-tune your business strategies and make informed decisions about where to focus your efforts during the slow season.
“Review stats such as close/won rate, average deal size and average sales cycle over time to get an idea of what kind of progress you’ve made,” advises The Brooks Group, “Compare your sales funnel to the same period in the past to see if you’re improving. You may find that you’ve improved your conversion rate or that you’ve lost customers.”
Apply for a merchant cash advance.
Synergy Merchants’ unique merchant cash advance program has helped many a Canadian business owner to survive their slow seasons. To learn all about it, please don’t hesitate to call us at 1-877-718-2026 or email us at email@example.com. You can also apply online for a free, no obligation quote!