Starting A Business Is Tough, But Maintaining It Is Even Tougher
Building a reputable and scalable business is not a cake-walk. Even with good market reputation and resources to assist your growth, it is hard to expand and maintain your sales. Every business is affected by unique constraints, and much of the art and science of management is associated with identifying and eliminating these barriers to growth.
For instance, once a disrupter in the FMCG sector, Patanjali is facing slowing sales due to many factors. According to a report, the key factors leading to the decline in Patanjali are brand fatigue setting in due to lack of renovation, inability to crack general trade distribution, dilution of the ayurvedic credentials on excessive extension, strong competitive response from large companies with their own ayurvedic offerings, and a sharp drop in advertising spends.
Here are 10 critical factors that might cause disruption in the sales of your business.
Lack of Renovation
Businesses refusing to change with time will face inevitable failure. In today’s competitive market, renovation is the key to maintain your brand position and drive sales.
Even the most successful businesses have faced bankruptcy due to lack of renovation. With the continuous emergence of trends in marketing and consumer demands, it is important to stay ahead of the competition.
Researching about your competition is definitely an important step before starting a business. But it is also essential to have your competition on your radar at all times. Your sales are largely affected by your competitor’s marketing strategies.
Your competitor might have just come out with an innovative new marketing campaign or introduced a top-of-the-line product that’s unmatched; this could be a major reason for the decline of your sales.
Lack of advertising
Many companies tend to focus more on marketing during the launch of their business. Consistent and continuous marketing is important for the growth of your business.
The effectiveness of your marketing campaign will determine the sales of your product. Leverage on both traditional and online marketing tools for better results.
If your brand has received a positive response from the customers, they are most likely to expect more from your brand. Failing to keep up with customer expectations will result in losing your brand position.
Declining customer loyalty has been an issue even for companies that invest heavily in improving their service. Customers now consider ‘best-in-class’ services as a benchmark while opting for a brand.