5 Reasons Your Company Is Not Making Any Sales
Updated: Jan 18
As Sales Experts, we often get asked, “Why isn’t anyone buying my product or service?” We know that solopreneurs and small to medium-sized business owners painstakingly develop their products or service portfolios, spending hours designing the perfect website or social media page, but once they go to market… it’s crickets!
There could be a myriad of reasons why businesses or individuals are not pulling the trigger on your offering, but over the years we have noticed 5 common pitfalls that many businesses make. In this post, we highlight the top 5 reasons no one is buying your product or service and offer suggestions for how to overcome these obstacles.
1. Not solving a customer need
Think back to when you decided to launch your business or new product or service. Did you get excited about the idea or innovation? What were your next steps after that? Conducting Market Research and going through a Market Validation process is imperative before fully bringing your new product or service to the market. This process does not have to be complicated and can usually be completed in a few short weeks.
2. Target audience misalignment
Who is your target market? Hint: it’s not “EVERYONE.” This is one of the biggest mistakes businesses make when assessing their target audience. You may have potential for various target markets, but the key to success is finding your niche market and deliberately and diligently tailoring your offering to it.
3. Fierce competition
Are you aware of your indirect and direct competitors? Do you know what they offer and how your offering stacks up against theirs? A critical part of the sales planning process is increasing competitor awareness and utilizing data to build your competitive strategy so that you know how to sell against others in the market. Many business owners we speak with think they don’t have any competition. This is simply very rarely the case. A skilled Sales Consultant will help you uncover your real competition.
4. Incorrect price point or pricing strategy
Did you do a Google search to set your pricing? Sorry folx, but that doesn’t work! Setting pricing is more about knowing what others charge. It’s about understanding your cost of goods sold (COGS), picking appropriate pricing strategies for your target market and understanding how to create various pricing models, and then testing those assumptions to ensure market appetite.
5. No one knows about your business
If no one knows that you or your product exists, how will they buy it? Marketing is an integral part of the sales planning process. Knowing where your potential buyers hang out, what their motivations are, and what their demographics and psychographics are will make it much easier to plan and implement a successful marketing strategy.
Need some help? Book a free 15 min consultation call with the M2SC team today!