All businesses go through cycles: building up momentum, booming with having more clients than they can take on, and dry spells with fewer people buying.
The COVID pandemic has been a hard hit on many businesses. Some were able to pivot and thrive, some maintained their income, some had to shut down.
No matter the market conditions, successful entrepreneurs:
- are always able to pause and look inside their business;
- understand how the current situation is affecting them; and
- adapt to it to thrive.
And if right now you’re in the dry spell seeing fewer customers, this read will help you pause and look inside your business.
Once you identify the reasons for your current challenges, you’ll be one step closer to changing the situation for the better.
1. You stopped actively networking & building relationships.
If you relied on local, in-person, networking to find your ideal clients, then COVID changed that quickly and drastically. It’s been a few months now, so you’ve probably switched to the online world and were able you start building the relationships here.
However, if you’ve always been online and stopped networking because you more clients than you could handle, that’s why you’re seeing a dry spell lately.
Consistent action in relationship building with your potential clients, regardless of how your business is doing, allows you to maintain a steady customer base.
2. The needs and wants of your customers changed.
As the market conditions change, the needs and wants of your clients will too.
As a business owner, you need to know what’s going on. Even if you don’t stay ahead of the game when conditions change, tuning in closer to what your clients are saying is vital.
Here is why:
- In a booming market, your clients will be optimistic, more ready to spend because they want the prosperity others are experiencing;
- In a recession – people become conservative, more scared and not as bold in taking risks;
- In a recovery market – your clients are starting to “wake up,” they open their eyes to different possibilities and are less risk-averse.
Knowing how your client feels and what they need in each of these situations is key to understanding how to successfully shift and adapt your offering.
3. Your messaging is off.
If you’re not speaking your ideal client’s language, they won’t relate and engage with you, your business, and your offering. So the question is, why is your messaging off?
Have you just entered a new market or are new to the business and need time and focus on getting to know your audience?
Or has the market shifted and with it what your client wants. If you haven’t noticed that yet, it’s time to do some research.
4. You stopped asking for a sale.
Many entrepreneurs don’t like selling. It’s because many have this stereotype of the “salesly” and sleazy car salesmen ingrained in our brains. So they’ll avoid asking for a sale as much as possible to avoid being perceived as one.
The thing is, if you don’t ask for a sale, you won’t get it.
You get in life what you have the courage to ask for.Oprah Winfrey
If that’s your reason, then shift your perception of selling.
Selling is a fun conversation between you and your potential client. Especially if what your offer is of good quality and helps people. If you’d like to make that shift but don’t know how to go about it, download my Sales Strategy Outline here.
It’ll help you map out a real conversation that feels natural rather than pushy.
5. You are not in front of your audience consistently anymore.
Just like with networking, if you have an audience and aren’t nurturing them regularly, they will stop seeing you in their feed.
Moreover, lack of consistency tells your ideal clients that you’re not really committed to them or your business. No wonder they are buying less and less.
If that is your reason, I’m sure you know what to do 😊.
6. Your offering price is not at the right level for their current financial situation.
Just like the market, your ideal client’s financial situation can change rapidly. If you’re not in tune with that, your sales will plummet or not be as good as they could be.
Look at your offering. Are you only selling high-end ticket items, but your clientele cannot afford them anymore? It’s time to pivot and create a new, more affordable offer.
This logic works the other way around as well. If your clientele is looking for a luxury item and you don’t offer it, they will go somewhere else, and you lose the sales.
7. You shifted your focus to working on things you like in your business, not the ones that generate sales.
That’s why having a strategic business plan that can guide you is so important.
It’s also important to pause throughout the year and review this plan to see if it’s still serving you or if it needs improvements.
Because as humans, we tend to drift easily. Without such regular checks, you might find yourself miles away from your goals without even realizing it while working hard and being busy every day.
8. You stopped following up.
Did you know that the majority of sales happen after 4 or even 7 follow-ups? If you’re not following up with your potential clients, you’re leaving money on the table.
So if you have never done it or stopped doing it, it’s time to go back to this great habit :0). And doesn’t it feel good to reconnect with all those fantastic people you chatted to once before?
9. You abandoned your marketing strategy.
As mentioned in point 7, your business needs a strategic plan.
And one of its most essential parts is the marketing strategy. Do you have one? If you do, go back to it and see if you’re still doing what you initially planned. Maybe it’s time to go back on track?
If you don’t, then create one asap and start following it. You’ll see your results improve pretty fast.
10. You failed to adjust your marketing strategy to changing market conditions.
And when you review your marketing strategy, don’t forget to align it with the current market condition.
The places where your ideal clients hang out might have changed. The way they speak and what they want might have changed as well. Your marketing strategy needs to reflect that.
One last thing before you go, I hope that today’s blog sheds some light on why you might be seeing fewer clients lately.
If you identified the reasons but still don’t know what to do to change your situation, then a free strategy session with me is your next step.
Through it, I can help you identify your next steps and offer suggestions on how to go about it. Step 1 to receive this help is to click here.