8 Reasons why your business is struggling. From lessons & mistakes I made in the past.
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1. This will always be the fundamental reason regardless of many other things. You have to stack up your paying clients & customers.
If you don't have enough, you go into the marketplace and get more. Also don't be afraid to go for big fish that take longer to close.
2. There's a myth people talk about, I used to believe that said: "Build it and they will come." Nope that's bs.
Build it, AND TALK ABOUT IT and then they'll come.
Marketing is the life blood, you sort out reason number 1 by sorting this out.
The guy who founded Cruz Vodka gave me the marketing advice when we met. He told me: When companies struggle, the first thing they do is cut marketing which is a big mistake. So he increases his marketing & has all the major slots during EPL halftime.
Advertise is what he said.
3. Burning through money is also something that happens alot, and we did this too because you have to sometimes figure out what works and what doesn't.
Testing approaches costs money but when you get it right, managing that burn rate is NB to become profitable.
4. When building a brand or ahead of the curve with an innovative, understand that it will take time. You will burn through more cash because a selling a product is one thing, selling a brand is another thing because you have to invest in how the brand communicates.
People have to form an emotional response with your brand especially when it is premium & that will justify the price.
This is more a patience and a luck game more than a strategy thing. Building a brand or innovation is a delicate and difficult thing, but the rewards are great.
5. Sometimes, your product/service sucks and you have to admit that sometimes. If people aren't coming back and telling people about what you're doing then the product or service isn't that great.
Refleft and then Improve the product.
6. Sometimes the market doesn't need or want what you have and that is something that you have accept.
You can't be selling dial up internet or cassette players in 2021 😂. The market cares not for that.
7. Sometimes your pricing is the problem.
With a premium product, the higher the price, the more quality it communicates. Jameson used to be cheaper than J&B & sold less, until they increased the price, & the brand did better.
Raise or lower your prices based on what you have.
8. Sometimes it's the business model that needs work. This has to be assessed and sometimes adapted to what is required.
Look where you're losing money & where you can make more money. Charge marketing material into selling price so you don't lose.
9. Alot of the time you find out that people struggle with selling.
If you don't know how to sell something then you either have to learn to sell or partner with someone who has.
Remember that sales is nothing but a transfer of confidence from one person to the other.
I hope this helped & added value to you. Get everything below
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