by Nick D'Alessandro, posted 3/2/2017
Everyone experiences those times as an entrepreneur when your business feels stagnant and you’re having trouble growing it.
You try different strategies to grow your business but nothing seems to be working well and you’re not sure why.
You can’t pinpoint what needs to change and you’re not even sure where to start.
It’s time to stop scratching your head and feeling puzzled!
There is a way to expose hidden weaknesses within your business.
Take a look at this 10-point checklist to help you zero in on what you may need to change:
- You haven’t achieved Product/Market fit. Before investing anything more in marketing your business, stop and ask yourself a question-- Are you certain that you have developed a product or service that people love and don’t want to live without? Not just friends or family but impartial people that are willing to give you honest feedback. Before you proceed, this is the first thing you need to address. Ask for feedback from friends (the ones who will be straight with you!) and customers on how your product can be strengthened.
- Your marketing is not reaching the right audience. It does NOT mean your product sucks if, for example, your Facebook friends aren’t buying it! It might just mean that you’re not connecting with the right audience. The right audience is the one that’s most likely to be interested in your product. If you think this is what’s holding you back, make sure you have clarified your target market and then decide on the best strategies to reach them.
- Your product isn’t being perceived as significant or a buyer’s first choice. It may be tough to hear but being perceived as mediocre or simply good in a sea of choices isn’t going to win the prize. Once again, that doesn’t mean your product lacks value. You might just need to strengthen your message and how it’s being perceived. A good copywriter can help with this task.
- You’re not differentiating yourself enough. All entrepreneurs, in one way or another, need to know what their “special sauce” is. If you don’t think you have one, you need to find it! Decide on what unique or additional value you can offer and make sure it’s effectively communicated in your sales copy.
- You’re not being recognized as credible or professional. Visitors are not going to buy your product or service if your website or store looks shoddy in some way. Visitors are going to form a very quick first impression of your business before they ever try your product. This is the reason that you need to make sure your overall look, your grammar, your images, your cleanliness, and your content are all first rate!
- You’re assuming your visitor will be ready to buy. Unfortunately, most interested visitors are just not going to be ready to make a purchase on their first visit to your site. Statistics show that approximately 80% of sales are made on the 5th to 12th contact! This is why you will need to create a call to action to capture leads. After you have captured these leads, it will be important to follow up and build a rapport with the people on your list.
- Your offer isn’t enticing enough. Creating a CTA is a good start, but your offer needs to have perceived value in order for someone to exchange their contact info for it. For example, just asking them to “Sign Up For Our Newsletter” may not be enough motivation. In this case, give your visitor a sufficient reason why signing up for your newsletter will benefit them.
- You look dated. If the look of your store hasn’t been updated, it may give your visitor the impression that you’re not relevant. Try to give your visitors the impression that your store is current and active by giving it a modern feel and look.
- You’re not making it easy enough. It’s likely that your visitors will have very little patience so if navigation is confusing, contact info is hidden, or load time on your website is not quick enough, there’s a good chance your visitors will not stick around. A website that takes more than three seconds to load has immediately lost 40% of their traffic! Try to make sure you eliminate or reduce any issues that your potential customers might encounter when visiting your site.
- You have the wrong price point. For example, if your target audience is geared toward the “casual” bicycle rider, you could experience price resistance if your prices start at $900. Conversely, if your prices start at $100, your audience could perceive them to be poorly made. Research what your competitors are charging and offer a price that is profitable for you and equitable for your buyer.
There you have it!
Plugging any of the 10 holes mentioned above FIRST will maximize your marketing efforts and help you preserve your cash.
Wishing you much success!
About the Author
Nick D’Alessandro is a small business strategist and founder at Trilojeemarketing.com. He is excited to share his 30 years of business experience by helping small business owners grow their business and fulfill their career purpose.