Are you frustrated that your product or service isn’t selling? If no one is buying from you, there could be a number of different factors contributing to your sales slump, which can be detrimental to one’s bottom line.
BTW, if you want to pull your team out of a sales slump trying using a sales automation CRM, like Spiro, to see how it can help you close more deals.
1. You Don’t Have a Unique Selling Proposition
Even if you’re in a niche market, you need to have a Unique Selling Proposition (USP) for your product or service. The USP is a factor that differentiates you from your competition, which is important because how you approach your USP (and how you sell your difference to customers) will determine the success of your product or service. Sometimes, the USP is as simple as having the lowest price. Other times it may be having a superior piece of technology over your competitors. Whatever your USP is, you need to find it and embrace it so that your customers can as well.
2. Your Product/Service is Not as Great as You Think
We all like to think that we’re genuises, and maybe some of us are, but sometimes we can be like a new parent when it comes to our products or services. If you believe that you have the greatest product or service on the planet, stop right there. (You don’t.) Having this mindset can be detrimental because you feel like your amazing product or service should be flying off the shelves…all on its own! Why can’t people see how great my product or service is?! It’s not that your product or service is misunderstood, it’s that you need to step back and reassess the true value of your product or service to your customers, and then market it appropriately.
3. You’re Targeting the Wrong Audience
Companies oftentimes market to the wrong audience because they a) have not done their research, b) had the wrong target audience in mind from the outset, or c) don’t understand their customer base in the first place. Don’t be these guys. You absolutely must know who your audience is, and if you don’t know who you want to target as your customer, perhaps you don’t know your product or service as well as you think you do. You may need to reassess who your awesome product or service is for. Your enterprise will fail if you end up marketing to the wrong audience. We’re talking wasted time, money, and effort with nothing to show for it except for a once-eager audience that will have gone elsewhere.
4. Your Product/Service Isn’t Valued
Much like targeting the wrong audience, if your customers have no need for your product or service, then it is of no value to them. You must know who your audience is so you can properly sell them what they need. This could be one reason why the product or service you think is so brilliant isn’t selling the way you think it ought to be. Customers want to be catered to, meaning they expect brands to understand what they want and then give it to them. Once you understand what your customers want, you can deliver on their expectations and provide them with something seen as valuable to them.
5. Your Market is Oversaturated
What do you do when it comes to your competition? If your market is oversaturated with competitors, it is going to be that much more difficult to find a USP that give your brand enough leverage in the market so you have a chance at reaching customers amid the sea other companies offering the same products or services that you do. One way to avoid this is to seek out smaller niche markets that haven’t yet been flooded by those in your industry. The less broad your market is, the better chance you’ll have at gaining a foothold in said market where there will be less competition as well as the opportunity to increase your market share.
6. You Haven’t Built Customer Trust Yet
It’s important to understand that trust never comes easy, especially online. Despite any initial reservations that customers might have about trying you as an unknown brand, many people will take that first leap and hope that they have a good experience. If you can’t provide that good experience, you will turn off your customers. They’ll lose trust in you. On the flip-side, by giving customers a great experience will build that level of trust and make them want to do business with you again. This builds into customer loyalty, which is powerful currency. Just look at Apple. They were the first trillion-dollar company in history, and much of that was built on customer trust and loyalty. Can you do the same?
7. Your Customers Aren’t Ready to Buy
Knowing whether your customer is ready to buy can be a bit tricky. First, customers will play the buying game, with many people believing that they will be able to get some sort of deal. If a customer shows interest and you use that as an opportunity to start the sales pitch, pay attention to how they respond. Are they attentive to your pitch or are they fading into disinterest? It’s important to use clues like this in the real world, but what about online? You can learn a lot from user profiles and their habits (thanks, analytics) which should give you adequate data to pinpoint those customers who are ready to buy. Today’s technology helps this process along so that more effort can be put on the right customers.
8. You’re Too Pushy with Customers
One of the biggest complaints customers have had with certain salespeople over the years is that they are “too pushy”. The hard-sell is no longer the norm in sales circles. It dominated the 20th century, much to the chagrin of customers and more thoughtful salespeople alike. Luckily, that type of selling is now the exception. Remember, you have an amazing product or service that should be selling itself. Well, customers want the product or service to sell itself, too. The question isn’t whether or not it can, the question is whether or not you have to be aggressive in selling it. (HINT: You don’t.) Customers want you to be available when they need you. They going to decide if they’re going to buy, so don’t be a negative deciding factor that drives them away because you were too pushy.
The Bottom Line
There you have it. The top 8 reasons why no one is buying from you. So what are you going to do about it? Hopefully these have opened your eyes to some of the potential problems you could face when trying to sell your products or services. A lot of companies have failed for these reasons and more. Don’t become another statistic. We want to see you thrive.