Dwindling Sales? Here’s How to Make a Comeback Without Breaking the Bank
Do you remember any of the popular brands when you were growing up but no longer exists? You sure do and you may or may not be wondering what happened. Truth is, water never gets in a boat unless it’s leaking somewhere. If your business is not growing based on your projections, it means the loop or chain is broken somewhere. So also, if you are experiencing dwindling sales, it simply means you are not doing something right.
First things first. If you have a business that’s currently experiencing dwindling sales, it’s not the time to blame your location, economy, age, gender and all other variables that people blame. Yes, it’s true that some locations might not be great or if you have a clientele that depends on a strong economy for their source of income, your business might take a hit. However, what we are referring to here is when you can claim to blame these variables and then absolving yourself from the situation.[Great Read: How to Make Your First Sale on Instagram]
Solving the problem of dwindling sales requires that you first accept responsibility. If you were making sales at some point, you need to identify the point at which you begin to notice the decline. What were the things you did that led to that? Are there any changes in consumer behavior that you ignored? How consistent were you in the delivery of your services? These and many more are real questions you should be asking.
Once you ask these tough questions and you have concrete answers, then it’s time to strategize on how you can make a comeback. Your strategy should be unique based on your type of business and more importantly, they should be based on real data. If you believe your business is worth it, you should employ the services of a business strategist who can conduct an unbiased assessment of your business and give you tailored insights on how to move forward.
Hiring a business strategist can however come at a cost. So, if you are great at implementing things yourself, here are 3 steps you can take to make a comeback without breaking the bank.
1. Redefine Your Target Audience
No business can grow without quality customers and in order to attract quality customers to your business, you must do one thing. That thing is, you must have a well-defined target audience. This is an exercise that needs to be taken seriously else the goal of increasing your sales and making a comeback might remain a dream rather than becoming a reality. Assess your current customer base and then see if there are some people that you’ve left out. It could be a certain segment that you felt didn’t need your services when you first started but now because you’ve gained experience and the technical know-how, you are in a position to serve these people.
Redefining your target audience helps you capture more people under the umbrella of your business and that’s huge because it gives you more options in terms of the people your business can serve.[Great Read: 5 Ways to Turn Your Facebook Group Connections into Paying Clients in 2019]
2. Create a Simple Yet Compelling Offer
Once you redefine your target audience, it’s time to create a simple yet compelling offer that will attract their attention. The business world is too crowded and in order to stand out and gain attention from your target audience, you must do something beyond ordinary.
A compelling offer is one that can solve a specific problem at a price point that your target audience can afford.
One mistake we’ve seen lots of entrepreneurs make is that they offer too many options that lead to confusion. Confusion leads to indecision and indecision leads to people abandoning their sales cart. To avoid this or at least reduce your churn rate, create simple yet compelling offers.
Do not try to overwhelm the customers. Remember that your goal is to make a comeback so draw the customers in first with a compelling offer and you can then upsell them later.
3. Create a Promotion Strategy
An offer, no matter how great, will not sell by itself. That means, if you create an offer, you need to promote it else it will be “dead on arrival”. Dead on arrival? Yes, dead on arrival and that means something that is bound to fail no matter what. Let’s do an exercise.
Close your eyes and create a list of your top three (3) competitors. Now, think about how they promote themselves. Is it constantly or occasionally? Your answer is sure to be constantly.
Marketing, advertising and publicity are key. If you want to increase your sales, you must learn how to promote your brand aggressively. Aggressively means that you find ways to constantly be in people’s faces so they are aware of what’s going on and how compelling your offer is.
It’s not enough to promote your offer for just one week and throw your hands up in the air and say it’s not working. You must be consistent, intentional and aggressive.
Also, in creating your promotional strategy, you must consider multiple platforms. Of course, you should conduct research beforehand to know which platforms your target audience spends the most time. Once you identify these platforms, you should then create a strategy around them.
In addition, do not forget to set a budget. Organic reach can only take you so far. You need inorganic reach as well and the great thing is you can start with a low budget so you can study the performance of your promotion across different platforms. Once you identify a top-performing platform, you can then commit more resources and then watch how your sales will begin to pick up.[Great Read: How to Reach Your Target Audience on a Shoestring Marketing Budget]
Lastly, once your sales pick up, it’s not the time to rest on your oars. You must constantly commit to improving your products, operations and your customer experience. When you create memorable experiences for your customers and your products meet their needs, they, in turn, become the mouth-piece for your business and boom, upward ever!
Thank you for reading! What is one thing you are taking away from this article? Kindly share it below.
P.S. Frustrated with social media management? Need trusted hands to manage your social media account for your business? Sign up for our social media management services and advertise with us and let us help you place your brand in front of the people who need your business. Click HERE to contact us today.