Here are five ideas according to Real Business Rescue to start implementing today.
Encourage People to Spend More
With family budgets being so tight, it is difficult to encourage people to spend more but this will help to avoid a triple dip recession. 75% of the country’s GDP is based on the sales from the services sector, so encouraging more spending here is most beneficial. The question is how do you get more people to spend when they are worried about money at home?
Offer more sales to encourage people to spend their money. This could be through vouchers, discount codes available online or through mobile phones or in-store sales. Sales will also boost profits while helping the country’s economy.
Join Up with Cashback Sites
People like it when their spending pays them and they can gain this through cashback websites. Sign up to these companies and inform your customers so they know they can make money for their purchases. The cashback will not come directly out of your pocket but you will need to spend something for being a part of these websites. It is important to look into the details before agreeing to anything.
There are many cashback websites available. For some, the customers will come to your store and then use the receipts to scan or photo and send them to the cashback sites; others work by consumers buying things from you through them.
Increase Staffing Levels
Getting more people working will help to increase more spending. Find a way to create more jobs within the companies, even if they are on a casual or part time basis. This will also take pressure off the benefits system, which leads to the government borrowing more money and causing further issues for the country financially.
This may be difficult for some companies, especially smaller businesses, but consider where you could open up jobs. When searching, make sure you find ones that really are qualified as many companies have reported struggling for those in managerial positions.
Improve Online Shopping Methods
As more people opt for online shopping, make it possible to buy everything available in-store online. You could even add extras to the internet shopping pages since there is no need to stock them; place a note that they will be ordered in when purchased. Take full advantage of the internet and offer international shipping for those overseas who find you.
The internet also helps people find a way to spend even though the weather is unappealing. Snow and floods do not stop people wanting new clothes, gadgets or services. You could offer a special deal while the weather is so bad for all orders placed online, such as a free gift.
It is important to make your website stand out and easy to use. People do not want to spend hours finding particular garments and then work out how to make a payment. They want everything laid out in front of them with fair shipping charges and an easy to understand returns policy.
Offer Competitions, Discounts or Events Through Social Media
Many people are spending their time on social media and social media marketing is beneficial. Spend some time creating fan pages on Facebook, feeds on Twitter and pages on Pinterest and start offering discounts to people who follow or like you. Competitions are also great to create your brand and encourage people to check out your collections, products or services.
Target specific people for discounts or events and make them feel special. The benefit of social media is that you can add a human face to the business. If they feel invited, they are more likely to spend and this helps to counteract the triple dip recession, while boosting your own profits. While competitions do not instantly mean expenditure, the competition winners may opt to spend a little to gain something more or others may decide to buy the package that you were offering when they realise that they did not win.
Avoiding a triple dip recession is important to allow the country to keep its AAA rating and avoid bankruptcy. Encourage people to spend more money in stores and give them reasons to. Offering sales, discounts and competitions are a great way to boost the amount of people coming through the door and creating a reputation.