Having passion for an idea and then birthing it into a profitable business is an awesome venture to undertake. But there are some business owners who seem to have missed some vital steps, and then wonder why nobody is buying their product or service.
Research is the first vital step. This includes market research to ascertain whether people actually want or need your product, and whether they are willing to part with their hard earned dollars to obtain it. You and a few friends might think your product is great. But if there is no market for it, you won’t turn a profit. Research into the specifics of your product or service is also necessary to ensure that you have investigated all the risks, pitfalls, potential problems and existing competition.
Assuming you have undertaken as much research as possible, and your sales are still stagnant, you may need to look at whether you are clearly conveying the value of your product or service. You might have something that you are absolutely certain people need, but if your target market doesn’t understand what you’re selling or why they should buy from you, they won’t commit to a purchase.
Another factor to consider is whether people are ready to buy from you. This doesn’t mean they never will. But it does mean you need to factor in various stages to the buying process. Yes, I know this is not what new businesses want to hear when they need to start turning a profit! But it is important to acknowledge that your customers are likely to need multiple opportunities to opt-in when they are ready. Which also means implementing strategies to keep people engaged and connected. This could include things such as subscribing to an e-newsletter, interacting with a Facebook page or seeing your business name/brand consistently via sponsorship, advertisements or other promotional avenues.
If you have done all the above, made any necessary changes and still aren’t getting results, you may need to come to a tough conclusion: perhaps nobody wants what you are selling? You should absolutely believe in yourself and follow your passion. But ensure that you are also balancing that with logic and common sense if you are not getting the results you expected.
