Letโs look at ways you can address the issues with your product to sell more.
Your business’s target audience
For example, you could have an excellent product for yourself because it fixes your needs, but to a broader audience, it could be too niche. This is where you need to do your homework and start with some market research for your business.
- Competitor research: What are your competitors doing differently from you? Look at prices, product differences, their marketing and advertising, website, reviews, etc.
- Customer research: Start with the customers you do have, gather feedback, and create your ideal customers with personas and profiles.
- Market trends: What is affecting your customers or potential customers in their purchase decisions? Economic, environmental, social, demographic, location, etc.
Identify your audience and what they want, and what will motivate them to purchase from you.
What is your product?
If you canโt explain what your product is and what it does in a few words, youโve got a problem. Without a clear product, buyers donโt engage and will move on to competitors who can address their needs. This is where the value proposition comes into play. A value proposition is basically your elevator pitch for your product that covers:
- Value: What your product/service is,
- Benefit: What benefits it has (i.e. problems it solves)
- Uniqueness: What it offers that competitors donโt.
The clearer your productโs value is, the better the chance of attracting customers.
How easy is it to purchase from you
Another factor to consider is how easy it is to purchase your product. How many times have you dropped out of a transaction because of the hassle involved in the purchase process? If there is a path of resistance to buying your product, youโll lose sales. If you donโt consider the barriers outside of purchasing your product, youโll also fail to sell.
Example
Letโs look at a kitchen appliance vendor. They have good products and a service that allows for customisation. The company’s website enables customers to visualise their kitchens with a virtual kitchen design program. The company has rave reviews, yet sales were low. How come? They looked at their website and found that people were dropping out of the purchase once they reached the delivery section.
The company reached out to some people who dropped out of the purchase and asked for feedback. The consensus? The buyers loved that they could pick and choose what they wanted and see how it would look. They dropped out at the point of delivery for the purchase because there was no option for the installation and removal of their old appliance. By including free installation and removal, the company removed an obstacle that kept customers from buying.
Who are you as a company?
You could have a great product, but low sales due to your lack of presence and reputation. What good is a product if customers donโt know who you are and donโt trust you because of it? This is where you need to pin down exactly what your business is and commit resources to marketing it and the products you sell.
Who you are as a company is called your โbrand identity.โ Start by pinning down the basics of what your company is, what it provides, and your vision (i.e. what you want to achieve). Donโt overthink it; translate what motivates you into a statement of what your business represents.
Consider a hairdresser who starts a salon. Theyโre talented and enjoy making others look beautiful, so their business vision and brand identity are centred on โmaking you look your bestโ. This is a simple example, but simple works better. This adds to your product by helping your customers identify what your business stands for.
When generating exposure for your business, start small by creating a landing page for your website. There are plenty of web hosting tools out there. Once you have an online presence, start looking at marketing and generating traffic and leads for your product. You can use social media, but it is important to note that platforms like Instagram or Facebook arenโt low-effort. Every marketing tool, social media platforms or otherwise, requires thought and strategy. If youโd like specialist advice, consider involving a marketing specialist or agency.
Bad timing
Is it the right time to sell your product? What if the need for your product no longer exists? For example, is the economy in a boom or a recession, or are you selling winter clothes in spring at full price?
Seasonal and financial conditions are out of your control, but you can adapt and sell accordingly. Consider discounts, promotional selling, and marketing. If it is spring and you sell apparel, move the winter inventory through discounts. If money is tight due to a contracting economy, cycle through different kinds of promotions to gain traction with your products. See what works. This is where you can choose other payment methods, such as instalments.
If your product has lost demand because its timing has passed, you need to reconsider your business or find something else to sell. When tackling this issue, start from the beginning: find your audience, determine the product or service you want to provide, and start small.
Selling your product and your business
Running a business involves many moving parts and requires a lot of energy from business owners. Having a product with strong demand makes everything involved in running a business easier. What you need to do is nail your product through research, identity, and execution while being mindful of your timing. By applying these strategies and using the right tools to track your progress, like Reckon software, youโll sell more of your products and services.
