What to Do if You're Experiencing Stalled Sales
Have you Hit Stalled Sales?
When business growth starts to hit stalled sales, it often hard to pin point the reason. All business is cyclical. Sometimes we grow quickly. Sometimes we grow more slowly. The key is to determine if the current state is a temporary blip or if it is a warning sign. That’s the tricky part. Even great businesses can hit a rough patch. So how do you determine if it’s blip or a trend?
We’d like you to meet Louis. We will try to answer that very question in his case study.
“My business had been growing well. I’m very happy with how well we’ve grown, but lately, we started to slow down a bit. I’m not sure what to do about this. Is it’s just a temporary blip, or is it a sign that we’re hitting a plateau?”
Louis runs a successful retail and e-commerce business. He’s business has grown well, but it has showing the first signs of slowing down. He’s not sure if this is an indication of something bigger. He fears that he has maxed out his current customer base, but he’s not sure. He’s questioning whether there is more room to grow his current base or into which market he should expand next.
At one point or another, all businesses face Louis’s challenge. It’s often helpful to go back to the fundamentals to what working and what could use a refresh.
How We Helped Louis beat Stalled Sales
The front of the tile describes the problem. Flip it to see the solution.
Louis' Revitalization Plan
We recommended the following 5 steps:
- First, secure funding for the investment required to make the necessary changes to the e-commerce storefront, website, etc. Louis was in great shape, so an SBA loan was the obvious choice
- Use the funding to build the website and supply chain infrastructure
- Spend some money in market research to understand the emotional needs and drivers of the adjacent market
- Develop, test, and optimize our marketing message to the new target
- Launch the updated enhanced website and e-commerce store front
If you’re business isn’t quite like Louis’, please take the Business Assessment to be directed to a guide that is right for your business, or you can always contact us for help. We can help you beat stalled sales.