All companies have ups and downs. There are times when new deals are being made every day, new prospects seem to be competing for your attention, and the phone just won’t stop ringing.
Then there are these other times – when things are moving slowly, leads are running out, and suddenly you have a lot of extra time, maybe not even knowing what to do with them.
It’s easy to get caught up in worry when business and lead generation wear off. These concerns can also be legitimate and help you make the right decisions for your business. Slowing down on sales can be a kick in the butt to get more creative with the strategies you use to increase sales.
But when it comes to waiting for the slow phase, why not look for opportunities during this time and seize them?
What to do when business is slow
If your company is temporarily generating fewer leads, this could be the ideal time to fine-tune your routines and processes to get your business in perfect shape in the event of a turnaround.
Here are nine areas to focus on in order for your business to be successful over the long term.
1. Clean up your email list.
When was the last time you updated your email list? How many of the contacts are real and verified and how many are invalid or out of date emails?
We all know this feeling when it turned out that one valuable lead was mickey.mouse@mickeymousecompany.com. Well, now is the time to clean up your email lists of all those fake accounts, misspelled addresses, and redundancies.
Keeping your email list accurate and up to date will lower your bounce rate and improve the overall performance of your email campaign. Making sure your email list is in good condition will also protect your IP reputation and increase deliverability.
2. Enrich and update your contact details.
What is the state of your CRM system? Is your data fresh? Have all contact details been properly filled in and recently updated? If so, great job! Your business is one of the exceptions to the rule that most salespeople aren’t big fans of administration.
But what if your CRM system is a little messed up? Well you are not the only one.
When you consider that B2B data is a bit like fresh products – they expire 70% (!) Annually – this is a task that many companies struggle with.
The good news is that if you enrich and update your customer data, it pays off as soon as the wheels start moving again. Reliable customer data is critical to the sales process and helps your team work much more efficiently.
Now may be the time to integrate your CRM with other systems, such as: B. Your marketing automation app, your customer support platform or your VoIP provider.
3. Optimize your business strategy.
It can be easy to forget your brand, marketing, and overall business strategies. However, they are extremely valuable for updating and reminding your team from time to time.
When business is slow, it is a good time to take a step back and reevaluate your offering and positioning.
As part of your strategy check-in, you can also conduct a quick competition analysis. Be sure to identify the gaps in your competitors’ offerings. These gaps can open up new opportunities for your company.
If you know exactly what your competitor is selling, you will be in a better position – both in sales pitches and in putting together your own offers.
You can even post your comparison content on your blog or website to help your prospects make the best decision based on their goals and vulnerabilities.
And remember, your competition is not static; New players bring new challenges and the market landscape is constantly changing.
4. Improve your SEO.
Whenever you have a little extra time to spare, investing it in SEO (search engine optimization) is always a good investment. This will improve the ranking of your website on Google and bring new, relevant traffic to your website.
Start with a thorough content audit of your website to identify any opportunities for improvement. Review your existing blog posts and update them with internal links to new content and landing pages. A technical SEO audit will help make your site work even better.
Fix broken links and add CTAs with new content offerings. Make sure all of your pages are in good condition with optimized page titles, meta descriptions, and alternate text for your images. SEMrush or Ahrefs are great tools for analyzing and optimizing your website.
5. Talk to your customers.
When was the last time you called one of your existing customers to chat? Unfortunately, this is an underrated habit that has the potential to revolutionize your business.
Communication with your customers enables you to see your product through the eyes of your target group and often brings new and significant insights.
Book some calls with people who use your product and listen to what they have to say. You will probably be surprised at how much useful information this simple gesture generates.
Praise is always welcome, of course, and when you meet those who love your product, ask for a testimonial. But there is still more to learn from customers who are less than satisfied.
Why are you not satisfied? Is there a problem with the product or does it not match your offer? Maybe it’s time to update your customer personas?
6. Improve your email workflow.
Ok, lead generation may have slowed down. That doesn’t mean your nursing emails have to do the same. Now is the perfect opportunity to tweak and grow your email workflows and make sure you are doing everything you can to get your leads further down the funnel.
The fewer new leads that come in, the more important it is to take care of those that have already been collected.
Check your email analytics to find out where in the customer journey you’re losing most of your leads. This is where you want to focus on improving performance.
Customize your email content, experiment with your subject lines, and test different CTAs to see what happens. Sometimes small changes can make a surprisingly big difference.
7. Expand your business network.
Business is all about relationships. And when things are a little slow, then you want to go out and start new ones. This can be done physically by attending networking events and having lunch with old colleagues. But it can also be digital, and this is where you can scale your networking.
Join business groups on LinkedIn and Facebook, invite new people to your network, and start conversations by posting content and interacting with other people’s contributions.
Feeding and expanding your corporate network is possibly the fastest, most effective, and also the most pleasant way to get new leads and deals. LinkedIn, Twitter, and Facebook are great places to connect with colleagues and interact with people in your industry.
8. Guest post on other blogs.
Are there other companies that share your target audience without being your competition? Find companies with offers that complement yours and reach them with guest articles for their blogs.
You don’t have to write everything from scratch. Remix your old content and pitch into publications and business blogs and guest posts.
Don’t be too big on selling, but make sure your bio links are back to your website. This backlinking strengthens your website’s domain authority. Appearing in high-quality publications and alongside well-known brands also promotes your business and helps you position yourself as a thought leader in your industry.
9. Set SMART goals.
When the pace slows down, this is an opportunity to rethink your business strategy and goals. Ask yourself and your team:
- Is there a need to change?
- Is your team aligned with your goals?
- Have you managed to set SMART (specific, measurable, achievable, realistic and timely) goals?
If not, now is the time. With a well-structured strategy and clear goals, you will find your way back into business faster and more effectively.
It’s easy to get stressed when business seems to be slowing and lead generation is dropping. But with the right mindset, you can use this time to improve your business. By focusing on these nine strategies, you will build a healthier, more resilient organization so that when things pick up you can really take off.