If you’ve ever started a business and failed, you might feel terrible about the loss of time, effort. Educate your customer support and sales staffers so that they can speak fluently about the value included in your pricing. A win/loss analysis by lost reasons can also be an eye-opener into your sales process or the performances of your sales reps. Image credit: A Increase font size. Inconsistent branding, including using your company's name or logo differently on your own site and on social networks, plus inconsistent quality or service, all have the potential to drive customers away. Explore our giveaways, bundles, "Pay What You Want" deals & more. Business losses send business owners into overdrive, rushing to fix what appears to be an error on the books. 5 Common Reasons For Business Failure . A profit typically means your business is financially well off. All it takes is one bad experience and you may lose that customer to a competitor instantly. Things that are consistent can be relied upon. Guidelines and policies can be helpful to maintain consistent service levels and standardize problem resolution, but you should also make sure your staff feels empowered to make judgment calls when resolving customer issues. © 2020 The Hartford. Notify me of follow-up comments by email. Your customers will appreciate that more than having to escalate problems to management. By learning from our past mistakes, we will be much more likely to avoid them in the future. In business, and in life, consistency breeds trust. After all, your opportunities seem to be generally pleased with what your product is offering – they simply can’t afford it. Your email address will not be published. Unfortunately, the typical American business loses 10-25% of its customers every year. This includes the technical infrastructure as well as the autonomy to make choices that will benefit your business and support your customers. Related: 6 Ways to Build Customer Loyalty. Required fields are marked * Please do not include personal policy information; if you have questions or concerns regarding your policy with The Hartford, please log into your account or you can speak directly to a Customer Service Representative. The reason that effective analytical sales managers should conduct a win/loss analysis by looking at lost reasons is to get actionable insights to better guide the sales team going forward. They will continue to buy from your small business and, better yet, they may refer their friends and colleagues. Yet any traveler is going to see many, many women at the airport wearing leggings. And, things that can be relied upon don't need to be worried about. To a customer, your support team is your business. So, work with a talented product designer. Show how your product benefits the customer and allow them to decide if it's the right fit for them. This is the crux of any win/loss analysis, but asking why is even more critical when conducting a win/loss analysis by lost reasons. Deliver an experience customers can rely on. It’s all about consistency, reliability, and responsiveness with every customer interaction. Small Biz Ahead is a small business information blog site from The Hartford. Give customers incentives to keep choosing your business over the competition. What internal issues are preventing your reps from supporting customers quickly and effectively? Copyright © 2020 Entrepreneur Media, Inc. All rights reserved. Your use of information and access to such non-Hartford sites is at your own risk. It's time that you take a close look at why your business is losing customers -- and, what you can do to fix it. Hold your employees accountable for delivering a consistently positive customer experience. [Here briefly focus on Sample Letter for Office Closing Reason for Business Loss. Clearly articulate your unique value proposition on all platforms. These leading companies have also proven that putting customer service at the heart of your business model will lead to a more successful business and higher customer retention. Instead, focus on establishing trust with your prospective customers. Some factors, such as the economic climate, are out of a small business owner’s control. When your potential customers tell you it is about the money, wrote Wendling, that is actually customer code for “show me the value.”. Download your free copy of How to Keep Customers Coming Back for More – Customer Retention Strategies. Employ value-based selling techniques. If you're trying to sell with every single customer interaction, you're doing it wrong. Neither references to third parties, nor the provision of any link imply an endorsement or association between The Hartford and the third party or non-Hartford site, respectively. Analytical sales managers and Sales VPs have one thing in common: instead of accepting things at face value, they like to ask why. Not sure where to start? Find opportunities to use technology to improve your products or services. For instance, what if more than half of your lost opportunities cite price as their primary lost reason? Ever think about why people keep buying iPhones, even though they're so darned pricey? Some factors, such as the economic climate, are out of a small business owner’s control. So, stop leaking customers. Create a branding guide to establish uniform branding guidelines and share it with your team. Educate all of your employees about what a good customer experience should look like. Support your customer support team. Technology is a critical ingredient in the brand loyalty equation. Have honest interactions and provide value through useful content and entertaining social media engagement. Why are you talking to me at all?”. The success of your business depends is at stake. Customers derive value not just from a price tag, but also from a variety of factors such as service, consistency, schedule and opening hours, accessibility, and quality. Rank your lost reasons in descending order from the ones that crop up the most frequently. Create strong customer interaction policies. If you can’t keep your staff employed for the long term, don’t expect to keep your customers either. Build with quality materials. We get it. Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. You can also follow these sample letter of notification of office closing due to business losses to company employees, clients, customers, and govt authorities. If customers don’t feel they’re getting the best value by continuing to do business with you, they may move on to a competitor’s offer, which leads to you losing customers. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else. And, after the proper last-ditch efforts have been made to change the potential customer’s mind, the best thing to do is figure out why the deal was lost. Poor or old technology can lead to you losing customers, and good technology can help you keep them. Nothing may lead to losing customers or decrease customer loyalty faster than a slow checkout process or lack of convenient payment options – both online and off. Of course, a friendly smile and positive attitude are also integral to good customer service, so train your staff well. and money. Make sure your websites are easy to navigate across different devices, especially mobile. Feature your unique value proposition on the landing page for every offer. Understanding how to incentivize sales staff can help motivate your sales team by offering sales incentives, keeping them engaged, and ensuring they’re properly equipped to take care of customers. Learn to continually make customers feel appreciated in small ways such as featuring them in newsletters and sending birthday cards and holiday greetings, as well as by asking for feedback and involving them in the development of new products or services. We’ll have to go to your more reasonably priced competitors.”, Competition – “I like your product, but I think your competitor’s version offers more for us.”, Feature – “Your product is mostly great, but there are a couple of features we really need from this that you don’t offer.”, Poor qualification – “Your product and company sound great…but I’m not remotely interested. By signing up for the weekly Small Biz Ahead Newsletter, you’ll receive hand-picked articles, How-Tos, and videos covering the latest in small biz tools and trends. This starts with you and your employees. Sales expert and emotional intelligence coach Liz Wendling pointed out on her blog that customers don't necessarily choose only “the lowest price or the cheapest in town.” Customer preferences, she said, have nothing to do with price and everything to do with the value you are conveying. Check out How to Keep Customers Coming Back for More – Customer Retention Strategies. Every interaction a customer has with your business should make them want to choose you again.


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