A slow market can be tough on small businesses and it's likely that you don’t have a lot of room to cut costs for your business. So what can you do?
You may want to consider offering a temporary discount. This should help to convince those people who are sitting on the fence to pull out their wallets and make the purchase. Some extra sales can bring testimonials, positive word of mouth, and more.
You can take some time to contact some recent propsect who didn't buy your product and/or service and to find out the reasons why they didn't. Ask them what the barriers to purchase were for them. Was your price just a bit to high? Did they not believe your testimonials? Did they misunderstand your guarantee? Were there problems with your web site or did they have trouble locating the information/product/service? If you can find out what some key barriers to purchase are for your business, you can get to work on fixing them. Remember to always thank you for their feedback with a free gift of a nominal value or a discount/special coupon.
This is the best time to review your advertising strategy and investment. By taking a different approach to promoting your business you may learn something new that can be used to your advantage in the future. Your email campaign might uncover a new target demographic that you hadn’t consideredand your door-to-door sales efforts might teach you more about the composition of your community. If you’re not seeing results from your current marketing efforts, a change in tactics may produce a more positive result or at the very least, you will usually learn something new about promoting your business through different marketing tactics.