It’s no secret that the coronavirus, or COVID-19, has hit many businesses hard, some to the point of financial ruin. Even if your business survived the brunt of COVID-19’s attack on the economy, it’s possible that you, like many others, are in a position of financial hardship that you need to pull yourself out of. Fortunately, it’s possible to recover from these hard times with a little work and determination. Here are a few ways you can recover the revenue lost over the past few months.
Adjust your prices accordingly.
There are two ways to go about adjusting your prices to recover lost revenue: you can either raise your prices or lower them. The latter may seem like a contradictory decision compared to the situation at hand, but having lower prices will keep you remaining in competition with others in your market. Research your competitors to find out what price they’re marking for similar items or services, and then adjust your own accordingly. This, as well as offering the best deal you can for your goods or services, can make customers more inclined to do business with you than someone else.
Focus on lead generation.
When talking with your customers, don’t focus purely on the items you have in stock. Tell them why they should be buying from you rather than your competitors: free installation, discounts on maintenance, a 24-hour customer service line, you name it. This tactic, called lead generation, lets you pursue the consumer’s interest so you can profit from it, and is a key way to gain back any revenue lost due to financial difficulties.
Change marketing tactics if necessary.
Business is ever-evolving, and that includes the way you market yourself to your consumer base. If your marketing tactics are poorly-planned our outdated, this can be a cause for lost revenue. Rather than keeping with what isn’t working, adapt your marketing strategy to a more contemporary approach by researching ad campaigns for television, magazines, and stores. Figure out what does and doesn’t work, then use this information to adjust your own marketing strategy accordingly. Hiring a marketing consultant can further help you recover lost revenue since this is their area of expertise.