Do you have a plan in place for turning one-time customers into loyal clients? Do you know which steps to take if your customers continually leave your company for the competition?
Let’s face it: you can’t turn every customer into a lifelong client. Even so, you don’t want a large number of customers leaving your company in favor of a competitor.
Here are three reasons why this happens, as well as some advice for “plugging the churn.”
1. A Heavy Focus on Price
There is no denying the fact that offering the lowest prices in your space will provide a competitive advantage. Here’s the problem with this approach: someone will eventually undercut your prices.
The best way to protect against this is to offer more than low prices. Focus on:
- Providing the best value in your industry
- A dedication to quality
- Top notch customer service
Yes, competitive pricing is important, but it’s not the end all.
2. High Employee Turnover
Regardless of your business, it’s essential to keep key employees in place for as long as possible.
Even if your company offers a unique product or service at a low price, customers are more likely to jump ship when a key contact leaves the company.
You should do whatever it takes to keep your team in place. From competitive wages and benefits to a flexible work schedule, there are steps you can take to keep your employees engaged and excited about the future.
3. Slipping Behind the Times
Are you spending the appropriate amount of time, money, and resources on your company’s technology and online presence?
If you continue to fall behind in this area, don’t be surprised if some of your customers leave for a competitor.
Protecting against this means staying current with the latest technology and online trends. Here are some examples:
- Create a mobile friendly website
- Implement a marketing strategy that includes email, text, and social media
- Invest in new technology to grow your business
These may not be the only reasons why your customers are leaving, but it’s a good place to start if you’re facing this problem.
By plugging the churn, your customer base will grow alongside your revenue!