I am feeling like I should start all of my blogs off with this…”What a time to be alive!” lol. The digital age has given way for the entrepreneur revolution and has allowed the little guys to compete with the big boys.
However, here in the Caribbean, we are still a few years behind the rest of the world. This is a great thing though! We can sit back & observe the trends, see what’s out there and if you are creative enough, you can implement it here in the region and grow a lot faster than some other areas. When I look online, there are still tons of people struggling to crack the code of building a business in the digital age.
So let’s jump into 3 reasons you aren’t making money in your business. Disclaimer, I am not a coach. However, I am on the entrepreneur journey like you and due to my own learning and wins, I get a lot of people who reach out to ask questions. So I like to use my platforms to talk about the journey of an entrepreneur.
Here are 3 reasons, you are not making money in the digital age:
- You are not building a database.
- You are not solving a problem.
- You are not positioning your brand/product/service correctly.
You are not building a Database
We have a lot of people who are focusing on simply making the sale, once they can get your money, they are satisfied. There is a reason why data is being coined as the new oil! Having data is everything for a business, so ensuring you are capturing your clients information is a necessity.
You should always start building your database of clients before you get started on your business. You can create a lead magnet and give a free e-book or discount code to a potential client in exchange for getting their email address.
Capturing their information will allow you to market to them later and also allow you to keep them informed on your business and the industry. Your database is the only thing you have 100% control over. As we know, we have zero control over the social media platforms, so building your database is key.
You Are Not Solving A Problem
You really need to focus on finding a problem that you are passionate about and seeing how you can contribute to solving that problem for others. You also need to get very specific about the problem you are solving and who you are trying to solve it for. Too many people are trying to solve so many problems, that we don’t even know what their business is any more or who they are talking too in their message.
I really want you to take a look at your business and ask yourself, what problem are you solving? Are you solving a problem that people care about?
If you aren’t solving a problem that you are passionate about and that people really care about, you will have a really hard time trying to get people to buy from your brand or join your community to learn more about the problem and what you do.
You Are Not Positioning Your Product/Service/Brand Correctly
Positioning will either make or break your business! Let’s say you decide to get into stationary. If you want to survive and not just be another general business, that I am sure Jeff Bezos is smiling at because he has you beat 10 years from today.
If you decide on doing stationary, focus on who you want to target, and build your brand to appeal to that audience. If you want to sell high end stationary, give your brand an appeal to target wealthy people and sell the stationary that would be fit for a king.
Positioning will allow you to ultimately find your ideal client and be the go-to business in your niche. The rules of business are changing every day in the digital world. How we go about giving value changes and the tactics of building the brand change.
But these 3 things are pretty much a constant. So hopefully you are already doing these things in building your business in the digital world and if you are not, you should start.
Build your database, solve a problem and position your brand correctly, this will help you build the ground work for making money in the digital age.