Join the Association of Gift Boutique Retailers of America today and access our network of over 26,000 retailers and partners. We are a leading resource for insight within current gift boutique retail trends and industry updates. Our members get exclusive access to data points, powerful tools for business success, and networking opportunities that propel their business opportunities to new heights.
Overcome Rejection, How to Bounce Back
And This is How YOU Can Take Advantage
It is not impossible that after all the efforts, hard work, branding, advertisement, etc., your product or service may be rejected or another preferred to it. The fact that your product is accepted and patronized means the alternative is being rejected. Thus, rejection is a part of life. As a determined businessman, you must learn that rejection gives you a clear statement that you have to improve. The perspective you view rejection from will determine your approach to bouncing back.
Ways on how to overcome rejection and bounce back will be discussed below.
Yes, the product or service has been rejected; find out the reason for the rejection. Though most purchases are made on emotional impulses, find out what attracted consumers to the alternative to your product or services. You should be looking at gathering data on how to work on your brand and buyers are fitting information suppliers. You can also secure feedback from sales agent and representatives as they have met with retailers and the consumers themselves. It is of a very high chance that consumers would have mentioned the reason why they would prefer another product.
Reflect On How You Can Do Better Next Time
After gathering data and feedback from consumers, retailers, sales agents, and representatives, reflect on what you can add or change to be the more preferred solution. This is very critical aspect. You may need to involve specialists, consultants, and anyone with smart and innovative ideas to give their input on how to improve on the solution you offer. It could be the packaging, advertisement, or quality that needs to be changed.
Are you sure it was a definitive “no”?
There are different kinds of “no”. There is a “no” that does not mean outright rejection but means an alternative caught the attention of the consumers. On the other hand, there is a definitive “no”. This clearly shows dislike and lack of interest in a product or service. The first “no” requires little to be done to be made the preferred choice while the other “no” would require a lot of convincing and rebranding. You have to understand clearly why your product or service was rejected,
Can you turn that “no” into a “yes”?
This is a critical question. This question may determine your presence in that market. If you can’t turn the “no” into a “yes”, more “no’s” are inevitable and you may be running at a colossal loss. Get the statistics you have from feedback to answer the question. If it is a definitive “no”, you most likely have no provided satisfaction or met standards. Quality is one essential factor. It can go a long way in determining your stay in that market.
Study your approaches that has led to this outcome
A significant pull towards your product or away would make you either appreciate your approach or drop it for a new one. In the case of rejection, you should look at the approach that has given you the result and see the major cause of the problem. It will not be hard to get a solution to the problem from here.
What was your conversion rate?
Determining your conversion rates takes looking at the number of visitors to your website who did what you wanted them to. You must study this percentage to know how you can do more to make your traffic work for you. It is one thing to have traffic; it is another to have them purchase your products or services.
Know your strengths and weaknesses
Know your strong and your weak points. The knowledge of where you stand here will tell you what to improve on. It can be very possible not to identify a weak point. Advertising can be a weak point that needs work. Some advertising are simply off the point, they don’t convince consumers on the promise of solution their product or service holds. If you can’t determine your weak point, ask around; use the result of surveys and feedbacks you have taken. Your strong point is what you can emphasize on – if your product is the first in the market, focus the attention on the value of experience.
Take another look at your business model
Your business model simply is how you plan to make money. You may have to take a lot at this to see if there is a better way of making money. For instance, if you are in the dot.com world, your business model may be to attract traffic so as to help other advertise and make money from that. If that starts to fail, you should reconsider it and see if selling and getting commissions from sales can bring more money.
Tweak your product and your service positioning
Present your business in a better way. If you have been advertising with “one of the best in the market” make it “the best in the market by far”. You have to be intentional about how you position your product to consumers. They don’t want to just give out hard earn money; they want the best value for it.
Consider alternative funding sources
It can be risky to have one source of fund for your business. If the source dries up, the collapse of the business is inevitable. Thus, get about 5 sources of funding. If one source fails, another will be available. You can try crowdfunding where you have quite a number pull money together in anticipation of dividends. More money opens for more opportunities.
Try a new route
Don’t restrict yourself to a route, try alternatives. If the way you are reaching your customers hasn’t proven to be really effective, go through another means. Flexibility is an essential virtue in business and it is essential for survival in a competitive terrain.
In conclusion, rejection has the hidden potential of making you better. It takes you back to the drawing board to see how you can improve. The market is green; you can still own your niche.
The Association of Gift Boutique Retailers of America is here for all of your gift boutique industry needs. Hopefully you have found value within this article on Overcome Rejection, How to Bounce Back. We are interested in what you would like to learn more about, please let us know in the comments below.