Rebuild your piece of the economy
The various parts of the UK may be coming out of lockdown at varying speeds and in differing orders which makes it all a little confusing. BUT as the numbers of vaccines go up, the lockdown is easing.
We all hope that this is the last one, but if India shows us anything, it is that a country who thought it was all under control was quite mistaken.
The politicians all say that we need to rebuild the economy, but what does that mean?
According to a report on MSE this morning (Wednesday 28th April 2021), there are estimates that there is £180,000,000,000 (£180 billion to save you counting those zeroes) stored away in extra savings. Those who were working from home or furloughed saved commuting costs, lunch costs and on the go coffees. Will they go back to those so readily in future? Of course, gym memberships have been saved too – will people return, or will they continue with the cycling and walking that they have been doing to stay in trim? Well, that is to be seen.
For some business that loss of income is not something that is going to be retrieved – people can only eat one lunch a day, they are not going to drive into work twice a day just to catch up the missed miles towards services and petrol purchases. So, rebuilding after the lockdown for such businesses will mean thinking about ways of increasing spend to refill the drained bank balances – a hairdresser can encourage an upgrade from wash and blow dry to highlights to celebrate the new freedoms or recommend a shampoo / conditioner / product that they sell that the client has not purchased previously.
For some businesses that additional money saved could be encouraged to be turned into a new kitchen, a new e-bike, a new wardrobe of good quality clothing instead of fast fashion with the associated emphasis on climate change.
So how do you stand out from the crowd, when your competitors are not just the others in your niche but also all of those other options too?
- Have a clear idea of who your ideal customer is and how they wish to be communicated with. Make sure your buyer personas are up to date and that your messaging is tailored to their requirements.
- Know how much business you are looking to achieve. Know you average sale, your conversion rate from quotation to order, from enquiry to quotation rate – this will determine how many enquiries you need. If there is one thing that is worse than not having enough business, it is having too much and getting a bad reputation for not delivering. So if you can fit a bathroom in a day with an additional two days for tiling, then assuming you work 5 days a week in an average month you’ll need 7 bookings to keep you working full time (any partial days will be taken up quoting and invoicing!)
- If you pivoted during lockdown to offer takeaway meals from your restaurant, decide if that is to continue after the restaurant is fully open again. It may give up additional sales, but if may cannibalise restaurant bookings into takeaways and you therefore miss out on alcohol and coffee sales. A close analysis will be needed to make sure that you are not reducing your take in post-lockdown times.
- Offer great customer service and don’t be afraid to ask for testimonials or case studies. Put them up on your website, or have them up on a wall where people can read them if you have customer facing premises.
Now that the lockdown is being eased enjoy remembering what it is about your business that you love and all those great ideas that you had whilst you couldn’t work – put them into practice to take your business to the next level.
If you want any help with maximising your sales in these post-lockdown months then do not hesitate to get in touch.