1. Not Knowing Your Competition – Before you know your competitive edge, you must know your competitor. It’s imperative for businesses to complete an analysis in the beginning stages and continue on with the process as the company grows. Pay attention to what competitors are doing, check for press coverage and make sure to benefit from your research by taking your competitors’ weaknesses and turning them into potential strengths for your business. Make sure to differentiate your company from the others and focus your business strategy – try reaching a potentially niche but profitable sector.
2. Lack of Innovation – There is no question that we live in a world where innovation is key to survival for any business, but you would be surprised how many businesses are still lacking in this area. Customers want an experience that delivers what they need at their own convenience, regardless of device or location. Invest in technology that will enable customers to use their own devices and bring your business directly to the palm of their hands.
3. Not Answering Customer Demand – Customers want what’s easy and not delivering an ease-of-use experience will have them running to your competitors. Remember, they’re just one click away and waiting to scoop up your customers. Make sure to not only satisfy your customers but to pay attention to their individual and industry demands. Not answering these requests or trends will run the risk of a huge blow to the company, as customer centricity is critical to the success of the business.
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4. Neglecting to Invest in Customer Service – One of the most concrete ways to get rid of customers is to not invest in customer service at all. Businesses should aim to make customers feel great so they will come back. As mentioned before, we’re seeing a brand loyalty trend developing and much of that is based on the customer experience. Even peer-to-peer sites like G2 Crowd are popping up and measuring a company’s ability to deliver a quality customer experience. It should be a priority to create “brand evangelists” and resources should be invested to ensure the best customer experience is delivered.
5. Focusing on Price Rather than Partnership – Sure, being the low-cost provider is a competitive advantage but somewhere, someone is planning to steal your customers through even lower prices. Businesses need to provide the best value and maintain this through a combination of price, schedule, service and relationships. Placing all of the focus on money will train customers to constantly check the price tag. It is important to spend the same amount of time on increasing the value and how to be a good parterre with a customer. Rather than just closing the sale and moving on, think longterm.
No business wants to see customers go, so make sure to keep the above in mind to ensure sincere customer satisfaction.
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