Five reasons why your customers choose your competitors over you.

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The dream of every business is to create value and from this, make money and even more money. For this to be possible, you need customers.


There is only one boss! The customer.
And he can fire everybody in the company from the chairman on down simply by spending his money elsewhere - Sam Walton

Customer is god! Extreme, you say? Your customers are the reason why you started your business, because you saw that they had a problem and you wanted to fix the problem for them. So, what then happens if they continually choose your competitor over you? What are you doing wrong? What do you need to improve on?

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 Here are five reasons why your customers are choosing your competitor over you.

1. Quality: How good is your product? What is unique about your product that sets you apart from the competition? How valuable and important is your product to the lives of your customers? Quality is not just about how good your product is, if you don't emphasize your unique selling point, you would be easily ignored and forgettable.

2. Branding: Quality is important but branding is importanter. Your company's brand is not what you say it is, it is what your customers say it is, based on how they perceive your company. The reason why I would choose Coca-Cola over another drink is not because the other drink lacks quality, it is because Coca-Cola’s brand has connected so well with me and they constantly reinforce the fact that they are the best option to pick. They brand well!

3. Customer service: How you treat your customers determine whether they stay with you or leave. How do you treat your first time customers? What plans do you have to retain old customers?

4. Availability: If your product leaves the market for too long, you would lose trust. Consumer's emotions are fickle and if they can't get your product after two or three times, they would move on to the next brand and may never come back even when your products become available.

5. Invisibility: Are you visible enough for your customers to see? Where are the touch points you created for your customers to be able to communicate with you? Marketing has gone evolved and digital marketing is the new way to connect and communicate with your customers on different platforms, get new customers and maintain a good solid relationship with older ones.

So, there you go five reasons why your customers are choosing your competitor over you. 

In what area(s) are you lagging behind? Where do you need to start working on? We would like to know your thoughts on this. Write us back, okay



Author:
Tunde Opaleye

Comments

  1. Loveth4.10.19

    Wow this is really eye opening. I'm a business woman and these five points are very important for any business to retain customers. Great job. Will cross my ts and dot my i's as well

    ReplyDelete

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