5 non-obvious mistakes that stunt your business growth
A successful business is not just about new customers and increased sales. Even a small family business can lose control if it misses the early signals of an impending crisis. Predict market fluctuations. Predict a competitor's next move. Understand what the customer wants. It is unlikely that all these tasks can be performed without mistakes. Doing nothing is not making a mistake!
In the day-to-day running of a business, it is difficult to think about the non-obvious mistakes that prevent business from developing. Mistakes that cause customers to leave and partners to separate. Betonlogos experts have analysed the most important ones.
How to fix it:
- Carry out market research. On the Betonlogos platform, you can carry out surveys and analyse what your competitors are doing.
- Constantly look for the "pains" of your customers and identify their needs.
- If you identify new or previously unknown needs and pains, be ready to modify your product range, adapt and improve the product offered to the customer.
Many business owners focus on product or service development, forgetting that customer service plays a key role in retaining customers and attracting new ones. Advertising and marketing won't bring customers back if they've already heard and read negative feedback about the company or the quality of the products it sells.
How to fix it:
- Even a small business can maintain strict standards of communication with clients and customers. Account managers, vendors and the sales team should follow common rules and scripts.
- Invest in training for staff who deal with customers.
- Monitor feedback and respond to queries and complaints.
2. Customer service failures. Feedback and service quality
1. Product fixation. Ignoring market needs
This is a common mistake, and not just for start-ups. When launching a new product, debugging the internal processes of an online shop or shopping site, the entrepreneur loses touch with reality, stops understanding the needs of the market. He only sees his product and what he needs to do urgently. The result is a lack of demand and slow growth or no growth at all.
The consumer does not buy a product. He buys value by satisfying one or another of his needs.
There is no business without advertising. Scrimping on advertising is a fatal mistake for any business. Who is our consumer? How does a customer find out about you? Why do they choose your business or product? How and where do your competitors advertise? You should be clear about whether your business needs: search advertising, paid search advertising, video advertising, media advertising, video promotion, network advertising and contextual advertising.
Research your buyers, know their demographics (age, gender, interests, location). What social networks, sites and channels do your prospects visit? Learn as much as you can about their habits and preferences.
Goal: Identify which types of content are most popular with your audience and which posts have the best engagement rate.
How to do it:
- Analyse the effectiveness of the promotional channels you already use, estimate the true cost of customer engagement for each channel.
- Add new promotional channels, run tests, keep the resources that are most effective for your business.
- Expand your advertising presence, invest in content marketing, social media, search engine optimisation and other promotional channels.
- Betonlogos Marketing will analyse your business metrics, assess website, online shop and social media traffic, evaluate the effectiveness of additional promotional channels.
In the modern business world, data is gold. It's a mistake not to use analytics and data when making strategic decisions. You're taking a huge risk if you're relying solely on your or your team's intuition rather than the facts.
How to fix it:
- Use analytical tools to track key metrics and indicators.
- Analyse data and use it to identify trends, understand customer needs and make informed strategic decisions.
Building a business is hard work and no one can guarantee success. Unexpected mistakes can turn into big problems. It is important to constantly analyse changes in the internal and external business environment to improve your skills and approaches to managing your business.
3. inappropriate use of marketing channels
"We are a team!" A business owner puts his own meaning into this phrase, perhaps understandable only to himself. An ordinary employee perceives it in his own way. The focus on sales and profit sometimes leads to irreversible results: a loyal customer leaves and a good salesman is fired. The goal of any team, even a small one, is to work coherently and as efficiently as possible. The aim of management is to create all the conditions for this to happen, to respect the work, to unite the team, to evaluate the process, not the employee. Clear rules and shared tasks facilitate mutual understanding.
How to fix it:
- Train employees, adhere to a common corporate culture
- Introduce rules and standards in the work of employees: create a map of the user's path to purchase, connect CRM, detail the product matrix.
4. Problems related to staff and performers
5. Misuse of data and analytics
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