Times are tough for many businesses as people around the world deal with the COVID-19 pandemic. Consumers are staying at home more and making fewer purchases. Even businesses with a well-established online presence are struggling. Whether you’re newly online due to COVID or just trying to keep your eCommerce site running, here are some strategies to inject cash flow into
Many consumers want to support the brands they love, while others are looking for gifts to give while social distancing. Gift cards are the perfect choice. Plus, they immediately put cash in your pocket. You don’t need to pack or ship any items or fulfill any services until the recipient uses the card. This quick infusion of cash can help your business stay afloat.
People who buy gift cards are essentially guaranteeing that you’ll have a customer in the future. More than half of all customers shopping with gift cards end up spending more. That means that selling gift cards is a great way to boost your chances that people will patronize your business after the pandemic has ended.
Many businesses offer pre-orders on popular items. If you offer services or products that have been shut down due to COVID-19, this approach can help you keep your cash flow going. Consider offering “pre-orders” of your services to give customers something to look forward to. You can incentivize pre-orders by offering a discounted price. Customers may be more likely to snap up the service, even if they’re not sure when they’ll be able to redeem it.
Another good tactic is to instill a fear of missing out (FOMO) in your customers. Emphasize the scarcity of the product or service. For example, you could point out that you’ll likely book up or sell out quickly once you reopen for business.
Subscription models are also becoming popular, even for consumable items. For example, many food and beverage companies are offering subscriptions to help keep their customers satisfied. If you’re able to offer delivery, this approach will particularly appeal to people stuck at home. Allowing consumers to “subscribe” to your products builds loyalty and keeps cash coming into your business.
Indeed, many consumers are bored at home — which means that many of them are shopping online. To entice customers, consider selling your underperforming stock at a steep discount. You’re likely already seeing a decline in sales, so why sit on inventory that isn’t moving?
Run a flash sale to breed a sense of urgency among your customers, then offer steep discounts on your products. You’ll tap into people’s FOMO and encourage them to buy when they wouldn’t otherwise. Just be cautious of seeming opportunistic. We recommend that you focus your messaging around how you’re clearing house for exciting new things once the pandemic is over.
If you’re facing low sales, don’t despair. Put these strategies into action to help your business increase its cash flow. You might even find these tactics worth keeping once the pandemic is over. Many of these strategies boost interest in your brand and encourage loyalty among your customers. A bit of clever marketing and some tweaks to your sales approach can work together to help you stay in touch with your audience — even during these difficult times.
Want to refine and expand your marketing strategy to better address the current situation? At Dotlogics, we take a personalized approach to your success. Reach out to us to get the tools you need to boost your sales.