3 Reasons Your Business is Losing Customers
Is your business losing customers?
This article can be your guide to figure out what you are doing wrong and how to fix it.
Why businesses lose customers
Businesses in the past were more focused on product manufacturing than marketing. Because customers cared more about what value a product has and less about how it is being promoted. But now they expect a great experience next to a great product.
If you are losing customers – despite developing excellent products – it only means you are failing to excite customers.
Are you sure you aren’t making any or all of the following mistakes?
No product/service roadmap
People today are living contradictions. On one hand they love surprises, on the other hand, they don’t want to wait for it. They can’t because they have an attention span that’s shorter than a goldfish.
These people are your customers. The last thing you want is to keep them guessing how your product can make their lives easier. Don’t make them wait, show them a comprehensive roadmap well in advance, long before they enter the sales funnel.
A typical sales funnel begins when customers are on blogs/vlogs/eBook/case study/whitepaper, social media or search engine. This is when you should articulate how your product can be of value for them.
Internal product roadmaps are for developmental purposes – way different from the ones customers need to see. Strategic roadmaps are a cross between the two. Strategic roadmaps detail an organization’s future goals and describes the current strategies it is adopting to achieve these goals.
In order to retain customers and stop them from switching loyalty, you need product/service roadmap. Not having one or not integrating one in your marketing plan means losing customers.
Targeting wrong people
I know, I know. There’s no way you could target wrong people, because you have subscribed to ABC software’s pro plan and it only targets people who are likely to buy from you, right?
Here’s the catch. They might buy from you once but there’s no guarantee they’ll buy again. Worse, if they somehow get pissed – either by the product or by the experience – they’ll badmouth your brand on social media and consumer review sites, putting all your efforts to improve your brand persona into a complete disarray.
When targeting the right people – people who’d be loyal to your brand – rely less on analytics and more on your sales rep’s insights. Traditional warm calls are still better indicators of long-term interest than customer analytics because talking to someone over phone means listening to their voice, assessing whether the changes in their tones indicate excitement or disapproval.
Experienced sales reps can intuitively tell the difference between one time buyers and long time buyers. Use their intuition to target the right people – who you could convert to repeat customers. I am not saying don’t use software, big data is critical to outreach, but bear in mind sales reps can recognize gallant signs of customer loyalty.
Not pampering disgruntled customers
Pissed customers trash talking the product/service/customer experience can have serious consequences for your brand. Understand that it takes twelves positive reviews to nullify the effect of one, just one negative review. Also understand that more than 80% consumers read reviews online before making purchase decisions – even when they are super impressed by the product.
Disgruntled customers are your worst nightmare. Engage customer service executives to identify them and soothe their anger and frustration. But remember that while pacifying them is good for your business, it can be a double-edged sword if you are not tactical in your approach.
Follow the steps below to make sure you are not mollycoddling them but instead telling them reasonably why they should come back to you:
- Address their concerns. What exactly has turned them off? Find out.
- Apologize to them for the inconvenience/s. State that it was unintentional.
- Compensate them with giveaway goodies and rewards. It’s marketing in disguise. In-store online reward cards ensure repeat purchases. If the balance of a reward card, handed to a dissatisfied customer, is redeemable on multiple purchases, expect them to become loyal to your brand.
The biggest challenge of handling grumpy customers arises from negative reviews that are fake. Yes, it’s a thing. Doesn’t matter whether it’s a ploy hatched by your competitor to malign your brand image or some lazy scumbag’s warped idea of fun, because in the end you are the one who is going to have to pay for it.
Use ORM tools to locate these reviews. Contact site admins where they are featured to remove them. If you cannot have them removed, address the reviewers to describe their experiences. If they respond, tell them you can work everything out, if they don’t respond, go to social media and inform brand-loyal customers over there that spams are masquerading as genuine reviews and they should take these reviews with a bag of salt.
Retaining customers is tough, even for top-tier companies. The least you could do is stop making mistakes which would inevitably result in losing customers. The discussion above can help you identify and avoid such mistakes.