Every business should have the goal of finishing the quarter as strong as it began. Whether it’s the first or fourth quarter of the year, there are several strategies that employers can implement to bring up slumping sales and ensure a prosperous quarter.
Plan Special Events
Reminding customers why they enjoy buying from a particular company encourages more sales. Hosting in-store events brings current customers back and catches the attention of curious consumers within the community. An event can be as simple as a “customer appreciation” day with free coffee and treats or something bigger such as a full weekend of special sales complete with a DJ and kid-friendly entertainment.
Move Out Old Inventory
This is especially important in the fourth quarter when the new year is just about to roll in. Unsold merchandise takes up valuable shelf space; therefore, businesses should have a markdown plan in place to move these items out and make room for fresh inventory. Many customers wait for these end-of-year deals, hoping to find discounts on items they were eying before the holidays. Slashing ticket prices 50 percent or more gets these items out of the store and boosts the money going into a company’s merchant accounts.
Reach Out to Loyal Customers
A loyal customer base is one of the best assets any business can have. Using traditional direct mail campaigns to send out coupons and special deals to these consumers is a smart way to boost sales near the end of the quarter. Businesses with secure credit card processing on their websites can use email marketing to leverage the power of the Internet as well. Even customers who haven’t made purchases in a while are likely to take advantage of a percent off or buy-one-get-one deal.
Implement Reviews and Incentives
Employees who know that the boss is watching are more likely to put their all into their job every day. Implementing specific incentives for those who meet their quarterly sales goals gives each employee something to work toward. Provide friendly reminders near the end of the quarter and offer guidance on days when morale seems low.
Businesses with solid strategies in place can make it through each quarter without fear of falling sales. Combining marketing with an enthusiastic workforce creates a customer-oriented atmosphere that draws people in and ensures that companies get the revenue they need in their merchant accounts to meet end-of-quarter goals.