Launching a new offer or product can be exciting for any business. You’ve put in the time, effort, and resources to develop something that will add value to your customers’ lives. However, what happens when the launch falls flat and you’re met with crickets instead of sales? No sales with your new offer? Let’s cover what to do!
It can be disheartening, but it’s not the end of the road. In fact, it might just be the beginning of a valuable learning experience and a significant growth opportunity. I remember when I launched my first offer to anyone outside my network… I got ZERO SALES!
So, to help you move the needle and avoid deleting your offer, let’s explore why your new offer might not be resonating with your potential customers and what you can do to turn things around.
Step One: Understand WHY it’s not selling
Before we dive into solutions, it’s essential to understand why your new offer isn’t generating sales. There could be several reasons for this:
Market Fit: Your offer may not be addressing a genuine need or pain point in the market. Perhaps you misjudged your target audience’s preferences or failed to conduct thorough market research.
Messaging: Even if your offer is solid, if your messaging doesn’t effectively communicate its value proposition, potential customers may overlook it. Confusing or unclear messaging can lead to missed opportunities.
Competition: In today’s crowded marketplace, competition is fierce. If your offer doesn’t stand out from the competition or offer a unique value proposition, customers may choose alternatives instead.
Pricing: Pricing plays a significant role in purchasing decisions. If your offer is priced too high compared to its perceived value, customers may hesitate to make a purchase. On the other hand, pricing it too low could signal low quality or raise suspicions.
Brand Awareness: If your brand lacks visibility or credibility, customers may be hesitant to purchase from you, especially when compared to more established competitors.
Step TWO: Create a strategy to turn things around
Now that we’ve identified some common reasons for lackluster sales let’s explore strategies to address each one:
Strategy #1: Refine your offer
Go back to the drawing board and reassess your offer. Gather feedback from both customers and those who didn’t purchase, conduct market research, and identify areas for improvement to refine your offerings and better meet customer needs, resulting in significant business improvements.
Example: A web designer asked for feedback and found that clients want quicker turnaround times for website design projects, emphasizing the need for more efficient processes and clearer timelines. She chose to launch VIP Design Days to provide template customization within a single day.
Strategy #2: Craft compelling messaging
Invest time in crafting clear, compelling messaging that highlights the benefits of your offer. Focus on how it solves a problem (AKA the pain point of your Ideal Customer/Community Avatar) or fulfills a need for your target audience. Use language that resonates with them and clearly communicates the value proposition.
Example: To craft compelling messaging, a fitness coach may focus on highlighting the unique benefits of their training programs, such as personalized workouts and real-life success stories, while addressing common fitness goals and challenges. By using motivational language and emphasizing tangible results, they can effectively resonate with their target audience, inspire action, and differentiate themselves from competitors.
Strategy #3: Differentiate your offer
Why someone should purchase your offer? Identify what sets your offer apart from the competition and emphasize those unique selling points. Whether it’s superior quality, innovative features, or exceptional customer service, highlighting what makes your offer unique can help it stand out in a crowded market.
Example: As a virtual assistant service, you can offer a unique combination of advanced task management tools, 24/7 availability, and a dedicated account manager who understands each client intimately to set you apart from the competition. Exceptional customer service and attention to detail ensure that all tasks are handled efficiently and effectively, setting you apart in a crowded market and allowing you to focus on what matters most.
Strategy #4: Evaluate pricing strategy
Review your pricing strategy and ensure it reflects the value provided by your offer. Consider offering discounts or promotions to incentivize purchases, but be careful not to devalue your product or undercut your margins.
Example: A course creator may decide to offer different pricing models, such as tiered pricing, subscription options, or early-bird discounts. By regularly reviewing and adjusting the pricing as needed, a course creator can optimize revenue and ensure their course remains attractive to potential students.
Strategy #5: Build brand awareness
Invest in marketing and branding efforts to increase awareness and build credibility for your brand. Utilize social media, content marketing, influencer partnerships, and other channels to reach your target audience and establish your brand as a trusted authority in your industry.
Example: As a service-based business owner, you can decide to leverage social media platforms to share engaging snippets and behind-the-scenes content. You can collaborate with influencers and industry experts to expand your reach and tap into their audiences or use content marketing, such as blog posts and guest appearances on other podcasts, to showcase your expertise and provide additional value to listeners.
Experiencing a lack of sales with a new offer can be discouraging, but it’s also an opportunity for growth and improvement. By identifying the root causes of the problem and implementing targeted strategies to address them, you can turn things around and set your offer up for success.
Remember, persistence and adaptability are key in navigating the ever-changing landscape of business.
Keep learning, iterating, and refining your approach, and eventually, your efforts will pay off.
