Businesses on the brink of foreclosure might feel like they’ve exhausted all of their options. At the end of the rope, the owner of the failing business might think there is no way out of the situation.
Some business owners might begin flailing, trying whatever they possibly can to get their business turned around, from introducing massive, convoluted deals to reinventing their brand voice on a weekly basis. While one of these choices might end up sticking, the likelihood that any of them will is low. Testing out a hundred different plans as a last-ditch effort is rarely a good plan.
Yet there is a way to effectively turn around a failing business. Rather than trying whatever comes to mind, you and your business partners should consult with one another to implement change. While every change under the sun can be tested, it’s far more efficient for your business to focus on incremental changes that can be made to revitalize your business, turning it back into a profitable venture.
6 Tips on What to Do When Your Business is in Trouble
Here are some changes to consider when trying to revive your business.
1. Reconsider the Past, Update, and Change Direction
Changing the direction of your business is a big ask, as it requires shifting a lot of moving parts. While it can be done, it’s in your best interest to first consider what made your business decline in the first place.
Look through your metrics and your past approaches: What didn’t connect with your intended audience? Were they not engaging with your content? Were certain products you expected to sell well not selling at all? Were you simply targeting the wrong audience all along?
Dependent on the answers, your business might need to undergo some changes, from altering the tone of your business, to shifting the niche audience you are targeting, to revamping the products you’re selling. Whatever you plan to change, you should know why you plan on doing it first.
2. Do Some Market Research
One issue that many businesses run into is not researching where their business sits in the marketplace, either to their intended customers or to the businesses around them. What is it about your competitors that make them stand out? What is it that your audience is specifically looking for, and are you speaking to their interests or simply producing copywriting that speaks to your internal team?
If you didn’t complete your market research prior to entering the market, you should certainly set aside the necessary time to do it now. Even if you have the best products on the market, you might very well be missing your core audience by never marketing directly to them.
To get the most out of your business and your intended audience, you should regularly undertake market research. Whether it’s exploring the analytics of your sales or online traffic, your business can greatly benefit from a critical inspection of the marketing choices you have been making.
3. Find Your Niche
Many businesses fail because they stretch themselves too thin. Once, it might have been fruitful to be the business that had and did everything, but stores like Walmart and Amazon have made that a notion of the past. Nowadays, it’s far more beneficial to be a business that specializes.
If you’re a coffee shop, focus on just perfecting coffee and tea—don’t try to also become a breakfast and lunch establishment. If you’re a running shoe store, don’t also begin carrying athletic shoes for every other sport known to humanity. Expertise is valued, and if you can speak to a niche audience, you’ll be sure to find a customer base.
4. Seek Help with Affiliate Marketing
If you feel like your marketing strategies have stalled out, it might be time to begin incorporating help from elsewhere. In the age of social media, you can reach out to influencers for help. Known as partnered affiliates, you can employ the contractual help of other business owners and social media influencers who will promote your product and business to their followers.
Influencers whose audiences align with your own niche can help you to effectively regrow your business, all by introducing new consumers to your brand in hopes of converting them into long-term customers. Certain affiliate marketing software can make this especially easy, allowing your company to breathe easily as you employ the help of influencers to drive traffic to your website.
5. Undergo a Brand Redesign
Brand redesigns can be time-consuming, but this might just be your best option if your brand is truly on its last leg. While you might think it’s as easy as changing your company’s logo, more will go into it.
By rebranding your company, you are changing its position in the marketplace, from the audience you are targeting to the way your company speaks. A great deal of market research will be required to determine what audience your company most resonates with, along with what types of products, design, and content these audiences want to see, but an effective brand redesign can revive a failed product and completely turn a business around.
6. Don’t Be Afraid to Take Some Risks
Once your business has begun to collapse, you might feel eternally listless, as if there is nothing you can do to turn it around. However, this crisis doesn’t have to mean the end of your business. To effectively turn around your business, you have to be ready to take some risks.
Whatever you end up trying might not work for your business, but it’s worth a try when you’re nearing business closure. Don’t be afraid to play with your marketing approach. In the end, a simple change might turn your business back into a profitable company. You’ll never know if you’ve found the solution to business failure unless you do the research and take a chance.
Nick Veneris is a digital strategist with over twelve years of experience in planning and executing marketing plans for B2C/B2B brands. Currently he’s the Marketing Manager for Refersion, the advanced affiliate marketing platform that helps brands manage, track, and grow their affiliate network.