7 Reasons Your Business Is Losing out to Your Competitors

Running a business means experiencing a lot of ups and downs, whether it’s a small, medium, or massive enterprise. As a business owner, you know that this is simply the nature of the industry.

But if you notice that you’re on an extended downward slump with a churn rate that’s steadily increasing, it may be time to reassess. Why are customers leaving? What are your strengths and weaknesses? And more importantly, how can your business turn things around? The sooner you answer these questions, the sooner you can get your business and profits back on track.

Here are seven possible reasons why you’re losing business to competitors—and how you can win them back. (Hint: the all-in-one customer relationship management or CRM, sales, and marketing platform Keap can help.)

Poor Customer Service

Friendly, informative, and high-quality customer service is crucial in the success of a business, especially among small businesses. In fact, research from New Voice Media revealed that if consumers are faced with poor customer service, 39% would never use the offending company again, while 37% would change suppliers.

Additionally, inadequate customer service may damage your business’ reputation, costing you not just one but countless potential clients.

Dedicated to simplifying growth for millions of small businesses worldwide, Keap makes it easy for companies to provide good service to all existing and prospective clients. All three software products by the company—Keap Grow, Keap Pro, and Infusionsoft by Keap—offer an exceptional client management system that handles all your clients’ information, activities, and communications in a single platform.

The platform alerts you whenever potential or existing clients text, call, or email so that you can respond quickly. Furthermore, certain tasks can be automated to save time and energy, like welcome and introductory emails to new leads; even more sophisticated automation is available with Keap Pro and Infusionsoft.

Neglected Customer Engagement

Apart from providing good basic customer service, it’s also important to nurture relationships with existing customers. It may be easy to focus on drawing in new faces, but don’t do this at the expense of the clients you already have.

Remember, continued engagement is a major part of customer retention. Keep your products and services fresh in the customers’ minds with email blasts, social media posts, and follow-up messages every once in a while. With every new product or service, give previous customers who are on your database an update. To make regular clients feel more appreciated, send a card or greeting on the week of their birthday!

One of the best features of Keap is the Campaign Builder, which is basically a drag-and-drop workflow that lets you design a marketing or sales process. For each campaign, you can automate a marketing response for certain triggers or client actions. For instance, if a prospective client signs up for the online newsletter, you can generate an automatic email response, then a follow-up email a few days later.

Low Online Reputation

One of the things that can affect the number of customers of your business is poor online reputation. Research has shown that as much as 88% of consumers read online reviews to determine the quality of a local business. This means that a good chunk of people is judging your product or service on your client’s word alone.

After closing a lead, another automated task you can set up is to ask customers to leave a review and share their experience with your business. If they do, remember to thank them for taking the time and effort to leave you a few words online.

Inadequate Marketing Efforts

Newsweek AMPLIFY 7 Reasons Business Losing Out

Here’s the thing: even if you are offering a high-quality product or service, it’s not enough to simply make it available online and wait for clients to click “Buy.” With a wide range of brands competing for their attention, consumers tend to forget very quickly—which means you must constantly remind your target audience of your value and why they need you.

Make sure that your best and most unique selling point is featured prominently in ads and other marketing materials, including the landing page of every offer.

It can be challenging to create landing pages that aren’t just aesthetically pleasing, but also effective in converting leads. Fortunately, the Landing Pages feature of Keap gives you a range of gorgeous templates that highlight key information that will help generate the most conversions.

Inconvenient Sales Process

If it’s too much work to buy your product or service, a lot of potential customers will simply leave. So, make it as easy for them as possible to spend their money on what you’re offering. The sales process should be fast, smooth, and streamlined—give them very few opportunities to change their minds!

Try going through your own sales process to see if there are hiccups causing customers to bail. How many steps does it take from start to finish? Are the pages loading quickly? Is there a wide variety of payment options available?

Invoices and payments can be integrated to Keap, making it simple (and automated) to give quotes, send invoices, and get paid—all within the platform!

Be Reliable

When it comes down to it, consistency is key to client retention. If people like your product and they know they can get the same quality from your brand each time they order, clients are more likely to keep coming back. When there are changes that need to be implemented, remember to inform your customers and explain the reason behind the switch.

It’s also important to deliver on promises, whether it involves nationwide delivery, 24/7 customer service, or even a return policy. Don’t commit something that you cannot provide, as it may set up the client for disappointment and a negative experience.

Lack of Innovation

Keep in mind that a customer’s needs are constantly evolving—and if you don’t evolve along with them, expect them to look elsewhere. Be aware of current events and trends in your industry to get an idea of what’s happening and what your target audience wants.

Boost client management, sales, and marketing in a single software solution: Keap. The all-in-one platform is committed to helping small service businesses stay organized with features for client management, email marketing, marketing automation, CRM, invoicing, and more.

Get all of these benefits and more by opting for Keap Grow, Keap Pro, or Infusionsoft for your business.

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