In the world of business, hitting a plateau can often feel like a step backward. The absence of growth feels like a loss, no matter what.
The plateau can often be incredibly frustrating because you’re not sure why you’ve hit this barrier. You seem to have all the right people and procedures in place, but you’ve stagnated nonetheless.
If the situation above sounds familiar, ask yourself if any of these things could be the issue.
1. You’re Too Close to the Problem
Maybe you’re too close to your own business to see the subtle cracks or flaws. Perhaps you should bring in a fresh perspective—a perspective that is trained and experienced in finding these flaws.
Consider bringing in a company like 360 Leads to revamp and really drive your sales growth strategy forward. They can take a look at your entire sales process and team, while offering everything from sales call shadowing, to looking at high-level sales strategy.
This can unclog your sales funnel and help get you over a plateau.
2. You’re Not Investing
There is a difference between being cost-conscious and cost averse. Don’t hoard your money, particularly when you can afford to spend a bit of it.
This will not just help your team do their jobs more effectively. This will also show them that your company is doing well and expanding, which will keep their eyes from wandering to other companies and other roles.
3. Your Brand is Stale
Maybe your target audience has shifted and your brand is no longer as relevant as it could be. If this is the case, you’re currently being held back by your brand.
Rebranding doesn’t have to be as expensive as you think. Yes, a new brand image, complete with a new logo and a website rebuild, can be expensive. However, some more granular changes may be all you need.
It’s very possible that your visual brand (logo, colors, font) are still on target, but it’s time to update your messaging. Maybe your offering or your target audience’s pain points have evolved over the last few years. Or maybe you simply assumed you knew your audience’s pain points, but now you have data that proves otherwise.
Remember, you don’t define your brand voice, your audience does. Take a deep dive into social media conversations and online reviews from your industry. Read what people are saying about you and your competition. Pay close attention to the exact words they’re using.
Take particular note of the terms they’re using to describe their problem (exhausting, frustrating, wonky, expensive) and make sure you’re using those terms in your content and your marketing materials.
This market research is essentially free and only costs you the time it takes to care about your brand.
These are only three of the most common things that can lead to a business plateauing. However, a business having tunnel vision from being too close, failing to invest in itself, or having a stale brand are the most popular issues that stand in the way of growth.
Your problems may be more complex, but this is a good place to start.