Overcoming Business Stagnation, Maybe Even Closure

“All new brooms sweep good.” – Old Folks

The thrill of every new venture is the beginning. Romance. Promotions. New businesses. According to psychology studies, people look forward to the newness (known as the “Fresh-Start Effect”) because it gives us the opportunity to walk away from past failures and regrets and forge a new path. But what most people fail to realize is this is a cycle. All new things wear off and become old at some point. So how do you keep it fresh when that once new, now old thing is sustaining your livelihood.

In every business, there is always the challenge of keeping things fresh. Keeping customers engaged is a tall order, especially because the world is so fickle. We love today. Hate tomorrow. Easter (Passover) is upon us. No one knows the fickleness of people better than Jesus! But how do you keep customers wanting more of what you have to offer or potentially offer. The key words in the prior sentence are: potentially offer.

Two ideas come to mind

1.  Treat the Pain Points

Chief complaints from customers are often new ideas waiting to be birthed. Take inventory of the complaints you hear most about using surveys and suggestion boxes for customer feedback. Then, craft solutions around the most common complaints. I suggest tackling one at a time, starting with the most impactful pain points.

Consider…

• the cost (time, effort, resources) to fix the problem
• the current financial strain
• the potential financial upside 

2.  Swim the Blue Oceans

What’s more powerful than solving a problem before a customer even knows they have one? Blue oceans are the unknown terrain in every industry that have yet to be discovered. While others are swimming in the often-oversaturated red oceans, why not focus on ideas and solutions that no one wants to bother with?? They may be boring, unsexy, not cool BUT it’s a wide-open field and all the customers (for the moment) belong to Y-O-U.

Then… you easily become the trendsetter, setting the standard on your terms that any incoming competition will have to respect. So, how do you find a blue ocean? By taking inventory of the services and products customers ask about that you currently do not offer. But also, if they are asking for a service or product that “Joe Blow” is already offering around the corner, then apparently “Joe ain’t doin’ it right.” Seize the opportunity!

Remember, capturing someone’s attention is a lot easier than keeping it. Ask any Pre-K teacher around! But with the right tools and mindset, you can pique their interest again. As always, your scoop… in 30!