In a climate such as this, no one is buying what they don’t need. It is the precursor to a recession. When the money we earn stays in our pockets rather than being spent. It is hard to tackle this and remain in business, funds aren’t always easy to come by in order to stay afloat. The easiest way to counteract this is to try and adapt, change what you sell, or the way you sell it, change to the way the market is leaning.
Optimise your product
With a product that is not necessary, you need to change it, adapt it, transform its look, purpose, audience. Staying the same doesn’t work to keep you in the market, you have to constantly evolve in order to remain current and present. It may not be easy to find ways to achieve this but start small, can you change an ingredient to make it more environmentally friendly? Can you change the packaging to attract a different audience? Can you lower the price at all to boost sales temporarily? It’s subtle changes that can make a huge difference.
Become needed
In times like these, many don’t buy anything but necessities. So how do you keep a steady stream of income when no one is buying? You teach them that your product or service IS a necessity. This may seem hard to do, but with the right marketing strategy, you can entice people to buy more easily but convincing them that your product is a need rather than a want. Create a trend and jump on the bandwagon of a current hashtag, make yourself seen.
Change your audience
Have a think about your audience. Can they afford your product at the moment? With high unemployment rates in young people expected over the coming months with the end of furlough, now is the time to change tack. Targeting a different audience could mean that you retain a flow of income that would be impossible with a younger audience. Or if your products’ audience can’t be changed, try adapting it to include part of the range that can appeal to a wider audience rather than a completely new one. If you sell makeup, branch out into skin creams for both men and women so that you are appealing to a larger audience.
Create a service
Can your product be delivered? Can you make a one off deal to gain interest? Offer free delivery or returns, make your product easy for the client. It shouldn’t be an effort for your customer to buy your product, the easier it is, the more likely they are to buy. Maybe change the UX on your website design or focus your site around the Surrey area or a town in particular. Pay attention to each person, an individual service can make a difference. It’s the age old saying in marketing, if you do one thing right, your customers will tell one person, do one thing bad and they will tell ten. Keep your customers happy with your full attention.
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Thunderbolt Digital is an award-winning digital marketing agency who also specialise in web design in Surrey, and we’re only a phone call away from improving your online marketing campaign or web design! Get in touch today by calling 01252 413757 or email howdy@wearethunderbolt.com – we can’t wait to hear from you.