Over 20 percent of companies fail before their first year in business. However, the survival degrees beyond five years hover around 50 percent. You need a consistent growing customer base to see long-term success. BizLender has compiled a list examples of why your customers may not be returning to your business.
You might think that pricing obstacles are your most significant hurdle to developing your customer acquisition and preservation. Nonetheless, the overall customer experience is a vital factor that you need to focus on. Many customers value the quality of their experience over cost, and many are willing to pay more for a service or product if the experience is satisfying.
Giving your clients, a good experience inspires commitment to your business and products. Customer retention is the key to growing your business since you spend less selling to returning customers than marketing to new ones.
Not Paying Attention to Social
Your consumers have many ways to express their thoughts and feeling about your product and company, particularly on social media platforms. Understandably you will not be able to please everyone, but, paying close attention to how your clients are responding and looking for similar complaints about your product or company. These are areas where you may need to make revisions to increase your customer satisfaction.
Being responsive to social media posts and reaching out directly to clients with issues if possible, will help maintain current customers. Being proactive and reaching out to customers first, preferably before they call for customer support, makes your company stand out. There are numerous platforms and tools you can use to keep an eye on your brand mentions. These programs scan networks for your brand mentioned on the social networks. Make sure your customers know what your different social network profiles are, so, they can reach you on the platform they use.
Review comparable businesses in your regional area and industry and figure out if you are competitively positioned for the market and area. Even though for many customers the experience is more valuable than the cost you cannot be foolishly overpriced.
How are you separating your business from your competition? You must define your unique selling proposition if your business does not stand out from other companies in your market, clients may not have a reason to choose you over your competition.
Absence of Marketing
Even the most valuable businesses would have failed without marketing. Customers these days have more distractions than ever before with cell phones, computers, tablets, and apps with countless companies vying for their attention.
Are you employing multiple ways to relate to your audience? Establishing your business on social media, blogs, and community sponsorship increases your exposure builds trust and brand awareness.
Money, Money, Money
At the end of the day sometimes having the right amount of capital at the right time is all that is needed. Lacking the working capital and cash flow required to run an promote your business could place a burden on your marketing efforts and can hurt customer acquisition. Preventing you from running effective marketing campaigns, stocking up on inventory or hiring the staff needed to provide excellent customer service.
Running a business is challenging, and continuing to grow can be even harder. Bizlender can help your company secure the needed capital to maintain and grow your business.
Put your company in place to develop for the long term by reflecting how you can make corrections to avoid these customer hindrances.
Researching alternative lending options? Check out BizLender online or call 855-433-8641. Offering lending solutions since 2013, their professionals emphasized working smarter, not harder, using technology to fund small businesses in as little as 24 hours.