Your stock is crashing. You are frantically looking for what you can do to stop the bleeding, only to find nothing.
This guide will give you an idea of what you should look at if your Mena based company’s stock starts dropping like a stone (companies located in Mena refer to companies located in the Middle East North Africa region).
Increasing prices
No matter how high the demand is plunging, you cannot simply attempt to increase your selling price. If people want it, they’re going to buy it no matter the price (with some exceptions).
Sure, if there was only one person who wanted it and he offered $500 for it -you could sell it to him.
However, if he offers $15 for it, you can’t sell it to him because that’s just ridiculous.
Cutting costs
If your company is losing money every day, the first thing you want to do is cut down on all costs possible – or attempt to make some quick cash by selling off unnecessary items that are not required operations.
That way, your business stays afloat while you develop a new plan on how to save your stock.
Don’t focus on one product
It may seem like common sense, but unfortunately, large corporations focus on their original products so much that they fail to realize another market exists on the other side of town.
If you’re losing money on your original product, it’s time to think about branching out into new ones.
Prepare for competitors
People are never satisfied with just one company selling them something. They want options.
No matter what kind of business you have, there will always be competition – especially if people are making money off it (which is why some companies resort to dirty tactics to ensure they remain number one.)
The more competition there is, the harder it becomes to keep up with their selling price/speed/quality of service.
Look at the local community
If you’re struggling to sell your product, it may be time to ask the locals what they want. You don’t need years of research or billions of dollars in funding to understand that people are always looking for something new.
Dig deeper into your local community and find out precisely what they desire/need/want -and then try selling them your product or service.
Beware of poor reputation
Most Mena based companies make this mistake all the time – simply because their employees don’t know any better.
Once, there was a large clothing store with an excellent reputation with its customers until one day when employees started bullying customers into buying things they didn’t even want.
Have many means of advertising
There’s nothing worse than having an excellent product to sell and no possible way to reach your customers without disrupting their daily lives.
Sure, if word spreads online about how terrible your business is – but there are zero ways for people to see it that lousy reputation will stay with you forever.
You need multiple sources for people to find out what you’re doing right instead of just one channel focused on all the negativity.
Do not argue with critics
It was once said, “The only thing worse than being talked about is not being talked about.”
People are always talking, which means they’re gossiping about how terrible you are – and that’s a good thing.
If no one talks about you, it probably means no one cares by arguing with critics, which you never want when trying to make money in Mena.
Last but not least
Stay positive. Negative attitudes will only attract more negative things your way. Remember: good vibes attract good things; bad vibes attract negative things.
Even if your company is taking a downturn in the market, you must remain optimistic and look for better opportunities elsewhere.
If you want to explore this further, then click to read more.
You must be logged in to post a comment.