So I have an online business selling a range of cosmetics, I have a shopify website and most of my traffic comes from my 50k followers on Instagram - I solely own the brand and was doing really well but as time has gone on I’ve been copied and undercut by competitors and my sales are really drying up. I’ve tried using a social media manager this year and it really improved my look…. I do look a lot more professional but there hasn’t been a growth in sales, is there anything I can do to try make my brand blow up again as in the right hands the potential revenue is a lot more than is it right now
Thanks!
Every business idea has a saturation point. If you start a signwriting business in a small town, someone sees you doing well and tries the same, your market has potentially halved, If a third company starts up it reduces again and so on. Eventually there will be market saturation and the only thing to do is either be better at it, have better products or add new ranges that no one else has.
I used signwriting as an example because I have two friends that compete with each other ion a small town and when they started there were 3 signwriting firms, now there are about 10 and none of them is doing as well as they used to.