Sales are not where you want it to be?
Written by – Nicole Monay
If last year was just a what is going on type of year with your business, It might be time to pivot. Before anything, the most important thing is to stay motivated and not give up. Pivoting doesn’t equal Failure; it’s a new milestone of growth. Pivoting may be difficult, but you can take a few key steps to get started.
Step One - Analysation
Analyze your business and identify areas that need improvement. Then, focus on understanding your customers’ needs and create targeted marketing strategies to reach them.
- Take a Step Back: Evaluate the current state of your business and identify what's working, what's not, and where your most significant opportunities for growth lie.
- Gather Data: Review customer feedback, website traffic, click-through rates, and sales numbers if applicable. Consider which strategies have proven successful in the past and which areas could benefit from increased investment.
- Set Goals: Identify specific goals you'd like to achieve and consider which products/services you want to launch.
- Create a Plan: Map out a one-year plan with clear objectives and timelines that will help ensure each goal can be accomplished.
- Ask for Help: Don't be afraid to ask for help when needed. Having knowledgeable and experienced professionals on hand is beneficial for your business.
Step Two - Client / Customer meeting
(Let's get to know your customers again )
Your customers are at the heart of every successful business. You may say, “I already know my customers/clients,” but if your sales are not where you want them to be, something isn’t clicking. Take the time to listen to their feedback and create targeted marketing campaigns that will resonate with their needs.
- Listen to Feedback: Take the time to listen to customer feedback, both online and offline. Consider feedback from surveys, emails, phone calls, or even in-person conversations.
- Analyze Trends: Monitor trends in the marketplace that are related to your business and consider how these can be applied to your own operations.
- Research Your Target Market: Conduct research on your target market, looking at topics such as demographics, lifestyle trends, and interests.
- Analyze Your Competitors: Keep an eye on your competitors to understand what they're doing well and where they may be lacking.
- Engage with Customers: Engage with your customers on social media and other digital channels.
- Ask questions, give helpful advice, and be sure to respond promptly to comments and messages. ( I like to ask questions in my newsletters and social media post ).
Step 3 - Utilize Social Media
Social media is a powerful tool that can help increase brand visibility and reach more potential customers. Developing a social media strategy and engaging with followers regularly can create an opportunity to build relationships with customers and even generate leads.
TikTok – TikTok is a popular social media platform that is used by many different types of audiences. According to Statista, TikTok has a broad base of users; 35% of the users are between the ages of 16-24 years old, 28% are between the ages of 25-34 years old, and 18% are between the ages of 35-44 years old. Additionally, the platform is popular with both genders; 55% of the users are female and 45% are male.
Instagram – According to Statista, 42% of Instagram users are between the ages of 18-24, 28% are between the ages of 25-34 years old, and 15% are between the ages of 35-44 years old. Additionally, the platform is slightly more popular with women; 39% of the users are female and 29% are male.
Facebook – Facebook is the most popular social media platform with 2.7 billion monthly active users. According to Statista, a majority of the users are between the ages of 25-34 (30%) and 35-44 (20%). Additionally, the platform is more popular with women; 44% of the users are female and 32% are male.
LinkedIn is a popular social media platform for professionals and businesses.
Linkedin – According to Statista, 41% of LinkedIn users are between the ages of 25–34 years old, and 34% of users are between the ages of 35–44 years old. Additionally, the platform is slightly more popular with men; 39% of the users are male and 31% are female.
Step 4 - Manage Cash Flow - Budgeting
Cash flow is another important aspect of running a business. Make sure to identify any funds you need to meet expenses and plan ahead for any anticipated needs. Look for ways to manage expenses and allocate resources strategically.
I recommend the following books to help you develop your business budgeting skills:
