What to do when business is slow

There are many reasons a business may slow down but this doesn’t have to be a bad thing. Instead of sitting idle, use the time to look into what can be changed within your real estate enterprise to generate more leads, connect with customers and boost sales. In this blog, we’ll take a look at what you could be doing to revive profitable business continuity.

4 things to do when business is slow:

Work on generating new leads

Get your sales and marketing team together to work in alignment to source new leads. Analyze the buyer’s journey to establish any gaps that need addressing and create buyer personas for optimal targeting. Also have your sales team reach out to prospective customers, be this through email campaigns, social media, calls, etc. With more time on their hands, the focus should be on researching potential buyers and ways to reach out to them.

Look to see what your competitors are doing

Research what your competitors within the real estate sector are doing or the products they’re offering so you can establish whether any gaps exist in your product offering. It also helps you learn how your current offering compares to the competition. Look to see how your competitors execute their sales process and see whether you could benefit from implementing some of how they do things in your business. Analyze the entire market as well to identify any emerging trends that could impact your current sales process.

To conduct an effective competitive analysis, it’s important to:

  1. Pick the right competitors to analyze
  2. Know which aspects of your competitors’ business are worth analyzing
  3. Know where to look for the data
  4. Understand how you can use the insights to improve your own business.

Review your CRM

Moments of quiet are the perfect time to analyse your real estate CRM, to make sure that all modules and features are being properly utilised to optimise the sales process for your sales team. Are Contacts up-to-date and all fields properly completed, have all Activities been recorded (for e.g. Viewings, Calls, Tasks, etc.), have all Dashboards been created to track key metrics, what Campaigns are running and which are more effective than others so as to modify where necessary, etc.?

By keeping all data current, you will gain a better real-time understanding of how your sales team is performing, the degree of engagement between your sales reps with leads and customers, where in the buyer’s journey leads and opportunities are at, what sales activities need more attention than others, what sales are close to closing, and so much more.

Get to know your customers

The more time you spend getting to learn about your customers, the better you will become at identifying what can be done to improve the customer experience your real estate business offers. Have your sales team reach out and ask their customers to describe their experience with your business. Collating stories like these provide you with the opportunity to not only establish gaps in your offering, but may also provide you with great testimonials as well as useful data to create case studies. The better informed you become about the service being delivered by your real estate enterprise, the better chance you have to optimise processes and procedures, as well as sales and marketing activities.

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