Tips for overcoming a summer sales slump
Since starting Whitebox, I’ve noticed how sales tail off during July and August and pick back up in September. I’ve also noticed a lot of our customers talking about how quiet business is. I call it the “summer sales slump.”
With the ongoing political uncertainty around Brexit affecting consumer customer confidence, coupled with a slow-down in summer sales, this is shaping up to be a tough summer.
It doesn’t have to be this way. I’ve put together a list of the key strategies I use to keep the phone ringing over the summer as well as a few recommended by our customers.
1. Prepare a weekly cash flow forecast
It doesn’t matter what time of year it is, the best thing you can do for your business is maintain a weekly cash flow forecast. We wrote about this earlier in the year in How Can I Improve Cash Flow In My Trades Business?
If you’ve never done one before, a cash flow forecast is an estimate of the amount of money you expect to flow in and out of your business over the weeks and months ahead. Think of it like the petrol gauge in your van. It tells you in advance when you can expect cash to run low. This gives you time to come up with ways to boost sales and if necessary, trim expenses.
2. Apply the marketing rule of 7
The Marketing Rule of 7 is a marketing principle which states that potential customers need to hear about your trades business at least seven times before they’ll start to take notice of you.
Some simple ways of increasing your visibility include:
Sign written, clean and tidy vans. (This lowers your insurance too).
A sign outside where you’re working if your customer is agreeable.
All staff wearing clean and tidy uniforms.
Posting a letter of introduction through the house doors on the street where you’re working. (Be sure to include your rating on Checkatrade and anything that demonstrates your professionalism and trustworthiness).
Posting photos of the transformation you’ve made on Instagram using the local area hashtags, e.g., #bethnalgreen #eastend #london. Likewise posting on Facebook.
3. Showcase summer-related products on social media
The summer is a fantastic opportunity to showcase the summer related products you’ve installed for your customers. From garden lighting to extend the summer evenings, to a new shower to a climate control system, give people in your network ideas they may want to action now. You never know, they might just get in touch with a small project.
4. Increase the life-time value of your customers
It’s far easier to sell to an existing customer than one who’s brand new. That’s why strategies which increase the life-time value of your customers are so effective.
Some ways you can increase the life-time value of your customers include:
Every time you’ve completed a job, ask your customers if s/he have any other projects they’d like you to come back and do.
Making sure you have a robust system for following up on annual services and maintenance.
Call your customers after you’ve completed a job to check they’re happy with the job. This will make you stand out and increase the likelihood you’ll get future business.
We hope you found these tips useful? We’d love to know what works for you. Do let us know in the comments box below.