One of the biggest nightmares of many entrepreneurs is setting up a business, that is capable of offering true value, and still not getting the customers to patronize it.
That feeling can be truly frustrating.
For the first few months, you convince yourself it’s just the beginning, and things will change. But now, the whole poor sale scheme has been going on for months, and now you can’t even pin your head around what could be the cause. Perhaps you’ve invested in a multiplicity of marketing strategies, tried different sales pitches, networked with several other businesses, but yet all efforts are to no avail.
If you’re in this position, you need not worry. The reason why your business isn’t selling enough is because you aren’t doing something right. But what exactly are you not getting right? You wonder!
Here are some of the possible reasons why a business might not be able to generate enough sales. Check to see which ones can be related to your business and try to fix them today.
You’re marketing not selling
While it is always good to get the word out about the existence of a product or service, the truth remains that not everyone that comes in contact with that word will be interested in what you’re offering. Reaching out to a networking contact is a sales call when that contact has expressed a need and interest for what you’re selling.
However, if your networking meeting or message is to introduce what you offer, then that’s simply a marketing and not a sales call.
Unfortunately, marketing is what most business owners are busy doing today. On social media, blogs, websites, and other online platforms, business owners spread the word about what their products can do to the general public without first considering whether that same audience has expressed an interest in the solutions their product proffers.
First, try to identify those that really need your products and go to where they are. For instance, if you’re an app developer in the fintech niche, you might want to research those finance-related businesses that still don’t have a website or mobile apps yet. When you pitch your offerings to these people, it is very unlikely that they won’t want to patronize you because they really need it.
You’re targeting the wrong buyer
Many marketing experts will tell you that in order to generate more leads for your business, you need to reach as many persons as you can. Yes, reaching out to a hundred people sounds impressive, but are all hundred people possible buyers for what you sell? When you go on social media to post a jaw-dropping content that’s supposed to draw traffic to your eCommerce store, did you consider the type of people that are most likely going to see your post? Are all the people on that channel or platform your real audience or just a fraction of them?
Review your contact list and makes sure that you prioritize people with a need and interest in what you offer. Ask yourself: is this contact list truly a sales pipeline or a collection of people I know overall. If latter, then you need to review the names on that list.
Your existing customers aren’t recommending you
Getting more sales is as much about your existing customers as it is about new ones. So, if you’re looking to bring in more sales, then you need to increase your customer base. And a very effective and cost-effective way to do this is via referrals.
But referrals are not so easy to come by. So, if you’ve been struggling to attract new contacts and generate more sales from them, then the chances are your existing customers haven’t been spreading the word about you.
Get your existing customer base to tell their friends and family about you. To encourage them, you can offer them incentives like coupons, discounts and lots more. Furthermore, you can also click here to learn more about how you can improve your business referral scheme.
You’re targeting an audience that’s not the final decision-maker
Now that you’ve been able to highlight those people that truly need and have an interest in your product, you’re closer to sales now more than ever before. But you still need to do more. Are your target audiences able to make the final buying decision? Are you certain the people you’re sending content, newsletters, blogs, and updates too are the ones that will call the final buying shot? If not, then you need to find out whom and target those ones instead.
Once you land a prospective contact, conform from the contact, what else needs to be done to facilitate a purchase. Ask them whether they need to contact a superior first, or maybe they could point you in the direction of the contact with the budget authority.
There is another alternative to your business
Your prospective clients may need the solution your products offer, but the fact remains that you’re not the only way they can fill such void. On the one hand, they have the option of doing nothing (if there’s no urgency to fill this void). And on the other hand, they have other alternatives (that is, businesses that offer products that produce similar solutions to yours).
Think of the number of ways that you can use to beat this competition. Do you need to make your product more unique? Do you need to lower your prices? Do you need to offer additional perks like free delivery, discount codes, etc.? Just think of how you can beat the competition, and you’ll be good to go.