You’ve tried every trick in the book, you’ve done your homework, and you stuck to the plan. But your once growing business is still stagnating. Don’t panic! Many developing companies go through this stage, probably more than once. Take a deep breath and rethink your strategy to revitalize your business growth.
Business Growth Needs Customer Input
Sometimes, it can be as easy as asking questions to revitalize your business. All you need to do is to allow customers to leave feedback and encourage them to share opinions and even critique your business. Negative feedback can actually be way more valuable than praises. It lets you know what customers want, and what they’re not getting right now. Plus it’s going to send a clear message to your clients that yours is a customer-centric brand that really values their input.
Now, it’s true that many people don’t bother taking surveys even when they’re offered a chance, so you can encourage them with prizes or limited time offers if they complete your survey. It’s a good way to get quick feedback and promote your products at the same time.
You can also set up contests to get your customers thinking about your brand and come up with their own solutions. It’s a win-win!
Add Value, Not Features
Sometimes, in spite of the fact that your products and services are top notch, customers are still not going for them. Trying to fix your products is not going to solve this because there’s nothing wrong with them. What you need to sell is a story.
With so many options to choose from, customers need more than just a firm offer. They need products with an identity, a story they can share. Clients need to feel like that product was designed specifically for them and their lifestyle.
So, instead of trying to fix something that isn’t broken, invest more in your brand and customer engagement. A well-handled content marketing campaign can boost your sales way more than rethinking your products, at a fraction of the cost. If you truly believe in the quality of your brand, you should tell others that as well.
Innovation or Stability?
If you see your business growth is not where you want it to be, take a step back and see where the problems are coming from. There are two things a young company needs to focus on in the beginning: innovation and stability.
It might seem counterintuitive, but you can’t have one without the other. Innovation leads to progress and business growth, while stability gives in innovation the firm basis from which it can take off. Without stability, you may end up going bankrupt if you don’t see a return on your investments quickly.
On the other hand, if you focus too much on stability, you may very well hit a dead end. You’re just making enough money to recoup your losses, pay your staff, and that’s pretty much it.
So, take a good, hard look at your business plan and see which one you’re lacking. Focus on these two aspects in tandem, and make sure they balance each other out. Otherwise, you’ll either be stuck in a loop or, worse, lose your business altogether.
Stray From the Path
So, your products are ok, your strategy is sound, and you’re right on target. Why isn’t your business growing?
Well, sometimes that’s exactly the problem. Growth comes from overcoming obstacles and challenges. If everything’s running smoothly and there are no risks in sight, there’s not much incentive to grow. Even though it may seem like the exact opposite of what you have to do, sometimes you just have to stray away from the course you’ve set.
Of course, you shouldn’t just jump in blindly in the hopes that everything is going to work out for the best. Moving away from your initial strategy doesn’t mean abandoning it altogether. But think of it more as a safety net. A sound business plan is going to give you something to fall back in case the risks you take don’t pay off. Then, you’ll have time to sit down and look at the results.
Don’t panic if it doesn’t work out the first time. The only failed experiments are the ones that don’t teach you anything. Whether it’s good or bad, the outcome of a more daring endeavor is definitely going to help you in the future, one way or another. Fear of failure is not an option.
Growing your business is a long and laborious process. It’s not going to happen overnight, and the minor achievements might feel frustratingly small. But each step forward is going to push your business to new heights. Don’t worry about what you’re going to do once you’re on top. A true entrepreneur never stops growing their business, and they’re never satisfied.
Which of the four strategies have you found to be most effective in regaining business growth?