Know your customers
The most important factor is to build a strong customer base. If someone has ever purchased anything from you, make sure that you are well aware of his or her needs regarding the product or service you are selling. That way, you are bound to have a smooth sale pattern, even though the economy is going through tough times. Create a relationship with your frequent clients, and maintain a feedback process where you aim to solve any customer query. This is especially important in terms of gaining additional referral.
Market your product
Although this may increase your cost but marketing is the only tool from where you can reach out to your clients. Place ads, use local malls and create a web presence as they will do wonders for your business in the long run. Even in a recession, people may require your product and service, and the task of reaching out to you will be much easier if you have advertised well.
Another option is to show some room for bargaining. Allowing your customers to buy your product at low prices will create a long lasting relationship, and will further increase your sales, even though the profit-margin may reduce. That is alright as long as you are getting rid of your stock.
Offering sales discount is another reasonable way to keep your inventory moving. This could be done by the simple ‘get 3 buy 1 free’ offers or by giving discounts on bulk buying.
Boosting sales is also an internal process where you need to motivate your employees and provide incentives on every item they are able to sell. Bonuses may just keep everyone on their toes, and help the company meet its sale target. Moreover, gauge the market needs by improvising, where you may introduce an altogether new line, which is cost-effective and different from your traditional product or service.