Do you grit your teeth every time you look at your cash flow or income statement? Has your company hit a plateau in its revenue? Don’t worry, you’re not alone. At Mavericks Marketing, we help businesses achieve explosive growth. Along the way we’ve discovered some common pitfalls many entrepreneurs face. Here are six reasons why you’re business isn’t growing and what you can do to change it.
1. Your Products Aren’t Original
Be honest. Is your product unique? If it isn’t, why would a customer choose to buy from you instead of a competitor? Customers are less likely to buy if your product doesn’t solve one of their problems, no matter how great it is. You can become vulnerable to price wars when your product is a commodity. Think of ways your product can stand out from the rest. After you develop a unique selling proposition, tell customers how your company is different.
2. You Never Developed A Growth Strategy
If you are wondering why your business isn’t growing, it may be because you never planned for it. A business can veer off track when entrepreneurs lose track of the company’s vision. If you don’t have a strategy, it is hard to move beyond the initial growth stage. Remember to carve out time in your schedule to think about your company’s future. For example, you can look for potential business opportunities or new markets to enter.
3. You Don’t Have A Marketing Plan
Marketing is a lifeline for many businesses. When you aren’t sure how to market your product and brand, it can put a damper on growth. Develop a plan that details which marketing channels you are going to use and how. It is also important to calculate a budget.
4. You Are Targeting The Wrong Audience
Are you trying to market your products to their wrong audience? Who is actually buying your products? Write down the characteristics or traits of your ideal customer. Remember, your product or service cannot meet the needs of every consumer. It is better to focus on customer segments who are the best fit for your business.
5. You Are Marketing To Your Target Market In All The Wrong Places
Where are the best places to reach your target market? Is there a specific social media platform they spend time on? Can you exhibit at a trade show that will have prospective customers in attendance? When you market your products in the wrong places, it can stunt your company’s growth. Look for the right marketing channels that will reach them.
6. You Are Focused on Cutting Costs Instead of Disrupting the Industry
It is very easy to cut costs and save money. Although moving to a smaller office or downsizing your team can decrease company expenses, it won’t help your business grow. Don’t take the easy way out! Instead, think about how you can create innovative products that will disrupt your industry. Customers are always searching for unique products that offer value and solve problems.
It is normal for businesses to experience growing pains over the years. The good news is you can easily overcome the hurdles we mentioned with a solid plan and execution. Tell customers about your unique selling proposition. Next, develop growth strategies and a marketing plan that identifies your target market and how you plan to reach them. Lastly, focus on ways your company can disrupt industries!
Still wondering how you can jump-start your company’s growth. Contact us today so we can discuss how you can become a pioneer in your industry. We are proud to offer proven growth strategies that can accelerate your growth.