business growth

Why are my sales trending down?

Image of the four major product life cycle stages
Image of the four major product life cycle stages (Photo credit: Wikipedia)

Well to begin, what are you selling and who is your market?

Is that market real or perceived?

What is your realistic share of that market?

In this ever evolving Smartphone/Tablet/Social Media World is your product/service even relevant anymore???

Don’t get upset with me!!! It’s what is called a product’s life cycle and you have being ignoring it…

But that’s okay, we can still fix it; first up let’s work out just how far down the track your tired product is…

Without getting into specifics (as this post is meant for ALL industries) you need to do an honest comparison of your product against the competition, better still, get the customers opinion!!!

Is it your product or your marketing? Perhaps your offer to the market is indeed superior to the opposition but nobody knows about it? If this is the case it’s time to get with the times, make sure that your webpage is responsive i.e. compatible on all platforms such as Android, Apple and Windows, tablet & PC.

But you may find that it is in fact your product that is lagging current market expectations; that’s okay too because you are now aware of it and are going to do something about it! Well. you are aren’t you?

The important thing is to learn from this going forward; depending on your industry, product life cycle these days can be increasingly short so it goes without saying that it is critical that your offer to market evolves continually in line with market expectations.

Keep your eye on the ball, stay two passes ahead of the opposition  by continually working on Research & Development; again speak to your customers about what they like/dislike about both your product and the competition. No, I mean really listen! This is exactly where you can make a difference.

Think about it, lose the ego and really listen… include your employees & suppliers while you are at it.

This is kinda like a 360 degree employee appraisal but trust me the potential to grow your business from here is profound.

Just do it!

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