1. Your Service/Products Have Changed
If your products or services are no longer relevant because they are outdated or because the market has changed then it’s time to evaluate which direction your business will be heading into.
2. Revenues Are on the Decline
Take a look at financial ratios, such as gross margin and profit margin, to determine whether or not revenue is decreasing.
3. You Aren’t Meeting Financial Expectations
If you notice that these expectations are off, then you should be making changes to your business strategy.
4. Product Development is Too Slow and Production Isn’t Efficient
You are not introducing compeling new products quickly enough and is there new technology available that makes production cheaper, faster or more efficient?
5. Sales Leads Aren’t Converting
The top reasons are: Price of product or service, Failure from sales team to perform, Failure of marketing team to perform.
6. A New Competitor Rocks Your Boat
If a new competitor comes along and completely interrupts sales then it’s time to do perform a SWOT analysis – Strengths, Weaknesses, Opportunities and Threats.
7. Product Market Has Changed
If your market no longer requires your products or services, then you need to find out who your target audience is and how to reach them.
SOS specializes in Turnaround Marketing, a process dedicated to marketing renewal. We use analysis and planning to save troubled companies and return them to financial solvency, and to identify the reasons for failing performance in the market and correct them.
Free Offer: Request our Turnaround Marketing Plan Worksheet customized for your business. Use the form below.
For more information, contact SOS at 760.345.5069, email, or use the form below.