Logo Andy Sokol
Why Businesses Fail

In this competitive and changing economy, it seems that doing a great job for your customer isn’t always enough. The expectation that people have is expanding. People want more for less, and anything less than having a “wow” effect becomes a forgettable experience in their mind.

 

No matter how hard you try to give them your best quality, your best service, your best price, it’s too easy for your customers to examine their options. It may not be your fault that they try a competitor because your competitor is raising their game to get your client’s attention.

 

Sometimes your clients will comparison shop, and sometimes they don’t come back. Your competitors will constantly be luring your clients away, always. Remember, they believe their revenue is dependent on getting new customers. They want to steal your clients away and will seduce them any way they can.

 

Those new customers that your competitor wants and is trying to get may very well be your current customers and your current clients. They will use special promotions and coupons to give a better deal based on price, quality or service. Your customer may be tempted to take that “better deal” and leave you for a seemingly improved situation.

 

A negative experience can now be communicated on blogs and social networking sites which can be damaging and spread faster than ever. Then there’s lost referrals. As soon as a client goes to a competitor, it’s nearly impossible to win them back. Even worse, they take all of their future referrals with them to the competition.

 

There’s a huge long-term impact to your business because it will take much-needed dollars to replace those lost clients just to get back to even par. It’s also important not to forget about the toll that losing customers take on your employees and their families, which is caused by layoffs due to lost revenues.

 

Think about that. What are you doing to stay in front of your clients in between sales? Could you be doing a better job?