This is the most important reason why your business is not growing(100% sure)
A few days ago, an old friend called me so we could have a brief chit chat about life. We have not in months and so I decided to take out time to listen to him. While we were talking, we delved into his business and he was really frustrated about his business.
He is into real estate in Lagos. He sells and rents houses for a commission. However, business has not been good since March. He claimed it was a spiritual condition. He also told his mom about it and she felt it was a spiritual condition too and took him to a prophet.
First and foremost, I rarely believe that most of our problems in business are spiritual. I asked him a few questions and I feel his problems are more physical than spiritual. I really don't know why people in my country always attribute failure to something supernatural.
I mean it is normal to fail.
Just a while ago, @josediccus talked about his cousin's business failing due to competition and the likes. While we talked, he mentioned that his brother was not an internet person.
I wasn't surprised, I mean most people in Nigeria are not internet savvy.
But then, I feel the biggest way to succeed in life requires the process of learning and relearning things that will foster growth.
The ability to constantly learn is what will keep you ahead of your competitors.
In today's post, I will covering 1 major reason why people don't make sales in their business.
Without further ado, lets go straight to business.
The simple answer is small or no traffic
A lot of people in Nigeria start a business without finding out how to get traffic(customers) and this is the number one problem. In any business, low traffic will always mean low sales.
For example, my mother was disturbing me about opening a shop for her so she could start something up. I gave her money to open the shop and she bought things to sell. Two months later, she was complaining bitterly of how she has not been making sales and how slow sales were going. I went to the place to check out the possible reason for the low sales. I discovered that the place where the shop is located is very deserted. You might not see anybody on the road for 5 minutes.
I already knew that the business did not stand a chance except she either does something about the location or she does something about her visibility.
Same for my friend, he would usually post his offers for the houses he has to sell on his WhatsApp status and then go back to do other things.
I then asked him how many people view his status and he said something like "on a good day, about 53 people see my status."
Now according to some statistics, only about 1-3% of people seeing your business are going to buy immediately. For this guy, it means that only 1 or 2 persons are going to meet him about his business instantly.
However, with consistency he will be able to build trust among his audience and maybe about 20% will eventually do business with him.
20% of 50 people is merely 10 people.
What am I trying to say?
You can't build any business, if you don't have good traffic.
If you are going to increase your sales, you will need to work on your traffic or lead generation.
There are a few ways to generate traffic.
One way to do this is to change the location of your business to where your ideal audience are located. There is a bitter truth, most people don't know their ideal audience. It sounds funny but this is a very bitter truth.
The location has to be filled with people who are interested and can afford the product or services.
Another way to do this, is to organize free stuffs that are important to your audience in exchange for their contact. For example, if you are running a real estate business, you can organise a free pre-recorded zoom webinar telling people ways to identify legit properties as you know that most people are scared of being scammed.
Nowadays, if you are running an online business, people's contacts are your priorities. They are your priorities because this is how you follow them up and give them offers.
Emails and phone numbers are the just fine. You don't need anything extra.
Following up on your interested customers will contribute to the largest portion of your sale.
So the importance of having people give you their contact cannot be overemphasized.
Finally, run ads on social media like Facebook, Instagram and WhatsApp. There are a lot of benefits of running ads on social media. Although, there is a catch to this, you must know how to do it. If you want to learn how to run ads, you can message me here or get a course on Facebook and Instagram advertising.
Over 2 billion users access Facebook monthly and you can decide to put your stuff out to places where people can afford it.
For example, people who live in Victoria Island have a population of people who are well to do compared to those that live on the mainland. You can take advantage of the demographics Facebook and Instagram ads gives, and then make your product visible to such people.
If you run an ad and 1000 people see it, most likely 200 people will chat you up and if 200 people chat you up, depending on your converting ability you might be able to make 40 sales after your follow up.
Note, you must know how to run ads before ever trying to do them or else you will be wasting a lot of money.
In my next post, I will be talking about another reason why people don't make sales .
For now, thank you for reading and have a nice day.
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