Tuesday, August 3, 2021

5 Business Struggles You Will Inevitably Face

 Nobody builds a business without setbacks. Eventually, something inevitably goes wrong and it can leave them scratching their heads, wondering what to do. 

In this post, we take a look at some of the business struggles that you are likely to face so that you can prepare for them effectively when they come. 

People Not Understanding Your Brand

Getting people to intrinsically understand your brand is more challenging that you might think. Even companies that are more than ten years old can struggle to explain to consumers what they actually do. 

If you are a small brand, there are several options you can use to improve your marketing. Blogging, for instance, is a good way to explain to interested prospects what it is that you actually do. You can also try co-marketing with another brand or even using PR stunts that place your brand in contexts that people understand. 

Failing To Build An Email List

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Email list building can feel like an endless uphill struggle. It doesn’t seem to matter how much effort you put into it, your list grows at a snail’s pace. 

So what can you do about it? Well, fortunately, you have some solutions:

  1. Don’t buy lists - build opt-in lists instead

  2. Leverage social media platforms to find out where your audience is already

  3. Create demand by generating content that people will be willing to sign up to read

  4. Re-engage older lists by asking for opt-ins for new content

Payment Processing Issues

Payment systems work remarkably well and help to grease the wheels of the economy. But sometimes, they can land your business in trouble. Owning high risk merchant accounts can put you at risk of limits on merchant banking services. 

The solution is to implement effective fraud prevention strategies. Never manually enter customers’ card details and always use additional layers of security, such as Verified by Visa. 

Failing To Delight Customers

The whole point of customer-facing businesses is to delight the people that they serve. But sometimes brands can fail to do this. Customers don’t always have positive experiences. That disincentivises them from spending more money in your store. 

Small businesses can find it hard to delight customers, but there are some things that you can do. 

First, you can innovate in ways that customers don’t expect. Yes - you might have to charge them extra money to cover the costs, but it can make your enterprise more appealing. You can also do things like set expectations for what customers can expect when they first start dealing with you. Anything on top of that is a bonus. You can also try measuring customer satisfaction through time, experimenting to see what people like the most. 

Struggling To Hire Top Talent

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Getting hold of talented professionals is challenging. The labor marketing is incredibly competitive. Here are some of the tactics that you could try to get ahead of your rivals: 

  1. Build your employer brand. Become well-known as a great place to work. 

  2. Get candidates interested in learning more about the work you do to find those who are genuinely interested in a career with you

  3. Create candidate personas, just like buyer personas, of the type of person best suited to your enterprise’s culture.

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