It is said that a business flourishes only when its multiple operations are carried on correctly and dedicatedly. And even though in the current business scenario, Marketing is considered to be the most crucial business department, one just cannot ignore the importance of Sales.
Selling is by far the most important operation for a business because no sales means no profit. Practically speaking, no matter how trusted and established the brand is, if it does not keep growing its sales, it is sure to collapse in the long run.
Owing to this very reason only, it did not take long for a brand as famous as Harley Davidson to shut its operations in India in 2020! So, if your business is also unable to increase sales, start taking precautions already. But firstly, let us take a dig at what could be the possible reasons for your business to not attract sales?
Are you selling or just marketing your product?
Folks often get confused between marketing and selling a product, so here’s differentiating them in short. Marketing agency Melbourne is pitching about your product and its advantages to the prospective customers. With this definition, add the concept of the prospective customer responding with an interest towards buying your product and that is selling!
Now, the reason why you are not able to generate sales may be because you are merely marketing your product and not compelling the customer to give it a try. And sadly, no matter how unique your marketing efforts are if it fails to attract sales, all the effort goes in vain.
Price is a factor
Researching about your target customers’ purchasing power is just as necessary as researching about their wants and needs. The problem which most businesses face is that they label their products at a price that fails to grab the attention of their target group of buyers.
Suppose if there are two companies selling the same product at two different prices, customers will obviously reach out to that one company whose price is low. So, the trick here lies in making innovative products available in a price range that is within the buying capacity of your niche customers. Remember, lower prices often attract higher sales, even if the product is mainstream.
Pay attention to your competitors
Except you are functioning as a monopoly, paying attention to what your fellow competitors are up to is important. From toothpaste to telecommunications, all types of businesses largely depend on their competitor’s move, because indirectly, that sets the market trends.
Hence, it is always suggested to keep a track of what your rivals are doing in the market so that you can adjust your marketing and selling tactics likewise.
Targeting the wrong buyer
This could be the most probable reason why your business is unable to yield enough sales. Just creating an unconventional product is not enough.
You also need to tap the right buyers for that product of yours otherwise no matter how ‘out of the box’ your output is, you will not achieve the desired amount of sales. And how can you do so? Research, research, and more research!
Blowing your own trumpet is necessary – a tip from the market leaders worldwide! Product promotion is inevitably crucial because how else is the world going to know about it, let alone making a purchase.
But, as smartphones have made the buyers smart too, hence promoting on the grass-root level is not enough. Make short but detailed advertisements framing the many benefits of your product.
Is your product really worth it?
As disheartening as it may sound, sometimes the only thing which is to be blamed for poor sales frequency is the product itself.
Assess your product from the purview of a customer – is it really worth the investment? Is it going to serve my needs? Is there a better alternative in the market? If you come across even a single ‘No’, we suggest you reconsider your product and try locating its setbacks.
Over to you….
In the times of the Covid-19 crisis, it has become more important than ever to keep the sales bar high. Otherwise, it won’t take long for your business to pack its bags and leave the harsh market. Here, we listed the 6 reasons why your business is not getting enough sales. Read this guide and see where your business is going wrong.