It’s a difficult lesson to learn, but sometimes hard work isn’t enough to make your business successful. If your events business isn’t bringing in the money you need it to and you’re driving yourself into the ground trying to save it, try taking a step back. There may be some fundamental reasons why your business hasn’t taken off yet, and there may be some simple solutions as well.
Let’s take a look at some of the most common pitfalls that you need to address to make your events business more profitable.
You don’t actually know— or promote— your UVP
Your UVP (Unique Value Proposition) is what your business provides that no one else can. Whether this is a unique product offering, a high level of customer service, or even a unique brand voice, this aspect of your business determines who your buyer persona is and how you will communicate your value to them.
Do you have a level of customization that goes above and beyond your competition? A unique event rentals offering that can’t be found anywhere else? A company owner with an infectious personality and a shining dedication to service? These will be the defining factors in making your business stand out. Without a UVP, your company has nothing to offer that your customers couldn’t get somewhere else.
Every company has at least one UVP, whether you realize it or not, but if you can’t identify it, then your customers won’t be able to either. If your customers don’t understand your value, then your company will never bring in the money that it deserves. If you do not know what your company’s UVP is, it’s time to find it.
Your website isn’t attracting leads (or worse— is nonexistent)
Be honest with yourself. How does your company’s website compare to your competition’s? Your website gives your potential customers their first impression of your company. If you aren’t completely confident and comfortable with the impression that your website makes about your business, it may be time for an update, or even an overhaul.
The three most important aspects of your website to keep in mind are design, SEO, and user experience. In other words, your website needs to look legit and it needs to be easy to use. 11% of cart abandoners leave because the checkout process was too complicated. New prospects will not give your website or your company the benefit of the doubt. Make your website professional and easy to navigate or they will go somewhere else.
Make it easy for clients to get in touch with you so that they can get started on their transaction as soon as they’re ready for it. Goodshuffle’s Website Integration is an excellent tool to ensure that your customers can get started on their deal anytime 24/7.
You refuse to invest in solutions
Small problems turn big quickly if you try to avoid them instead of solving them. Stop trying to find hacky work arounds instead of investing in smart solutions like event rental software and good staff. Think about where your company’s biggest problem areas are. Do you need better marketing or customer service? Then it might be time to hire someone in that area.
If you don’t even know where your company is falling short, consider investing in some analytics software. These software programs can provide tons of valuable information, and they are generally very affordable. Some, like Google Analytics, are even free. Stop trying to work around your company’s weaknesses and choose to invest in solutions instead.
You’re only as strong as your weakest link
For a company to be profitable, everything has to work well together. A solid understanding of your target market and what you can provide for them will give your company the direction it needs to reach its goals. A website that can reliably represent your brand and bring in customers will communicate your value for you rather than sabotaging your success.
A good grasp on your company’s weaknesses and a willingness to solve them will allow you to continually build on your success so that your company doesn’t plateau early on. If you cannot dedicate yourself to making those things a reality, then your event company will not make more money.