Why is not my business taking off?

This is the most common question in recent times. Many would say - it’s because the economy is going through the worst recession since the 30’s - which is the answer to an extent. However, is really the economy the only one to blame for the losses businesses are enduring?
Let us take a closer, more objective look:

In recession times many businessmen watch in despair and anguish how their years’ long efforts disappear in front of their eyes, and feel helpless at the fact that only one year before clients would seek to buy their products and suddenly are not. This occurs in part, because the current crisis has changed the buying habits of many consumers. Products and services that used to sell themselves are now not, this is due to consumers no longer needing them, are buying “alternative products” or simply prefer to save the money.

What can one do in such cases?

The first step is to adapt your product or service to the new conditions of the market and to the ever expanding tastes of consumers. Ask the following:

Why should the public buy my product?

What are its advantages and benefits?

Which are its guarantees? – What does the competition offer?

Where does my product stand compared to market prices- is it cheaper, or more expensive?

Redefine your product, promote specials for a period of time (discounts, free gifts, etc.) and keep analyzing the public’s reaction. If the reaction is low or non-existent, perhaps the strategy will need to be modified.

Study again the targeted market. Many could have moved out of the area, or are still interested in your product but due to the crisis they are no longer able to purchase it. That is why we recommend you redefine your targeted public, so you can then readdress efforts to win new clients.

Analyze the structure in which the product or service is being presented and the way clients perceive the message. This is very important, many companies made the mistake of sending the same printed material as before the crisis, without taking into consideration that the times have changed. This gives the impression that brochures or catalogues that were once considered luxurious or spectacular, are now advertising an expensive product or they end in the garbage because clients might receive so many of them, they get simply tossed out. Actualize your printed material, be creative, be original but keep in mind not to exaggerate. Do not make your clients think your company lacks seriousness. If you run a website, maintain it up-to-date. If your website contains expired promotions, or shows activities from years passed, then your clients might not know that your company still exists. Remember that many companies have closed their doors in recent months.

Consider other ways of promoting, in other words consider a Marketing campaign via different channels. For example, to printed material or newspaper ads include Online Marketing, which only means publish on the Internet. The web offers an immense source of opportunities right at your finger tips. Each day more and more people look up information on the Internet, before deciding where or what to buy. Many even prefer “Online Shopping” given it can be done from the comfort of your own home 24 hours a day, 7 days a week. Even if your product or service cannot be sold online, the Web affords a growth to your company due to publicity. There are many ways to stay in touch with our clients and let them know about upcoming promotions, events, special offers, etc.

Last but not least, analyze if the number of actual buyers of your product is less that the number of interested clients. If that is the case, it could be that you are not convincing your clients and they are going with the competition. Before the recession, being courteous and keeping good prices was enough; nowadays buyers want more guarantees and want to make sure their investment brings plenty benefits. Successfully achieving that your prospective become your client is an art form: the art of selling. Everyone can buy but not everyone can sell, make sure to be in the latter group. Periodically train your sales staff; they are the face of your company, the ones that bring in the sales and revenue to keep producing. Remember that a company lives off of what it sells, not what it produces, and be sure to deliver excellent customer service. Your own pot of gold, a satisfied customer is the best publicity. Change your attitude from “if the client likes it, good; if not, that’s ok too” to “the client is the King.” Do not allow anyone to leave your store or meeting without the utmost excellent customer service, even if the clients do not buy this time. Leave the door open for their return.

I am certain that if you apply the tips given here your business will, not only survive the current crisis, but will come out stronger and more reliable. Best of luck!

E. Yanez