This is a conundrum many business owners face. Plummeting sales figures and a red bottom line are signs something is wrong with your business growth strategy. Figuring out why people are not buying is critical, because, if you don’t solve the mystery, you may find your company goes out of business.
Here are three reasons people aren’t buying what you are selling:
- You have not differentiated your products or services from the competition. People need a reason to buy from you. If you look and sound the same as your competition, consumers are going to pass you buy. Decide what makes you different and make sure your consumers know what it is. It needs to permeate your marketing and customer service. It needs to be evident to someone who has never encountered your business before.
- You are promising one thing and delivering something less. Your customers expect you to deliver what you say. If you say you have the best value in the industry, you must make sure that you are delivering that value consistently every time. If you claim to have the best customer service, you need to have someone available to handle and address customer complaints on a timely basis. If you make a mistake and fail to deliver what you promise, how you handle the situation will determine if your customer praises you or vilifies you.
- Your customers are not seeing the value in what you are offering. From the consumer’s perspective, value is the perceived benefit of buying one product or service over another. It can differ greatly from one industry to another. A successful business understands what their consumers consider value and deliver it. You must stay connected with your consumers and know what they are expecting. Listen to any complaints, hear any suggestions for improvements, or frustrations with your product and make adjustments to satisfy the needs of your top customers.
Figuring out what is wrong is the first step in correcting the problem. Without it, any business growth strategy you put into place will be for naught. What kind of problems are you facing and what are your solutions?