So you’re running your business and you notice that as of recently your not pulling in as much customers or making as much revenue as you did before. You may have also noticed that your competitors on the other hand are pulling in more customers than you have and that it’s been going on for awhile. As a business owner you know that if you’re competition is all of a sudden doing better than you than you know they’re doing something different that’s helping them get the upper hand. To find out what this is though you must examine which key things is your business falling back on that’s allowing your competitors to do better so that you can keep your business’s most important target market which is your long-term customers.
Knowing your customers: Successful businesses know a lot about their customers. Your business shouldn’t be any different and if you want to pull in more people to your business you must be able know what your customer’s needs are, what they like, how you could be of some assistance and other things. You must know what customers don’t like too because sometimes customers can feel pestered when pushy sales people try to give them something they don’t want leaving them feeling bitter which brings us to our next point.
Treating your customers: Customers expect to be treated with respect just as much as your employees but how you treat your customers different from other customers can be a reason why some of your old ones leave. It’s understandable for a business owner to want to try and attract a new market by offering incentives such as discounts and free offers to try and get new customers but this can make your existing customers feel unappreciated and considering the fact that your existing customers are your most loyal and therefore most valuable ones losing them would be detrimental to your business. If you show just how grateful they are to your existing customers by offering similar rewards you may see them coming to your business more often.
Knowing your competition: Businesses are always studying their rivals and their target market so that they can come up with ways to outperform one another. What they find that works for you they take it and use it for their business something that can be seen in real life. This works both ways though so if you want to see how your competitor’s business is doing better all you have to do is do research on them and examine their business structure and see how they got their customers.
Being too focused on pricing: Many people would think pricing is an advantage that’s going to give them the edge but if your competition does the same thing then what can you offer your customers that your competition doesn’t already offer? Answers is value and it is something that you can maintain through a combination of price scheduling and other factors. When your business focuses too much on being more affordable than the competition than your customers will have the mind set of looking for which business offers the most for less so you would like to find ways to increase the value of the goods and services you’re offering so that you have a better chance with your competitors.
Making the right changes : Everything changes every now and then and your business is the same but if it stays the same then maybe you’re losing customers because your business is stuck on doing the same thing over and over. For your stores physical location keeping up with appearances may look appealing to people passing by so a dilapidated establishment with walls falling a part and paint wearing out may ward off passers by. Your websites must also be kept up in appearances too because a clean looking website with easy to use features and navigation helps your customers know your business better while a simple website with the most basic appearance or with too much colors may look too vague or amateurish. You also don’t want to add mountains of paragraphs about your business so keeping everything short but to the point helps your customers know more about your business better.
Employee turnover: Like said earlier some customers may leave because they may not have been treated right but high employee turnover means that you have a serious problem with your business. If your employees leave because they may not feel like they’re being treated well means that you have to find ways to fix it. If you can’t have long term employees then having long term customers always be out of reach for you.
Use these tips as a way to get your business on track and know that you could always find other ways to attract people to your business and is not just limited to what’s above. Research what’s going on in the market and get to know your customers so that you’ll stay a step ahead of the competition every now and then. If you need a little boost, don’t hesitate to give us a call at Smart Business Funding. We specialize in helping businesses get the funding and expertise they need to succeed!