Could your mindset be holding back your business’s growth?
You may not be doing it consciously.
It may be because of something you heard or saw in the past that is you still believe.
Here is an example where a company’s perception halted growth and reduced profit.
During the interview process to join a company at every meeting including the MD who I would report to and the head of the company from the UK focused on one thing.
“A major issue you have to tackle is that customers think we are too expensive.”
When I joined the company my marketing team said the similar statements about price.
For some reason this did not feel right.
What I found was the perception came from a research study that said our brand was perceived as expensive.
So everyone had latched onto this one statistic and went about lowering price and put in place strategies that reduced sales and profit.
Their perception was wrong as the research was flawed. And price was not a key factor for our potential customers.
We stopped all price reductions, changed the communication plus a number of other things. Sales grew during the year and more importantly profit increased.
When you hear or read something often enough you can get to believe it even if it isn’t true. It can lead to the wrong marketing strategy and affect your sales and profit if it is based on a negative mindset.
If you look at your strategy and business decisions are you:
- Making marketing decisions based on your perceptions or customer reality?
- Developing your marketing strategy based on what others say or what you have read?
- Looking at potential strategies for grow with a positive or negative mindset?
If you are not getting the growth you desire it may be time to take an outsiders look at the basis for the decisions.