Times have been tough for businesses in Kenya these past two quarters and for many, sales have taken an unprecedented dip.
We’re all about solutions at Pesapal and we’d like to share a few tips to help you stay afloat until things improve.
It’s Time For a Sale!
Generate interest in your brand or product by conducting a flash sale for a limited time. Target your customers with discounts on fast moving items or upsell your products by pairing a fast moving one with another slow moving one. Create a sense of urgency by putting a timer of the sale. Make the sales as irresistible as possible and attract impulse buyers who just can’t ignore a good sale.
The idea here is to create a sense of urgency and get you product out the door. Sales are also a great way to attract new customers who you can easily convert to repeat customers by ensuring they have a memorable experience with you.
Reward Their Loyalty
The time is perfect to focus on the customers you already have. This may be as simple as reaching out to your repeat customers and saying thank you. You could also target them with sales or discounts that are exclusive to them.
Repeat customers are more likely to spend more money and also take up such offers as they already understand your product. For example, if you run a restaurant, offer free delivery or a discount on meals on days that aren’t too busy. If your offer web development, offer discounted or free SEO integration. The idea is to make your clients valued and they will have you at the top of their mind when they are ready to shop again.
Watch Your Spending
When you have reduced revenue, it’s important to also watch your spending. What are your highest costs? Where can you cut your spending without negatively impacting your productivity? You could also redirect funds to efforts, such as marketing and advertising, that will help you garner a few more sales.
For example you can cut back on any outsourced services such as cleaning, courier services and cab services and spend this on advertising on your highest converting channels. Please note that this is not limited to money only. Talk to staff about being more prudent with how they allocate their time and who they target with sales pitches. Spend more time on areas that more likely to see conversions.
There is no better time to experiment with new products and new markets. If your current market is not responding to your product, change the market or make changes to the product. If Kenya’s current climate is slow, try targeting other East African markets. This is easier if your business is online where you can quickly change who you are targeting with any advertising. If you are constrained by the nature of your business, see what changes you can make to your product to make it interesting.
Again, if you are a restaurant, introduce new dishes that might pique your customers interest. If you are a hotel, come up with kid centered or themed events because schools are now closed and parents are looking to occupy their children. The idea is to have your brand seen in a new light.
It Will Be Over Soon
Remember, low sales periods are great for building resilience. They also force you to innovate and look for new opportunities so where possible think outside of the box and find solutions that see your business grow.