So I have an online business selling a range of cosmetics, I have a shopify website and most of my traffic comes from my 50k followers on Instagram - I solely own the brand and was doing really well but as time has gone on I’ve been copied and undercut by competitors and my sales are really drying up. I’ve tried using a social media manager this year and it really improved my look…. I do look a lot more professional but there hasn’t been a growth in sales, is there anything I can do to try make my brand blow up again as in the right hands the potential revenue is a lot more than is it right now
Thanks!
You’ve already taken steps to improve your brand image with a social media manager, that’s a great move 👏
To increase your sales, I think you can focus now on targeted promotions. Like, offering a limited-time discounts or bundles to create urgency. After that, use stories and post to highlight these promotions.
Since it’s holiday season, people will immediately drawn into this promotions so take this chance to move their hearts.
Every business idea has a saturation point. If you start a signwriting business in a small town, someone sees you doing well and tries the same, your market has potentially halved, If a third company starts up it reduces again and so on. Eventually there will be market saturation and the only thing to do is either be better at it, have better products or add new ranges that no one else has.
I used signwriting as an example because I have two friends that compete with each other ion a small town and when they started there were 3 signwriting firms, now there are about 10 and none of them is doing as well as they used to.
Be a realistic and understand if the market will allow you to go forward. The market is the customer base and your competition. In addition, you have consider technology. An inferior product making better is of technology can be the show-stopper too.
Is it possible, your company and products have run their full life-cycle? Is it just a technology issue?
Consider an extreme example of the original landscape for web search; Archie, Lycos, AOL/Excite, Yahoo, MSN, Alta Vista, Netscape, Ask Jeeves, Bing, Google.
Each competitor became “better” than the one before it. Some are still around in some form, but there is one pre-eminent company and the rest are just bit players.
These comments are depressing.
Send me a link to your Instagram and website, and I will find you away to take back your majority share in the market.
The mere fact that there are others in the market making money with the same/similar product shows that you have a viable idea.
The promotions idea is good but will not solve your problem. It will increase your sales for a time, and then you will be stuck in a cycle of having to do it over and over again.
What you need to do now is to show up in a unique and valuable way that catches maintains your customer’s attention.
Cause, as you have said, the other brands have already copied what you have done, so now all of you look the same.
We need to change that as soon as possible. Otherwise, you will be stuck in a price war, which is just a race to the bottom.
Instead, we are going to target the market from a different angle, allowing you to tap into different emotions that will drive them to take action.
I will set a side a specific amount of my time to help you because I don’t want to see a budding Entrepreneur give up because of bad advice that’s not tailored to their situation and fulfill their needs.
This is the sort of answer I was looking for 👍🏽 I know all the generic things I need to do to be better but I just need to know how to pop 👌🏾