Many businesses are struggling with rising costs and consumers cutting back in 2023 as a result of the cost of living crisis. In particular, tradespeople such as electricians are finding it difficult and it is worth exploring different revenue avenues as a way to stay afloat during this challenging period. For electricians, beyond having all of the necessary electrician’s tools, it is important to show business savvy for repeat customers. So, what are some of the best ways to build up a stream of recurring revenue right now?
Build a Loyal Customer Base
First, you need to focus on keeping hold of your existing customers. You need to have a solid customer base that you can rely on for income, so you need to nurture your relationships with customers to keep them coming back.
Offer Discounted Recurring Packages
Following this, another way to keep your customers coming back is to offer discounted recurring packages. If you are able to lock in customers for monthly, bi-annual or annual services, you can rest assured knowing that you have this money coming in. Just make sure that it is discounted to encourage customers to stay loyal.
You also want to get your name out there and find new customers. For electricians, enquiring within a block of flats is smart and could help you to secure a lot of new business. In addition to electrical contract work, you can seek out non-electrical installation business that requires electrical pre-work. You should also try to grow your network by attending industry and local events, approaching local business owners and even reaching out to those in your personal network. Social media can be a great tool for maintaining relationships and asking for work, but for making new contacts, you should try to do this in person.
Press for Customer Feedback
You should always be seeking customer feedback as a way to improve your services and show your customers that you care, Additionally, do not shy away from asking any happy customers you have for their referrals – word-of-mouth marketing is highly effective in this industry and could make a big difference during challenging economic periods.
Hopefully, the advice in this article will give you a few ideas and help you to secure recurring revenue for your electrician business during this challenging period. It is important to strategise and make smart business moves during times like this so that you can stay afloat and even thrive.