Businesses can launch offers, plan ahead to make the quiet season pay.
Planning ahead, brainstorming ideas, staging discount sales and networking – these are just some of the ways in which businesses can ensure the Ramadan slowdown has a minimal impact on their bottom lines.
The Islamic Holy Month is expected to start on the evening of May 26 and ends on June 24.
Business activity typically slows during the month and many companies anticipate a decline in performance as deals become few and far between.
However, sales expert Spencer Lodge, founder of online sales university Makeithappen.com, claims Ramadan need not be the stagnant business period many fear it to be.
In an advice note, Lodge says that, on the contrary, businesses should treat the seasonal lull as an opportunity for creative thinking, and prepare for it in advance.
His tips include:
Plan for a year in advance if you are in a position to do so,drawing out expected peaks and troughs and working out why slow periods happen. If you know when your low season is and are communicating with on average 500 prospects in high season, you need to rethink – doubling your prospects while you can in high season to compensate for the coming low season.
Put on sales offers during slow periods. The reason retailers put on sales over months like January is that, after Christmas, everyone has spent their money, making the first month of the year a a low period. So what do retailers do? They put on massive discounts and incentives to lure customers back through their doors. We all want a bargain, he writes. Retail is just an example; this is applicable whatever product or a service your company offers.
Increase networking to build new contacts. Some of your competition will be away in low season, believing the hype of it being the best time to holiday. This gives you a massive opportunity. With your competition out of the game you have free reign, he writes. The majority of people still go to work over the summer, so while it may be ‘low’ season, it’s not ‘no’ season. There are always times when fewer people spend, but don’t believe public sentiment, people are still around over the summer and they have more time to meet. So get making appointments.
Source: Arabian Business