3 Reasons why your business is failing

Posted on Posted in Starting A Business

 

3-reasons-why-you-business-is-failing

So your business is failing, sales are declining, customers/clients are disappearing, you’re not making a profit and you can’t pay vendors. So what do you now?

In this post, I will share 3 reasons why your business might be failing and some helpful solutions to help you bring back the success in your business.
Reason 1). You have No Idea Who Your Customers Are

You’re losing customers because you have no connection with them. In fact, you might not know who your customers are, what they do, or why they support your business. Do you care about any of that? You Should! Getting to know your customers helps build trust. It’s hard for people to just purchase from you if they nothing about, and you’re not taking the time to get to know them.

Solution to the problem – Take time to get to know your customers. Create a Customer Profile, learn more about the demographics, interests, hobbies and buying habits of your customers. This will help you build a more cohesive relationship with them. You can use surveys and polls to learn about their interests. Ask questions and offer rewards via social media to get your customers to engage with you.
Reason 2). Your Marketing Tactics Suck
You’re not attracting customers because your marketing tactics suck. your strategy is so boring, no one is buying it nor your product or services The key to attracting new customers and getting them to become regulars is having a strong marketing strategy.

Solution to the problem – You need to develop strategies that will work. Find your target audience, discover their buying trends, discover their likable resources for buying (who they are currently buying from) and discover how you’re going to make yourself a better resource. You will need to engage with your target audience to discover what tactics persuades them purchase things, use what you learn from this to build strategies you know your audience will love.

Reason 3). Your prices are Too Low or Too High
The pricing of products seems to be the hardest task for business owners. A lot of business are failing simply because they are pricing their products wrong. If you price the product too low customers will assume your product is of poor quality, and if you price it too high they will more than likely not buy it and lose interest.

Solution to the problem – To correctly price your products you should:

  • Use My Product Pricing Calculator passion-meets-profit-1
  • Understand your Market – What is the demand for the product? How many people are willing to buy it? And how long will people look to buy this item?
  • Know Your Competitors prices – So you that you can set your prices up to beat theirs.
  • Determine your Revenue Target – Make sure you are selling products at a price that would help you meet your revenue target.

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