The success or failure of your business, institution or company depends largely on the relationship it has built with its customers. A customer is someone on whom your business or company relies, especially in terms of buying, consuming or even distributing your products. So the first and foremost step in bringing success to your business is attracting customers and getting known, if you win to capture the psychology of customers or consumers, you will be surprised at the sudden growth of your business. There are many things to do or avoid for your business to experience bulk sales. Today we would like to talk about the things that make many products fail to get bulk sales in the market properly
There are many reasons why products fade in the market, why do many businesses fail to achieve bulk sales? 19 factors can cause poor sales in the market which is also a challenge facing many business owners, especially beginners. some of these reasons are in the list below.
Technological changes:
The world is changing every day and innovation is taking part in every aspect of human life. New and more advanced methods, techniques and ways of doing things are being developed daily. This is the reason why many products last for a short time and then fade or disappear altogether in the market. It needs daily improvement and development of your products to match the market needs, if you don't improve your products obviously will be replaced in the market, this is due to the heavy competition that results from growth of technology and you should be careful on choosing the kind of investment, this is due to many factors including the innovation of other retailers, product improvement in the market, the emergency of alternative and better products than your product and so on and thus making your product lose market space, for example, you sell orange your partner comes with orange juice Market changes:
The market is made up of people and people are the market, so the market depends on the willingness and interests of the consumers, consumers always need satisfaction from consuming your product. On producing or designing your products, make sure you meet the real need of your customers. Changes can be influenced by factors like environmental and weather conditions. Your customer's need today may not be their need tomorrow, so consider the market conditions and be able to forecast the market by studying the market trends. For example in the rainy season customers will buy more products such as sweaters, umbrellas or heavy clothing because of the rainy season.
Increasing market competition:
Market competition is a market situation whereby many sellers struggle to sell the same or even different products that exceeds the number of customers. This will happen if you don't have an alternative way to withstand the competition, your product will not fit to compete with the market that will lose its position. Such a situation can be caused by several factors, including an increase in the number of people who are eager to sell their products in the marketplace, creativity, unemployment and so on. So this situation causes your product to last shortly in the market.
Poor market plan:
Here the producer or seller of the product or service he or she offers does not have sales because of the lack of effective plans on how to manage sales in the market.
Poor timing:
One fails to identify which product to sell to Whom and for example, you decide to sell notebooks and pens when students close schools, this will keep you with your product for a long time without sales. This should be sold when schools or colleges are opened as there is a need to purchase it, there are many reasons why your product should not be sold as you expect and make your business difficult and thus cause you to abandon your business.
Poor customer satisfaction:
Understanding customers and being aware of what they need is pivotal to the business’ success. Planning is useless if businesses lose touch with their customers and fail to identify what they need. Understanding the customer’s buying behaviour, getting feedback and doing sales growth trend analysis will get business owners some answers. Are they satisfied with your current products or services? Are they asking for more features? More benefits? Do they still love your products Finding out the answers to these questions will help you improve or change your marketing strategies?
Poor working environment:
Working condition is of the most important and sometimes overlooked factors in poor working conditions. Employees must be happy and comfortable in their working areas, otherwise, it will hinder productivity which, in turn, impacts your sales performance. An example would be providing recreational opportunities for employees. Toyota has worked to humanize its production environment since it was founded, as have many Fortune 500 companies such as Google.
Lack of product or service uniqueness:
When is difficult to differentiate your product or service from others it is also difficult to get known in the market. Most successful businessmen know the secret of success in the market. There is an e-commerce site called “Pipcorn” where they sell online. There are so many types of popcorn in the supermarket, some that you can even make at home. What makes Pipcorn’s popcorn so special that you have to order it online? What sets them apart from other popcorn is that they are small and easier on your teeth and to your stomach. They also claim to be the freshest and the crispiest. They are so successful that they have full distribution across the United States with staff and their factory. These are things that set the corporation’s product apart from anyone else’s, essentially creating its value proposition.
management failure:
Business decisions should be in line with the vision of the company. One wrong decision could cause the business to spiral down and fail. A lot of businesses fail because of poor management. The improper delegation, poor employee management, financial mishaps, unhealthy culture, not being receptive to change, not expecting the unexpected; are just some examples of poor leadership.
Scaling when you’re not yet ready:
Let’s say a business is doing great for two months. It’s gone better than expected and revenues have doubled over projections. So, you hire more people and you get more merchandise. Then after six months people are no longer buying the product. It wasn't ready to scale to that level just yet. You only scale when you’re ready.
Poor marketing and sales coordination:
Sales and marketing should collaborate on every move, otherwise, it affects sales. Sales depend on marketing efforts and strategies. A solid marketing strategy that focuses on monthly targets and qualified leads helps to drive sales.
No organic web traffic to support sales:
Most of the customers nowadays are brought from social media, the company's digital presence plays a huge role in the modern age of doing business. Web traffic can supply a steady stream of leads or potential customers. For example, if the business has no social media account and most of its customers are to be found there, how will people know they exist? Understand where to get unique, organic traffic that is built on relationships so that you can move those relationships into sales.
Lack of attention to the competitors:
Competitors are the same suppliers or sellers of the same product or services. Your competitors might have just launched a new product with great features that top all current competitors, yet you had no idea this was happening. You need to know how your competitor moves at all times so that you can take immediate action and develop strategies that can keep your business competitive in the marketplace.
Lack of even Poorly trained staff:
Resources and training should ensure the staff’s competency and effectiveness. For example, customer service representatives without adequate training won‘t be able to communicate with the customers properly. Allow time and resources for proper training in all areas of your business.
Poor customer care:
Customers who always patronize the business should be treated well. Customer relationships should be of the utmost importance. One unsatisfied customer could have a detrimental effect on the company, especially if that customer takes it out on social media. Offer loyalty cards or discount coupons for regular customers to know they are valued. Sales volume that’s trending down is a warning flag that something isn’t quite right. Evaluate each of the mentioned points in your business and see where you might be costing yourself sales. Make this part of your monthly sales checkup.
Delay to Open Business:
Some business owners are late to open a business and you find a customer who needs to get services early compared to your time you open a business, because of this behaviour may lose the customers or make them bothered, if your daily behaviour is late to open your business to the extent that the customer is waiting for you in the business area, this can lead to annoyance or loss of your clients at all.
Doing Business with Habits or Feelings:
If you have decided to do business then do it every day without habits or feelings. There are other traders doing business by feeling or in practice, for example, today he or she can open the business but tomorrow not or he /she can open in the morning but close it in the afternoon. Then, habit like this can cause a customer to get annoyed and completely leave you sales, if you decide to do business do every day without ceasing regardless of the daily changes for example in some days there are maybe many customers and some days there are no customers so then you decide not to open a business, so stop doing business by feelings.
Leaving business alone:
There is a tendency for retailers to open their business and leave it alone or to go somewhere to tell a story while leaving their business open. Just ask yourself if you are a customer somewhere, how do you fill when the shop is open but not a seller in there? how if you go there several times and you find the same case!!! Will you feel to return there the next time? Think about the distance you have travelled to reach there!!!! And when you go to the neighbouring shop you find a seller welcoming you warmly, how will you feel? So joyful!!! And when you are served honestly sure it will be your daily shopping there unLike the other, so opening a shop and go out discourages customers much.
Having Bad Languages / Statements:
When you are doing business you should have good statements that will attract the customer to your sales. Some customers may have a negative statement but you should not respond in such a bad manner.
What are your suggestions to be solutions to these reasons? Leave your idea in the comment box and Share so many can learn. You can also learn the techniques to increase your sales in the market.
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