If one economic trend from the past year is clear, it’s that Canadians have been a stingy bunch. Statistics have shown that savings in Canada have reached all-time record highs in 2021, with around half of all households claiming to be spending less than in previous years and saving more according to nationalpost.com.
While savings are certainly a good thing, especially in a country with such high average debt loads as Canada, it is also important to spend. Businesses of all sectors are keen to see Canadians spending more again, especially those in sectors that have not performed well in the past year. So what can businesses do to lure old customers back, and what can they learn from other sectors? Let’s dive in and find out.
Start on your doorstep
For many businesses, tapping into the market that is right on your doorstep can be key to success. We have already seen this from many formerly internationally focused tourist businesses that have instead pivoted towards their local audiences, as explained by the experts at tourismtiger.com. Put out communications to your neighborhood and don’t forget to tug on the heartstrings by reminding your neighbors of the importance of supporting local businesses. You might be pleasantly surprised at just how willing your neighbors are to open their wallets.
Don’t shy away from freebies
If some of the most successful industries from the past year have anything to teach us, it’s that investing in free giveaways to attract new customers is often a winning strategy. This is abundantly clear when you look at the online casino industry, which has gone from strength to strength in the past year and has attracted record profits in Canada. This is because many of the most popular real-money gaming platforms are more than happy to give away hundreds of dollars worth of free deposits and in-game credit to attract new customers. If you’re looking for inspiration for your next giveaway, you can find a list of trusted brands on thecasinoguide.ca/online-gambling to learn from.
Remind people you exist
If you’re dealing with a slump in customers, it is entirely possible that you have just been forgotten about. Although this might sting a little, it is important to be forgiving and remember that customers are often a fickle bunch. Oftentimes, all you need to do is remind your target audience that you are still in business and ready to serve all of the goods and services that they used to love so much. Tap into your newsletter and mailing contacts and embark upon a mini marketing blitz to give your customers the nudge that they need. Redecorate your store window display or your online store to give it a fresh new look and feel, as this is often a great way of making your business seem new and exciting again to customers. The retail gurus at shopify.com have all the details on how to make your business re-vamp truly pop.
These time-honored tips can help revitalize your business and lure your once-loyal customers back into the fold. Try them out today.