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3 hidden reasons your business isn’t growing

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Do you own a business that’s struggling to grow? If so, then you’ll know how frustrating it can be to put a lot of hard work into something, only to see limited results. You’ll also want to find the cause of the problem, and set it straight.

Keeping that in mind, here are three reasons your business might not be growing:

Poor customer retention

A big reason your business isn’t growing is that you’re not retaining any customers. You’re spending all your time trying to bring in new customers, you end up forgetting about your existing ones. Think of it like filling up a jug full of water, then emptying the jug and refilling it. You always really end up with the same amount of water. To grow a business, you need to build a loyal customer base and start adding more loyal customers. So, split your focus to not just look at new customers, but to also retain your old ones. This way, your business will soon grow.

Ineffective marketing methods

A really common reason for a failing or stuttering business is due to ineffective marketing. The only way that people will find out about your business is through your marketing campaign. You’ll promote it as best as you can, and try to reel in new customers. The thing is, there are some marketing methods that are better than others. These days, the focus is very much on inbound and digital marketing ideas. This is because both of these ideas suit modern consumers a lot better, and play on their behavioural traits. Inbound marketing refers to ideas where you’re bringing people to your business, and they’re finding you rather than you screaming about your company in their faces. Digital marketing refers to actions taken online and through digital methods. There are a lot of nuances with this marketing method, and if you want digital marketing explained properly, then there are loads of online resources to talk you through it. For now, all you need to know is that your business could do with shifting from traditional and outbound marketing to inbound and digital.

A weak sales strategy

Naturally, your business relies on sales to help keep revenue ticking over which will assist growth. So, if your sales strategy is weak, then those sales won’t come as regularly as you hope. What makes a sales strategy weak? Well, there are many points in the chain that can end up being problematic. A lot of companies struggle because they’re pushing their products to the wrong people. This happens when you don’t define your market properly. Or, they push their products to the right people, at the wrong price. If your products are aimed at students, then it’s stupid to sell them for ridiculously high prices, as they won’t have the money. Get your target demographic nailed down, and figure out the correct price too. This will fix two key things that often bring a sales strategy crashing down.

Keep these three things in your thoughts and address each one of them. Now, your problems will be in the past, and you should start to see significant growth.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best.We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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