No Sales? Here’s A BIG Reason Why Business Is Soooo SLOW!

No sales? It can be real tough, can't it? But very often, slow sales can be turned around with a few key distinctions...and that's what this video's all about.

Show Notes

Here are links and resources mentioned in today's video. Enjoy!

  • Nothing here just yet.

Transcription

Okay so let's dig into all this stuff. Now a big mistake that's really common in business is this: New business owners assuming that their lack of sales is because their product isn't good enough.

In other words, they think that the reason why they aren't getting any sales is because their product isn't "perfect enough" yet.

And so begins the long, seemingly unending slog of "perfection" in a vain attempt to please the market.

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But wait...why do new business owners think that the cause of slow (or no) sales is because their product isn't good enough yet? If no one's buying, then how could they know if the product isn't good enough?

So really, an imperfect product is rarely the cause of dead sales. Instead, the root of the issue is likely coming from somewhere else.

It could be a situation where the market doesn't see or understand the value in the product being offered...or maybe the product isn't being put in front of potential customers.

Or maybe it's because of one of the most common issues in business, which is this...

Choosing the right market to do business in, in the first place.

See, being in the wrong market means that things are going to be an absolute slog...that will very, very likely end in failure.

In the wrong market, if you can't get everything absolutely perfect from the get-go, then it simply isn't going to work...and no amount of hard work or effort on your part is going to change anything.

So then what makes a market a "bad market to be in?" Well, there are a few tell-tale signs.

For instance, is the market comprised of price-conscious customers? If so, then this means razor-thin profit margins and fierce competition...

...although having competition isn't necessarily a bad thing, as we'll discuss in a moment.

Another sign that you're in a bad market is if you're selling a commodity -- that is, a product that's largely indistinguishable from what your competition sells.

There are other factors, but these are the biggies.

So you'll want to avoid these sorts of markets altogether. Instead, head to markets that are big and healthy, with an active customer base.

And don't worry if there's a lot of competition. Competition alone won't make or break your business.

Instead, if there are multiple players already in the market, then this is a very strong sign that there's a strong and active market of customers who are spending money here...and that's a very good sign for your business!

Don't worry if you're the 10th, 100th, or even 200th vendor...worry that you're in the RIGHT market! After all, if the market's strong, then there's always room for one more and you can earn a great living here.

See, nearly all people who are new to business hope that their idea isn't already being done by someone else. And if they find out that it's already being done, they drop the idea, frustrated, and move on to something else.

But that's not how business works. Very, very often business is iterative. In otherwords, you don't have to come up with some totally original, unique "magical big idea" for a product or service.

Instead, see if there's something that already exists that can be improved upon. Google wasn't the first search engine...but they did vastly improve upon what currently existed.

Or look at Netflix. They may have been the first streaming service...but they've paved the way for branded and specialty streaming services, like Amazon Prime, Hulu, HBO, Disney+, and many others.

So rather than pioneering something from complete scratch, see if you can improve upon what's currently being offered. Or, here's something else you can do...

In a big, healthy market, you can drill down deeper into narrower, more specialized sub-markets. Very often, current bigger vendors are overlooking these narrower sub-markets...and customers in these sub-markets are begrudgingly using what's currently being offered because there's no better option.

This is a huge opportunity for enterprising entrepreneurs! People are always looking for alternatives to the biggest vendors in every market...because the biggest vendor isn't offering something specialized enough for them.

So, see if there are any underserved narrow markets...and see if there's a way that you can develop something just for them.

There are tons of benefits to going into an existing, established, and active market, too. It lowers your risk tremendously, and you don't have to explain or educate the market -- they already "get it" and understand the value you're offering. But here's another big one...

If you choose to do business in an established market, your product doesn't have to be absolutely perfect at first. Instead, you can just get started and improve upon it as you go.

In a well-established market, even if your product is sub-standard, you'll likely get some sales...and this allows you to iterate and improve what you're offering.

I can't remember where I read this, but here's a great saying to remember:

"Building the wrong product in the right market is like having a pair of old wooden skis and zero
skills in Aspen...

A great product in the wrong market is like being a top professional skier in the
middle of the Sahara desert."

In other words, it's way easier to learn to ski in Aspen with junky gear that you can slowly upgrade over time than it is to learn how to ski with the best gear in the Sahara.

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Geoff Blake, Ten Ton Online

Hey there, I’m Geoff! Business, marketing, and the web can seem like a tangled, confusing mess, right? Well if you wanna get clear, straight info on all this stuff (no gimmicks or hypey nonsense)...then you're definitely in the right spot! Start here (free!)