Every Business’s goal is to sell something. Without sales, any business would die. Whether you sell products or services, the whole idea of a business success is based on finding customers gladly give you money in exchange for that you’re selling.
Each year, hundreds of businesses close their doors because they can not get enough sales to keep this enterprise.
So you may be wondering:
” And how can I know why I’m not selling anything? ”
Although there are many reasons why businesses fail, in this article you will find the top 5 reasons why your buyers are not buying your products and, therefore, you don’t generate revenue.
This is how you can change the way you sell your products and attract more customers to your business.
1. No need, no sales
Nobody buys food unless they are hungry.
The biggest mistake most business owners make is to sell a product that customers do not need.
If I have my car tank full of petrol and 30 liters trying to sell me more, you’re wasting your time. Why would I need more if I have my tank full?
Often, the problem is that many entrepreneurs do not target the right buyers.
Creating a great product or a great business without first checking if the market really need that product or service that you will sell is waste of everything.
You may sell a great product or service that you provide the best and the most professional: if the customer does not need it, no matter how hard you try, they won’t buy.
What are the reasons your customers don’t need the product or service you sell?
- Competition: If there is a product or a business that provides a solution to the needs and problems of your target buyers, then they will not buy from you. Even if they are not satisfied with the product you use now will be difficult for them to buy from you. But if your product has more value (cheaper, faster, better, safer, etc.) then they use at least consider buying what you offer.
- Substitutes: If the market has a product or substitute service that already does the same as the product of your business, buyers may not need yours, unless you don’t offer anything special like (cheaper, quality, faster, better, safer, etc.)
The lesson here is simple: any product that does not meet an urgent problem, it will be difficult to sell to any customer.
Over 90% of sales occur because the buyer needs a product or service to solve their problems, or simply to find solutions to their needs.
2. Without money, no sales
I’ve always wanted to have an original Chanel bag. I don’t need: I want it. I wish it.
But there’s a problem:
I have no money to buy it. I can not afford to buy that.
Unfortunately, many businesses have to face this problem. Everyone says that their products are wonderful, but nobody can pull out their wallets to pay for them.
Although there is a serious need for that product or service, it is difficult for many businesses to sell their wares to enough buyers.
On what grounds does this happen?
- Too expensive: if your house was infested with rats and offered you a product to kill them in an instant, you buy it right away! But what if they told you that, that costs $ 10,000? Sure you’d rather take a day to kill all the rats by yourself. Although there is a need for your product and the cover, a high price can ruin your sale. For many people, the price is very important.
- Wrong Market: if you open a Chanel boutique on a low-income neighborhood, what do you expect to happen? So the location of a physical business is so important. You are surrounded by people who can not afford your articles, you have a serious problem.
3. No rush, no sales
Have you ever wondered why there are so many ads that say “Buy Now with 40% discount. Offer valid for 30 days! “? or any other ones as “buy 1 get 1 free?”
Postpone doing thing is one of the old habits that we have and one of the fundamental parts of human nature.
Even when a person sees something he likes, probably he will not buy it right away, but he waits for the moment when they offer discount or any other offer will come.
Since people tend to delay their purchases, you should encourage them to take action and buy now. Creating a sense of urgency in your business, customers will have a reason to make a decision immediately and take their purses.
“Now with 40% discount. Offer valid for 30 days! “?”
When you use the fast tactic as a sales strategy, you also create the impression of lack of your products. And nobody likes to lose a good deal and enjoy a product or service at a lower price.
When can you use this “strategy hurry” to have a good effect?
- When you open your business: the rush is an effective way to publicize your new business and start generating sales as soon as possible. A friend of mine opened a hair salon a few years ago and used this tactic to start attracting new customers to his business. After opening his shop, he offered free services of hair, manicure and pedicure for 7 days. This unique offering attracted customers that still remain loyal today.
- When launching a new product: if you already have a business but just launch a product or service to market, you can offer this product for free or with a generous giveaway for a few days to give consumers the opportunity to try them (This tactic is for something that you can generate and recover. ex. supermarket, restaurant, etc) If they like, they will continue buying, even when you’ve finished the offer you’ve established.
Always remember that this strategy should have a deadline. Why would anyone buy an item quickly if it has a permanent discount?
Also, keep in mind that it is not good to be aggressive with this technique. The purpose of creating a hurry is to encourage people to buy sooner rather than let him go home to “sleep on it”.
But if you’re too aggressive with this method, people get defensive and you may never buy.
4. No desire, no sales
Many people need to be motivated before buying.
The best way to create a desire for your product is to sell the benefits and see results of it.
People want to know of what benefits they will get to enjoy spending their money on what you sell. Imagine for a moment a woman named Mariela has 30 kilos overweight. She has been wanting to join a gym for months because she can afford it, but do not have the time to research what is best or what exercises are the ones that will make her lose those 30 kilos soon.
What do you think will happen if I approach Mariela and say that I have a proven solution to lose those kilos in 3 months and this is only for you? What if, in addition, showed her a pictures of before and after people who have tried this method?
Provided the price seems right, Mariela buys the product right away!
Because I have done something differently than other vendors do: I created a desire for that product. By selling the benefits and results of using the product, I created a desire in Mariela that has allowed her to make a quick decision.
People need to know that your product or service is better, faster, cheaper, safer … than your competitors.
The two best ways to sell your customers desire are:
- Always sells the benefit first, I mean literally focus on selling benefits to others: buyers are selfish; the first thing they think about is your product. Therefore, as an entrepreneur, you must get used to introduce the benefits and results before the many functions that have your item or service first .
- Be specific: The more specific you are to have the results and benefits, the better it is. If your product or service saves time, gives an estimated saving time. If it is cheaper than other products on the market, it is good to mention how much money you can save on the customer to buy your product.
5. Without trust, no sales
It’s nothing new that the market is full of poor quality products that are barely functioning. We live in a time when people do not rely too much on vendors charlatans who just want to get our money.
We are in an era where scams, unfortunately, are common, and there is an increase of people buying only if it is a brand or a company they trust.
Trust and credibility are key to the business world today. How simple it would sell you a cell of Nokia, Samsung or Apple brand? very easy! Because they are brands that have built a trust.
And how can you build trust if you’ve still a small business?
- Be legal: it is very difficult to trust a business that does not comply with all applicable laws in the area. Your business is a registered company? Do you have the necessary permits and licenses to run your business? These are little things that will help you increase your confidence and credibility in the eyes of your customers.
- Join relevant associations: there are several local and international associations to which you can join whatever your business is. Sign in them is usually free and you can use the logos and labels of these partnerships to increase confidence. Joining a trade association will give the impression that you are a professional who knows what they’re doing.
- Show your professional career: if you’ve been doing a good job with your customers, it is a good idea to show the evidence and recommendations from happy customers. This creates a social proof that your products or services work and you’re doing a great job.
- It provides guarantees: you know what ” if you are not satisfied, we will refund 100% of your money “? Means that if the customer is unhappy, you give back the money they paid for it. This is the best way to build trust and credibility for your business.
Leave a comment below and answer this question: what changes you do in your business to improve your sales? Can you put in some practice of the five tips up here?
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