What to do when business is slow?
We have all been there, your business is running great. You have lots of customers and are booking jobs left and right. Then, suddenly, things slow down. You start to wonder if this is just temporary or if something is wrong with your business model. Whatever the reason for the slow down, here are some ideas get business going again so that you can get back on track with growing your business.
First, figure out what part of the business is slow
- What is the reason for the slow business? (jobs, billing, deliverability)
- What are your numbers saying? (Leads, bookings, time to completion, collections)
- Is there a trend that’s impacting your numbers?
How to generate leads fast
Most business owners start with getting more leads to get business flowing again. Here are some of our ideas to help with getting more leads in your business.
1. Run retargeting campaigns to your current database
This is by far the fastest marketing ROI because it only focuses on those who have shown interest in your product or service by visiting your website or purchasing from you before. The goal here isn’t just to get more sales—it’s also about brand awareness! If someone has been interested enough in what you have to offer that they visited your site or purchased from you before, then chances are they’ll be interested in seeing more from you again down the road as well (if it’s still relevant).
- Send out an email offering a special
- Send out a text message offering a special
- Send an email selling a different service than they did previously
- Contact everyone that did work the same month last year and offer them service again
Schedule a free 30-minute strategy call to discuss your business and get a plan and drum up some business!
2. Set up digital advertising that are pay per lead model
Digital advertising allows you to get going quickly with lead flow. Especially on these platforms:
- Yelp ads
- Google Local Service Ads
- Thumbtack
Figure out what your average lead cost is and then set a budget to generate leads. The conversion rate of leads to jobs is 42% based on a recent service industry study, so work backward into your budget and approximate return on investment.
3. Optimize your website for conversions
Optimize website conversions by making sure visitors actually turn into leads instead of getting lost along their path towards conversion. Ways to optimize your website for conversions:
- Website chat like the one in the bottom right corner
- Estimate calculators or forms
- Request service
- Pop-ups with discounts
How to book more jobs
If your booking rate is low, try to understand why. The most common reason is the lack of csr (customer service rep) training. Many times, as digital marketing consultants, we can generate leads but the customer service team cannot close the leads on calls.
We recommend setting a job booking goal and holding the csr team responsible for booking jobs. If you want to grow 10% year over year, than set your target as 10% more jobs than you booked last year. Set a daily, weekly, and monthly goal and hold your team accountable for booking. You can also have them track their calls on a piece of paper and how many they booked to have them shoot for 60% booking rates.
How to speed up collections & accounts receivables
If your business is slow, one of the first things you should do is make sure that you have a good system in place for collecting money. Do you collect 50% up front, and then the rest when the job is done? Maybe it’s better to switch to progress billing, so that customers pay as they go along. If not enough people are paying on time, try getting a credit card on file before services are rendered—that way if someone doesn’t pay at all, you can charge them for those services.
If collections are indeed an issue for your business, set up an automated follow-up sequence so that once payment becomes past due (or even overdue), software will let you know and give some options: send out a late notice; set up automatic invoice reminders; create a payment plan option! Your customers may not always be able to pay up front either—this step makes things easier for everyone involved.
Digital Marketing Consultants To Grow Your Business
As a small business owner, you know it can be difficult to find time to work on your marketing. Sometimes, even when you have some free time, it still feels like too many projects to handle in one day. At Phlash Consulting, we partner with local service businesses to help increase sales and keep their technician’s schedules full. Our proven “Phlash Customer Journey” framework establishes a professional marketing system that has helped our clients grow revenue 20%+ year over year. Schedule a free 30-minute strategy session with a consultant to discuss your business.