How do you revitalize a slowing business? If there is one major lesson we have come to learn in the marketplace, it is that “irrespective of its reach and impact, no business is completely immune to slowing down and potentially dying out”. We’ve seen brands that had been identified once as global giants, the likes of General Motors (1908 – 2009), Compaq (1982 – 2002), Pets(dot)com (1998 – 2000), Blockbuster, Thomas cook (1841-2020), and a host of others that eventually failed.
Despite their apparent access to top-tier innovation, finances, and human capital, could they have done things differently? If you are threatened by a similar fate, a pertinent question may then be “is there a process flow to revitalize your business that is slowing down?”
What is categorized as business slowing down?
Your business is constantly engaged in the process of converting capital into profitable revenue. An elongated period in which this value turnover is minimal or comes to a halt while the business is still running is what we’ve termed “slowing”. A similar concept termed “active inertia” was discussed in this article by Harvard business review in which they elaborated on why good businesses go bad.
There are several phases of slowing your business may undergo. These can be divided into periods of;
– Partial pause
– Sub-optimal performance
– Product Pivot/Re-focus
– Seasonal market variance
What causes businesses to slow down?
Periods of redundancy for your business can be caused by various factors. These may be as a result of internal factors like poor management, poor access to liquidity, poor cash flow, wrong strategy, failed expansion, and poor marketing. They may also be due to external factors like inflation, recession, supplier problems, Government regulations, Competitions, natural causes, and market forces.
While a slow down may not lead to total failure, they are often pointers to an ailing business venture and maybe premonitions of an eventual end. If they are not addressed properly.
Process flow to revitalize your business that is slowing down
A business slowing down must be analyzed critically. A detailed analysis of your business reveals its true state and what the current challenges might be. The first place to start your analysis is internal. There are a host of unique ways to revitalize a business based on the challenges it is facing at a time. Below l have highlighted a process flow your business can go through to address internal challenges relating to market forces:
1. Rebrand your business or products:
Occasionally, some products undergo market fatigue. A period of redundancy, where they no longer seem exciting to customers and as a result, face a demand reduction. This is more likely in an open or highly competitive market where new products are introduced regularly.
According to Economictimes rebranding is a market strategy of giving a new name, symbol, packaging, or a change of design for your already established brand. Your Rebrand can either be partial, like a review of your product packaging. Or a full rebrand which may include a total overhaul of your brand assets. This allows you to review and retell your story. As The Brand Sketch highlighted in their article, some benefits of rebranding may include; Stand out for your competitors, reach a new target market, and increase product pricing.
While this is a great first step in revitalizing your business. It may not be entirely necessary to rebrand before you move to the next phase.
2. Re-strategize on your product marketing:
Marketing is the process or technique of promoting, selling or distributing a product. It is the system that sustains an inflow of customers that in turn exchange financial resources for your products and services. These resources help to keep other aspects of your business functional. No business survives without an effective marketing strategy.
The list of marketing strategies and how they can be combined to generate your set goals are infinite. Some great product marketing strategies you can adopt to revitalize your slowing business may include;
- Disruptive marketing
- Content marketing
- Digital marketing
- Influencer marketing
- Public Relations
- Direct marketing
- Automated/Drip marketing, and a lot more…
To get more ideas of strategies you can explore to revitalize your business, this article by Splash Copywriters contains a list of about 163 alternatives.
As the next step in your process flow, re-strategizing on your approach to product marketing can re-establishes your product’s voice and extend its reach within the target market.
3. Review your customer relations:
Unhealthy customer relationship practices have been the bane of many businesses. Through data-backed research Hubspot states that happy customers are not just willing to pay more, they are also about 77% more willing to share their positive brand experiences with others. These referrals lead to growth.
To revitalize your slowing business, it becomes imperative to take a hard look at your approach to customer relationship management. This may mean that you review how much of your customers’ data you have access to and how you leverage it to narrow down your services to their specific needs. It may also require a review of your frequency, mode, and channels of communication with them. And finally a review of what you can do for them to show your appreciation for their loyalty to your business.
This final phase ensures the longevity of the results of the first two stages listed above.
While this will be effective for addressing a business lag stemming from negative marketing forces, other process flows may be adopted to revitalize your business where the root cause for its challenges has been identified to be from other sources.
Have you had any experience with getting a business back to speed from a slow period? We will be happy to hear about the challenges and your success story. Share with us in the comment section.