Business go through many stages during their life period, some of them are good, some of them not so much. In this last category, there is one stage that is particularly frustrating, when your business sales begin to slow down.
First of all, there's no reason to panic, this is normal at some point for every business, but that doesn't mean you should just sit down and wait, or as many business people do, spend buckets of money in advertisement just because. You need to be smarter than this if you want to turn things around and reactivate your business growth.
So before you even start thinking of solutions, begin thinking on the problem. Why have your sales stopped? Why there are no new customers interested in your brand? Any ideas? Here are 5 reasons that may guide you into discovering why are your sales not growing anymore.
Reason 1: You don't know your buyer
When was the last time you actually sat down to think about your clients, who are them and how are they interacting with your product or your business in general. One of the main mistakes business' owners often make is to assume they know everything about their customer. With technology changing faster than ever, people are learning to adapt faster and faster to new consumption habits. So, if you want to remain at the top of your buyers mind, you´ll have to change along with them. Do some research, interviews or surveys, whatever you need to have an updated image of who your current customers are and how are they buying and using your product.
Where do you see yourself in the short term? What about long term goals? If you don't know where you want to go, you are going to have a hard time getting anywhere. You need to be realistic on where you stand, but also on where you want to be in the future. Begin by defining S.M.A.R.T. goals. These will need to be specific, measurable, realistic and timely. So no more daydreaming, it's time to get real with your objectives in order to define the steps you'll need to follow.
Online marketing is the new black, if your not doing it already, let us tell you you're making a big mistake. With people spending more and more time everyday in their mobile devices, the digital world is where you want to be. If you've been using digital tools already there's a chance they're notgenerating traffic, or at least not the amount you need. Online marketing is like having a plant, you need to water it everyday or else it will just die. You need to keep your website and social media, fresh and updated. Define clear objectives and work on an online strategy that includes social media, paid ads and valuable web content, in order to keep your audience interested and attract new potencial customers. Remember to use the information of your buyers to define the channels that will help you reach them.
Another mistake companies often make is forget about innovation. Once they've managed to keep steady sales for a while, they enter a comfort zone with the utopic idea that customers will just stay around forever. Well, bad news, they're not, specially not in this time and age where everything you need is just a click away. People are receiving more and more information everyday which makes harder for companies to keep their customers' attention, so you need to shake up things constantly. Look for ways to improve your product or service, how can you make it more functional for your clients, or is there a sales strategy you haven't use yet? Think outside the box and imagine how can you make your customers experience better. Don't be afraid of taking risks, remember, if you don't do it someone else will.
We know this may be hard to hear, but your competition may be closer than you think, and may be one of the reasons your sales have stop growing. When was the last time you did a deep benchmark to know what your competition is doing? How many of your customers have chosen them over you and why? This type of insight is priceless. It will help you define what actions need to be taken in order to regain your position in the market. Is it something you can solve by improving your product or service or perhaps you only need a better marketing strategy. Knowing your competition can help you learn what best practices anre working for them and how can you integrate them into your business.
Hopefully this insights will set you in the right way to turn those sales around.
Topics: business growth
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