Facing setbacks is the part of any eCommerce business. There aren’t hard rules written in some marketing bible to face no business losses, even if you prepare yourself to tackle challenges. The market situation is dynamic and it changes within the blink on an eye. Every now and then, new competitors arise and create more barricades between you and the success. Some leave early due to a variety of factors, while some stay due to backup funding etc.
In layman’s term, if you think that no one can derail your eCommerce venture because you are the king, then you will soon be disappointed as failure doesn’t hate anyone. It comes and hugs even when you think you are at the safest zone. There’s no safe zone in the virtual era.
If you are one of those who is facing eCommerce setbacks, then don’t get downhearted. With the right approach, mindset and industry knowledge, you can gain the business momentum once again.
- Revamp you Business Strategy
Learn to say ‘no’ to change the game plan when it’s the only thing that can keep your venture alive in the competition.
In the case of major issues, the best thing is to reassess your business strategy. Even if you need to entirely revamp it, do it. Just do it. Sit with your team and pinpoint the mistakes that brought you to the level where you’re facing setbacks one after another and none of your plans are working anymore, which once you thought to be as solid as titanium.
You will only able to move your juggernaut further, only if you know why the setback occurred. And how to know the main cause of the setback? By figuring out the core problem.
Know that, failures never cause by a single event. It‘s the series of failed events that cause setbacks. Evaluate where the problem started and why you couldn’t pinpoint it before it got too late.
Nike can teach how to be flexible when things don’t work. The company stopped putting its money in doing sponsorships globally and that encouraged them to think differently. Sponsored popularity is something, which you lose, once you stop putting the money.
Nike created a NikeID platform, allowing its avid followers to upload the user-generated designs that helped the company to align with cultural differences and understood what people think and want in different domains. This way, Nike escalated the strategy with a smooth transition of great ideas that brought something for everyone in its store. A ‘win-win’ situation, isn’t it?
- Deliver Customer Value
Did you know? For every customer complaint, there are nearly 26 unhappy customers, but they choose to remain silent. Surprising facts, isn’t it? And if you don’t pay attention to deliver customer value, then you lose terribly in the long run.
If you want to deliver customer value, start with accessing customer habits. In the digital era, a lot of customers want to solve their queries through Live Chat. And if you don‘t offer this feature, then you are surely losing a lot of potential leads who hate calling, but love chatting with the customer care department regarding their product queries.
This is how you deliver the customer value. However, it depends on the industry’s nature and how you evaluate the customer value after studying the audience’s needs and preference. It is entirely dependent on your managerial and entrepreneurial skills.
Strictly instruct your team to write the elements when they converse with the customers or simply tell your customers to fill a suggestion form to help the company in its services enhancement.
- Differentiate Your Product
Today’s consumers have become savvy and before buying the product, they look for other options that will solve their problems. Hence, it’s a clear indication of what to do next. Rather than giving them huge choices, focus on certain products that solve their issues and give a complete solution to their problems.
If you have the marketing persona and have created some mantras that work for your product, then your product differentiation idea should be there. You have to tell your audience why you are the difference and you value them and help them in their problems.
In this depressing world, many people want to have something that increases their sense of value and you don’t need to a teacher, motivational speaker or doctor to heal their pain. You can do it with your clever marketing tactics by not sugar coating things, but showing what your services or products can do.
Start conducting a market research. It will tell you what people think about your product and whether you need to change your products or need to revamp your selling tactics.
- Hire Employees with Different Skill Sets
Having different talents will help your company to grow and sustain its position in the long run. If you understand the value of your employees, then you know during the rough times, only your employees turn as the biggest assets as they help the company throughout the tough phases.
Most companies that face setbacks fail to understand this common yet most important terminology that can eventually save their sinking ship. Yes, talent doesn’t come cheap. Agreed. But if you keep saving money, instead of investing in the talent, then you might end up losing more than you saved.
A company grows when it knows the real investment is investing in the talent that will complement with company’s real vision and mission.
The recruitment process, however, can be a real pain. Some managers think that they are hiring the right personnel; but eventually, they find their mistake in the long run. Talent matters the most, yes. But that doesn’t mean to ignore other traits such as the ability to develop connections, ability to work as a team player and communicate with the rest of the staff in the office, friendly and tolerant behavior and an urge to learn new skills for personal as well as company’s growth.
- Seek Growth Opportunities
Seeking growth opportunities isn’t related with company’s current performance or setback status. In any circumstance, your duty is to look for possible growth opportunities and keep growing.
For instance, Amazon Prime is the best example. How Amazon.com adopted Drone delivery technique shows their ability to tap into the existing endless possibilities.
Just like medicine, growth opportunities are subjective. If one situation is beneficial for you, it doesn’t mean, it will help your rivals, too. You and your rivals have different management criteria, economic status and vision that can easily differentiate the subject matter.
Think critically and think hard before making any hasty decision. Partner with startups or other established ventures to fuel your sale’s funnel. Gather your team of experts and find the existing opportunities and prioritize them to increase business performance.
As your brand grows stronger, the harder it will be for your rivals to break the ice and take your place. It’s hard for anyone to take Amazon’s place. The company has invested for more than two decades and has critically examined various businesses to partner for huge growth.