by
Don Kyle
Have you ever asked yourself, “Where have my customers gone?” You certainly are not alone if you have. Today, I will discuss some of the most common
reasons and provide suggestions on how to tackle this problem.
Competitors– A formidable new
competitor has come into your market. Your
loss of customers may just be temporary as your market checks out the new
entrant. Assuming that you have provided
quality products/services to your customers, they probably will return once the
newness of the competitor wears off. If
you have taken your market for granted in the past, this may be your
demise. So be sure to perform a thorough
review of your business and make all necessary improvements while you can.
New Products or
Services
– This goes back to the days when the buggy whip industry disappeared with the
advent of the automobile. Has this
happened to your product or service? Has
something better and/or cheaper come along?
If you have not been keeping up with current trends, and then adapting
and making changes to your business model, you may just go out of
business. You must be ever-vigilant and
anticipate short and long term changes that will affect your business.
Poor Customer
Satisfaction
– Have you been hearing more and more rumors or complaints about your business while
the number of satisfied customers (and their testimonials) has decreased
dramatically? This is a good sign that
either you have been taking your customers for granted or your staff has been
providing poor customer service. This
situation will definitely open opportunities for new competitors to enter your
market, perhaps even by some of your own staff.
This situation can be identified and probably avoided by conducting ongoing
customer satisfaction surveys; asking for feedback on internet rating sites,
such as Kudzu and Yelp!; and most importantly taking corrective action as soon
as negative issues are identified.
Bad Economy – Unfortunately,
there is very little you can do in certain industries during poor economic
times. For example, if you offer high
end items, such as luxury cars or yachts, expensive jewelry, or high-priced
dining, your demand may be very low during these times. To address this problem, you may want to
consider expanded offerings, special pricing or alternative financing for your
customers.
Business
is dynamic and ever-changing, so constantly look for ways to improve your business.
If you do nothing, you are destined to fail and be replaced by others who adapt.
Don Kyle works with business owners who want more
customers and higher profits. He offers a free consultation to business owners
who are serious about improving their bottom line and quality of life.
(404) 580-6331, dkyle@smallbizzmbz.com
