The One, Simple Reason your Business is Losing Customers
So, your business is losing customers, it’s not unusual. Your numbers will always fluctuate, if you’re winning more customers than you’re losing, it isn’t a huge cause for concern. However, what if you’re losing customers at a faster rate than you’re winning them? You need to make some changes. You need to identify why your customers are looking elsewhere and there’s one simple reason for this- you’re not showing them enough value.
Your customers might tell you that your product or service is too expensive but it is simply never about the price- it’s about the value you offer. If your product or service provides enough value to your customers, there will be no reason for them to question the price, because they get enough value in return. Similarly, if your customers move across to one of your competitors, it’s because your competitors offer more value than your company does.
So how can you show more value to your customers?
Know what is valuable to your customers
The first step in being able to show more value to your customers is knowing what they want. What are their pain points? Why do they use your product or service? What impact can your product or service have on them? The best way to discover the answers to these questions is to survey your customers on a regular basis. You can then strive to continuously help them solve their pain points.
Provide a quick win
The next step is to provide immediate value. “74% of buyers chose the company that was the first to add value.” – Corporate Visions. Customers don’t want to wait and see if your product or service will provide them with value, they want quick wins as soon as possible. So, think about what you can offer to your customers in your business to provide a quick win as soon as possible.
Offer a consistently good service
Next, you need to continue to provide value by delivering a consistently good service. Consistency is vital in order to satisfy your customers and to ensure they keep returning. Think about what makes McDonalds so successful- no matter where you are in the world, the Big Mac is exactly the same and the service you receive is generally very consistent. Their customers know exactly what they’re getting and they provide exceptionally good value.
Your customers come to expect a certain level of service and the minute you let this slide, you risk losing them. So, go above and beyond to keep each one of your customers happy.
Provide added value
Provide your customers with added value for nothing and it will go a long way to keep them satisfied. This could be in the form of free resources like eBooks, articles, or videos, free advice or discount on products. These things don’t have to be costly but will ensure that your customer continues to see the value in you and your company, meaning you’ll increase their loyalty as well as the chance of them referring you to a friend.
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