This Could Be the Most Expensive Sales Mistake You Make
Jun 24, 2024In the latest episode of "Keep What You Earn," Shannon dives into a critical issue that many entrepreneurs face: declining sales. Shannon explains that a significant reason for this problem is often the misalignment between the products or services being offered and the needs of the audience. She emphasizes the importance of understanding your audience and ensuring that your offers solve a problem they are currently facing.
Shannon points out that many entrepreneurs get comfortable with their initial audience, thinking they can continue selling new products to them indefinitely. However, at some point, everyone who will buy from you has already made their purchase, leading to stagnation. This is why it's crucial to consistently attract new prospects or diversify your product line to meet the evolving needs of your audience.
She also highlights a common mistake: creating offers based on what you want to do rather than what your audience needs. For instance, you might want to offer high-ticket consultancy or group coaching sessions, but your audience might not be financially capable of affording these services. Shannon emphasizes that understanding the purchasing power of your core audience is critical. You need to be committed either to your offer and willing to find a new audience that can afford it or to your existing audience and adjust your offers according to their needs.
Frequent market research is essential for bridging the gap between your offer and your audience. Shannon recommends engaging with your audience even when you’re not planning a new product launch. Ask your current customers questions like, "What can we do to make this better?" and "What parts of our product do you enjoy the most or least?" This ongoing engagement helps you understand where to focus your efforts for maximum impact.
Self-awareness is another crucial factor. Are you creating offers that align with your audience's needs and financial capacity? Are you willing to pivot if necessary? Shannon underscores that being self-aware and continuously performing market research can help you make informed and strategic decisions.
Once you've identified the problems your audience is facing and their financial capacity, you have two paths. You can either stick with your product and find a new audience who needs it and can afford it, or you can adjust your offers according to your current audience's needs. Both strategies require a solid understanding of your audience and a willingness to adapt.
Shannon shares a story of an entrepreneur struggling to break beyond $300,000 in revenue and feeling uncertain about hiring more people. This entrepreneur's anxiety revolved around making significant investments without a clear plan. Shannon explains how access to a fractional CFO could create detailed plans and projections, showing the path to the next stage of business growth. This story highlights the importance of strategic planning and professional advice when making critical business decisions.
In conclusion, Shannon reiterates that understanding and aligning your offer with your audience is key to driving sales and revenue. She challenges entrepreneurs to take a hard look at their audience and offers to bridge any gaps that might exist. Continuous engagement, self-awareness, and strategic alignment are essential for long-term success in business.
If you’re feeling the pinch of declining sales or struggling to find the right alignment between your offers and your audience, consider Shannon's advice seriously. It could be the key to unlocking the next stage of your business growth.
What you'll hear in this episode:
03:25 Align your offerings with your audience's desires.
If you like this episode, check out:
How to Integrate Business Development Into Habits
Investing in Businesses - What You Need to Know
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