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Ways To Save Your Declining Business!

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A business has five stages, starting from seed and development, startup, growth and establishment, expansion, and maturity and exit. All these stages play a crucial role in the development of a business. Another stage that may develop is stagnation. Where there is no business growth. This has both short term and long term consequences. So, if you want your business to get out of the stagnant phase, follow the 5 tips mentioned below.

Selling “things” limits your ability to compete to price or specifications. Because people are prepared to spend more money on experiences, you may charge a greater price if you sell a fantastic experience, and customers will be delighted to pay for it. Therefore, always remember to sell experiences rather than stuff.

For instance, Patagonia offers outdoor apparel, but if you look at their marketing initiatives (such as their website or Instagram), you’ll find that the majority of their images are of people having fun in the outdoors – there aren’t any product shots to be found. Another example would be the trading platform Bitcodes. It grew in popularity just because of the amazing trading experience it provides to the investors.

Cost-cutting is frequently used by failing organizations to make up for revenue lost, however it is typically a band-aid (temporary) fix that doesn’t deal with or cure the underlying issue. The best strategy to restore your product’s competitiveness occasionally involves launching a new product or service that directly competes with your current product/service range. The main conclusion is that you should think about cannibalizing your current products or services if your sales are dropping and you’re consistently losing market share.

Without a doubt, a conversion funnel that offers a “free trial” will convert more leads into paying clients than one without. How come this is the case? The free trial significantly lowers this risk in the eyes of the customer and enables you to prove that your product is superior to those of your rivals. A great example of this is the trading platform Bitcodes  that provides a demo feature to its users so that people can practice trading and experience the market dynamics before investing money in it.

The truth is that free trials work because people are more inclined to keep a product they use for a longer period of time (purchase it).

Paid advertising frequently receives a bad rap, yet ineffective marketing efforts are frequently the result of inadequate planning and execution, not the inefficiency of the advertising channel.

Since paid advertising is the closest thing to a “shortcut” in marketing, it is generally not a good idea to employ it in your strategy. Advertising and other paid marketing tactics must be a part of your growth strategy and marketing mix if you want quick results.

Your capacity to sustain a razor-thin profit margin is directly related to your ability to prevail in a price war. Unsurprisingly, huge brands and established businesses frequently prevail in pricing wars, making it a viable strategy for them. The last option for everyone else should be to engage in a price war.

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