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How to Stop Losing Customers To The Competition

The best way to stop your customers from going with the competition is to prevent it.

Because by the time you realize you’ve lost a customer, it’s already too late to do something and frankly there is only little you can do.

Whether you just realized you lost a customer or you’ve been losing customers for a while now, there are a few steps you could take to prevent losing more customers in the future.

We will be discussing four (4) of such steps in this article, so, keep reading!

1. Make Your Customers Feel Valued

The truth is that, like in every relationship, it is easy to take customers for granted over time.

Many businesses small and big spend tons of money to attract customers, but immediately they do, they start to value customers less and less.

They ignore customer complaints, fail to keep their promise and focus more on attracting new customers.

Customers notice these and start looking for alternatives.

And of course, your competitors are always willing to offer something more to win them offer.

Dear small business owner, no customer is a permanent customer, you have to be intentional about making them feel valued, draft a retention program, make sure your customers are taken care of, listen and address their frustrations on time.

It is hard work, but it’s well worth the effort.

2. Get Feedback From The Customers You Lost

One way to prevent losing more of your customers to the competition is to get insight into why you’re losing customers in the first place.

And the best source for such is insight is the customers you’ve lost.

Simply contact them and ask them what made them leave your business and what specific factors made them choose your competitor.

Try to listen attentively to what they have to say, you could also ask them what they think you could do better.

The more specific they are the better so, ask them open questions and probe for clarification when you need it.

Of course, the most important task here is to evaluate their feedback and take action to improve, whether necessary.

3. Know Your Competition

You cannot succeed in preventing your customers from going with the competition if you don’t know who your competition is.

And I am not talking about just knowing their names, I mean analysing their businesses and determining what makes them tick and what value they’re offering that is attracting your customers to them.

We shared an article last week about how to analyse your competition, you should take a look to learn more.

4. Strengthen Your Unique Value Proposition

One reason customers stop patronizing many small businesses is that they lose sight of the value they’re offering.

The unique value proposition of a business might vary from lower costs to convenience.

Whatever it is for your business, it is the key factor that attracted customers to you.

And without it, customers would see no reason to keep patronizing you.

That is why small businesses must never lose focus on the unique value to customers, they must make considerable efforts to emphasize their advantage over the competition and make sure they maintain and improve on it.

What are you doing to keep stop your competitors from stealing your customers? Take action today.

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