1. Metrics not Measuring Up: Great! You mapped out your business goals/objectives and track your metrics to make sure your progress is on course. You’re a smart cookie who won’t be flying blind. You’re learning from your assessments whether you’re attracting enough leads, getting good conversion rates, and retaining existing customers. Customers are the driving force of business revenue. If your business isn’t generating new leads and converting them into customers or generating sales on repeat, you need to dig into those metrics make appropriate changes. Get intimate with your numbers! Why are they opting in, but not interested in your product or offers? What can you do to change things up? Measuring your Metrics isn’t just about out-peforming your competition. Make changes your business needs NOW that facilitate long-term growth. It can take up to 90 days for the marketing seeds you plant today to manifest into new customers.
2. Too Many Tech Headaches: In my role as a Marketing Operations Manager, I understood more than most that tech is an integral part of modern businesses. Let’s be real, keeping up with emerging trends is enough to make your head spin. It’s even a lot for me, and I do it for fun because I love shiny, new apps! This can really hurt your profitability, especially if you invest in apps/software/subscriptions that cost a lot more than they deliver. Not all solutions are made equal, and as you consider productivity, technology is among the crucial points you need to revisit. You may need to invest in a new and improved solution or downgrade to a less sophisticated and affordable option, enhancing efficiency without digging deeper into your finances. Operational inefficiencies, measured by low ROI, can not only hurt your business but also add to your stress levels. You and/or your team’s productivity takes a hit when you add too many new tech to the mix, costs increase from apps to paying your people to figure it out, and customer experience can be negative when they can’t access what they need. Make sure you are investing in practical technology solutions, not every trend that pops up.
3. Slump in Sales: Slumping sales is a clear indicator that your offers aren’t landing with your audience or the pricing isn’t lined up with your market. But also consider the cash flow and profitability you need for your business. Growing sales volume can be exciting, but it doesn’t automatically mean your business is thriving. For instance, are your customers readily paying the full price off the sales page or only making a purchase after multiple discovery calls, spending time and energy from you and/or your team? You might be seeing an increase in sales, but the cash isn’t there to match the volume of work you’re putting in. Let’s not forget about the business you could be losing when your pricing doesn’t quite match up. Understanding what your customers need and want is pivotal to updating your offers. You may need to revise your pricing strategy to improve the product and generate profitable sales. This translates to improving sales volume, and eliminating the friction that could make you lose followers.
Competitive analysis is the tool you most entrepreneurs use as they work to towards making the necessary changes to meet their business goals. If you see other coaches making more sales, it makes sense to review your current business model to determine areas that need improvment. Of course, that’s not the only way to stay on top of your game. Metrics that don’t measure up, tech inefficiencies, and lack of sales profitability, are 3 signs that your business needs a new strategy.
Did you know that worrying about these things on a day to day basis can lead to entrepreneurial burnout?
Join my next live training on Dec 8 at 11 am where I’ll help busy solopreneurs like you identify areas of your business that might be causing you stress and whether you’re on the road to burnout. I want to see you succeed, and if you want that too – without the burnout – join me for the masterclass!