If you have a product that is no longer selling or your business is falling short of sales goals, get really honest and ask yourself if these issues might apply...
- Your advertising may no longer be working.
- This could be anything from your target audience is not longer seeing it, to the advertising you went with just being the wrong type.
- Ask yourself if there is more you can do on social media, or if you are falling short on engagement.
- Your target audience may have changed.
- When was the last time you check to see who your target audience is?
- Your product may be defective or inferior to another comparable product.
- Some businesses do not want to think that the problem could be with the product itself, but be honest about your shortcomings so you can solve the real problems.
- Your product itself may have too high of a price point.
- Are there areas where you can cut costs?
- Is it time to consider making your product differently?
- Maybe it is your employees.
- There is always the chance that your employees are doing things to push customers away.
- Do you have solid protocol for how employees engage with customers?
- If you are okay with your employees saying whatever they want when they pick up the phone, then you might have potential buyers upset by not being greeted in a way they feel they should be.
- This applies to social media as well. You need an engagement plan for online communications as well.
- You may have attempted to grow your business too quickly.
- Do you need to scale back and refocus? Are you selling too many products or offering services your customers do not want?
Next, once you know what the issue is, you will need to sit down and figure out what to do to fix the issue.
- Talk to your employees.
- They are likely to have thoughts and feelings about where your business is falling short. As the head of the company, you may not realize what is happening with the nitty gritty of the business, but your employees will. Encourage employees to share their honest feelings, and consider implementing their proposed changes.
- Ask your customers to fill out a survey.
- The more information you have about your buyers, the more you can cater to them and learn from them. Consider offering a discount code in exchange for their feedback on your products and their personal demographic information. Listen to their criticism and make adjustments.
Once you have pinpointed possible improvements, put one or two into action. Measure every possible indicator to see if they are solving your core issue. it is always possible that what you diagnosed as the issue was just another symptom of the problem and in that case, you’ll need to keep tweaking. Don’t give up; continue to adjust.
Good Luck and Good Sales!
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