The global economy has experienced a massive hit due to the COVID-19 pandemic. Although New Zealand is one of the few countries which have been able to curb the spread of the lethal disease, the repercussions of the lockdown have been manifesting their ugly head in the form of declining consumer spending.
However, the impact is not as severe as predicted since the country returned to normalcy quickly. All commercial activities have started again, and the fiscal stimulus package announced by the government has played an influential role in bringing things back on track. The lowest interest rates have further helped in recovering, and the banks have been witnessing better spending.
However, it is still less compared to the pre-lockdown period. It is a testing time for small businesses, but there are ways of tackling the problem without affecting the bottom-line. Thus if you are planning to purchase a profitable business for sale in New Zealand, you must be aware of these strategies. So here is a rundown on how to boost sales when consumers are sceptical about spending. These tips can be leveraged by every marketer caught in a downturn.
1. Rediscover Your Target Audience
The post-pandemic conditions have changed the buyer preferences in a variety of ways. Thus to improve the buyer confidence, it is vital to study their current buying behaviour. Understand what is being bought the most and how. Due to the loss of jobs, the income of households has been affected, and this has changed the spending capacity of individuals. The focus of shoppers has shifted to essential products, such as food items, healthcare products, cleaning products and in-home entertainment.
Thus the business owners need to capitalise on the newfound in-demand items and address the pain points of the customers. For example, people now prefer takeaway food rather than visiting a crowded restaurant. Thus restaurant owners should focus on increasing their takeaway orders limit and reaching out to more customers through home delivery services.
2. Win Them Over With Incentives
Most customers need an effortless sale which does not take up much of their time and energy. If you are offering exceptional customer service to your buyers, they will be interested in buying from you again. Make them feel important by contacting them through emails, phone calls, messages and have a heartfelt interaction with them.
Also, communication is an integral part of the business survival guide during COVID-19. Inform them how you have been patiently waiting for them to return and what all efforts have been made to make sure that their experience will be seamless and safe. For example, a beauty salon can offer a free massage along with a haircut to get the customers back into the shops.
Similarly, apparel stores can offer discount codes, and e-commerce shops can offer free shipping facility to their customers.
3. Do Not Oversell Your Products
It is understandable that you are feeling anxious about the falling sales and are in haste to recover the losses made during the lockdown. However, it does not mean that you will hound the buyers to make them purchase from you. Give them some time to adjust to the changing environment.
If they have been facing pay cuts, then they may not be interested in buying right now. So be patient and show solidarity by telling them that you will be waiting for them with the best prices. Also, avoid sending bulk messages or spamming them with emails.
If they are feeling uncertain about your product, then remind them about all the utilities and unique features of the offering. However, do not be pushy or overbearing.
4. Help Them Find Complementary Products
Another way to improve sales is to make the existing customer buy more rather than chasing new customers. For example, if a customer visits a watch store to purchase a watch, you can offer them a pair of couple’s edition that can be gifted to commemorate a special occasion.
Offering matching products will get the customers interested and make them spend more without thinking too much. If they consider it to be a bargain deal which is rare to find, then they will happily pay for it.
Thus allow them to touch and feel the product so that they become intrigued and enticed to take the next step. Compliment them while they are holding it to help them to take the final call.
5. Take Your Business Online
With uncertainty rising in the minds of the consumers, many of them are sceptical to go shopping in brick and mortar stores. Thus the best way to find these prospective customers is to catch them online where they are spending most of their time. Create a website to run an online business which has a secure payment gateway and categorise your products in an organised and user-friendly manner so that the shopping carts are not abandoned midway of the process.
Use email marketing to inform customers about the new arrivals, discount offers and online shopping facilities. Develop your shipping support or ask the consumers to utilise curb-side pickups which are becoming popular to maintain social distancing. Some of the businesses can be completely taken online, such as cooking classes, Zumba sessions, tuitions, etc.
6. Changing Policies With Time
It is most vital to offer an excellent experience to your consumers in unprecedented times. The more comfortable they feel while dealing with you, the more they will be inclined to make the purchase. If you are shifting your business online, then you must work on creating a superlative digital experience that will not confuse or annoy the user.
Change your ‘no replacement’ or ‘late fee’ policies so that consumers feel positive about the purchase and do not worry about other issues. The best customer service can prove to be the key to success when consumers are unwilling to spend.
7. Introduce New Product offerings
It is not easy to change your supply of products, but you can introduce new items in the range which are selling like hotcakes or are in high demand currently. For example, if you are a restaurant, you can start delivering liquor which is always in demand to increase the sales.
Also, you must consider targeting the young professionals living in urban areas who are not concerned about savings and like to splurge on good things in life in any condition.
An economic downturn can affect small businesses adversely. However, there are ways of getting out of it. Thus if you are planning to purchase a business for sale in New Zealand, then keep the points mentioned above in mind to make the consumers purchase from you.