How can I keep my sales up during an economic downturn? Is it possible to do well during a contraction? Can I be successful? Here are 10 ways to increase your sales during a recession.
#1 – Reach Out To Your Current Clients
Reaching out to your current clientele is one of the best ways to increase your sales during a recession. Follow up with a well written email or cold call. Strategize your contact. Ask yourself, what are you trying to accomplish by making contact? Follow up on quotes, projects in the air, projects on hold, etc.
Tip: Don’t make it all about you. Reach out to see how you can lend them a helping hand. Make them feel like you want to help them more than anything.
#2 – Referrals
Another way to increase your sales during a recession is to politely ask for referrals. Referrals are an awesome way to spread talk about your service or products from your current network of people. These people may include clients, acquaintances, family, or friends. Referrals often times manifest credibility simply due to the positive aspect of referring someone to a good or great service/product.
#3 – Tackle New Business
And of course, one of the most direct ways to increase your sales during a recession is to tackle new business. Tackling new business opens new doors. If you aren’t hearing much back from your clients, tackling new business is a great way to make new connections and offer your product or service in order to grow your clientele.
#4 – Follow The Money
During a recession, there’s a high probability a lot of industries will be down. Unemployment rises people aren’t spending money any more. In order for your to continue to increase your sales during a recession is to follow the money. When certain industries are down others are booming. Learn to identify where the money is and let it influence how you conduct business.
My company works in the decorated apparel industry so one thing we did during the covid 19 crisis to increase sales was to sell decorated masks.
See how you can adapt to the changes in your environment to make money regardless of the situation. Increase sales by following the money.
#5 – Expand Beyond Your Industry
This is similar to referrals. To expand beyond your industry simply means to offer your product or service to people outside your line of work. It may be family, friends, or other people in your network. If you make one or two sales using this strategy that’s one or two sales on top of your margins. Don’t underestimate the power of expanding beyond your industry.
#6 – Seek Knowledge & Apply It
Find online mentors from who you can learn from and get inspired by. Some of our favorite mentors include Dan Lok, Grant Cardone, Dan Pena, and Gary Vee just to name a few. Read or listen to audio books that will provide you with insight and knowledge that will help you further progress in business.
Knowledge is not worth anything if it is not applied so apply it for guaranteed results. Seek knowledge and apply it in your line of work in order to harvest the results you desire. Some of these mentors mentioned are high ticket sellers. They are some of the most successful sellers and entrepreneurs which make them easy to resonate with.
Tip: Never stop learning from people who are well beyond your level of success.
#7 – Use Social Media To Market Your Business
Social media is an amazing way to drive traffic to your website and potentially land a sale. Use social media as portal to increase your sales. The way your market your business plays an important role in your growth due to todays fast paced and tech environment. Here are some benefits of using social media:
- Quick directory to your website detailing your product or service
- Optimizes engagement
- Allows you to network and connect with your followers
- All legit businesses use social media (credibility)
- Easy for customers to find you online
- Social media allows sharing to be instant (referrals)
- Creativity attracts new customers
#8 – Use Paid Advertising (Including Promotional Products)
During a recession many sectors tend to contract. What you should be doing while everyone else is contracting is to play on the offensive side and setting goals often. Tackle your industry by engaging more than ever and focusing on promoting your service or product. Use paid advertising to reach the masses. By reaching the masses you increase your probability of closing sales and potentially gaining new long lasting customers.
Promotional products are an amazing way to promote your business without having to pitch your product or service to anyone. The product in itself presents a bold statement. Easy Marketing provides customers with decorated hats, shirts, jackets, bags, and so much more by branding the apparel with your business logo.
Tip: Wear your decorated apparel when you’re out in public. People will notice what your brand is about which can potentially lead to new business.
#9 – Keep Yourself Motivated
Motivation drives us so it is important that you keep yourself motivated in order to increase your sales during a recession. Recessions tend to produce waves of uncertainty and negativity. Stay focused on your goals and away from the effects recessions have on the psyche. There are a ton of motivational pages on Instagram that can keep you level headed during a major economic downturn. We too love to inspire our readers with our motivational content while keeping you posted on new posts published on our blog. Check out our IG page here.
#10 – Be Patient
Be patient. It’s part of the process. Continue to put in the work while keeping in mind that all great things take time to come into fruition. Ever ounce of energy and work you put into increasing your sales will manifest eventually.
Stay dedicated, be persistent, and be patient. We’ve compiled the BEST STRATEGIES to increase your sales on another post here for you to keep seeking knowledge and applying it in your field.
Share with us on the comments section below what you’re doing or have done in order to increase your sales during a recession or economic downturn. Our readers would love to gain personal insight from your experience and knowledge!