Day: October 2, 2021

Every business goes through varying stages of growth. And in the course of enlarging, companies go through ups and downs moments. This is true even for the behemoths brands occupying the elite positions in the market industry. However, a brand that records more losses than profits and sluggish progress rather than the opposite has a problem that could totally cripple the business’s success. 

If your business is going through the same rough patch, you are not alone. The following three things are prevalent causes for poor business growth. In the latter course of reading this article, you will learn how to overcome the negative impacts on your brand’s success. 

Three reasons for slow business growth 

These three factors are recurringly present in any business experiencing stagnancy in growth and success: 

     1. Poor Branding 

A poorly branded business will remain behind in the economic scale while competitors move to the fore of market success. Branding involves uniquely distinguishing your brand by creating a message about your business products and services – using logos, content, name, slogans, and other top-tier marketing strategies.  

     2. Non-adaptation to market trends and industry changes 

Market trends are evolving every day with significant influences from technological changes, the dynamic nature of demographics, and changes in consumer priorities and behavior.  

Ignoring the changing industrial practices and market trends will cause your brand to be crushed by competitors and remain irrelevant in the economic space, adversely affecting your business growth. 

     3. Poor collaboration

Another major business pitfall is the inability to release control and properly partner and delegate duties to others. Instead, business owners should be laden with primarily boosting internal growth and setting excellent leadership standards.  

As a business owner, you should be willing to share responsibilities with other experts (like leaving employment and disciplining the workforce to the HR team) to allow you to focus and specialize on growing your profits. 

How to overcome stagnant growth 

For one, you should carve out a niche for your business and focus on the targeted audience who benefit from your products and services. This way, you increase demand and boost your company’s ROI, which is a way to fight the impacts of underdeveloped branding. 

You should also create a team of expert market strategists and analysts that will keep your company moving at the same pace with trending market changes. This way, you remain relevant to your customers and do not lose your targeted audience. For small businesses, however, you can keep abreast of changing trends as an entrepreneur and incorporate them yourself into your brands if you can’t fund the services of experts. 

A business partnership is another way to overcome stagnant growth and kick-start a business success. Getting the right partner to collaborate with might boost your business to get to the desired success level.

Takeaway 

While many other factors contribute to a business’s slow-paced progress, the three factors above are significant causes of stagnant business growth. For your business to get to the top of the industry, you should learn how to navigate varying market dynamics. Visit this website for more ways to boost the perceived value of what your brand offers and attract and retain loyal customers. 

Any digital media business will automatically run with the belief that more choice is a benefit for their customers yet statistics, opinions, and news reports all seem to indicate that entrusting consumers with a decision is about as dangerous as entrusting their neck to the world’s most dedicated axeman. Consumers cannot make decisions, the mantra goes, which is why shopping sites invest so much time and money into making their choices for them, via emails and other recommendations. 

 

Hyperbole aside, having a choice can be simultaneously a positive and negative thing. A 2000 study from Iyengar et al that crops up online from time to time discovered that giving people a choice of six and then 24 jars of preserves reduced a customer’s likelihood of purchasing from 40% to 3%. Put another way, the vast walls of orange juice that appear in US convenience stores are actually scaring away people who came along just to purchase orange juice.

With all the above in mind, it’s hard to see how choice can serve as a positive aspect of the customer journey. However, this has no bearing on reality at all. When was the last time that a grocery store stocked only one variety of apples or a single brand of chips? Of course, the answer is “never”. The problem is that all the above is based on a subjective belief (“I cannot choose because there’s too much to choose from”), whereas business plans are drawn up around objective desires.

An Overall Need for Choice

At any point in time, collectively, viewers of Netflix will want to watch every popular series or movie on the platform. While recent trends in horror and sci-fi have influenced the company’s present direction, it makes no difference to the audience’s overall need for choice. So, while it can be difficult and even stressful for an individual to decide on which movie to watch, removing that obstacle would likely produce a slump in subscriber numbers, simply because what those people want to watch isn’t available anymore.

 

Video game platforms like Steam have produced plenty of memes about choice, too, especially because its popular sales mean many users’ games libraries now have hundreds of products in them. The wider gaming industry struggles with the same ‘problem’. The online casino software provider Pronet Gaming notes that its stock of games exceeds 6,500 individual titles from more than 90 different developers. This vast catalogue means that new operators can open with a huge number of experiences on the very first day.

It’s an old phrase but, in terms of shopping and entertainment, the needs of the many do outweigh the needs of the few. Kellogg’s wasn’t telling the whole truth when the company claimed that it doesn’t make cereals for “anyone else”. The smoke and mirrors are important, though, as 71% of customers resent impersonal interactions and 47% of people will retreat to Amazon if they’re not being recommended items that they like. Forbes notes that consumers will even pay with their data to be ‘known’ by a business.

Overall, it’s important to appease the collective while not forgetting the individual.