To understand this we also need to understand why they stop buying!
One of the important lessons we have learned from past periods of political uncertainty is that we must continue to market and sell regardless of what is happening around us.
Those that market; gain and retain customers.
I recently heard someone say, “to stop spending on marketing to save money is as ridiculous as stopping your watch to save time!”
Successful companies win during the periods of uncertainty and perhaps more importantly, they win even more when things have settled down.
With this in mind, I thought I would share the results of a definitive marketing survey completed in 1997 and again in 2011 and again in 2016.
It ranks the reasons people buy from the people they buy from. This gives us an important insight into how to gain and retain customers.
In reverse order, the top five reasons were as follows:
During uncertain times, contrary to what some might say, price is even less important. Customers do become much more value focussed though. If your customers are arguing the price either they either can not afford you (so stop selling) or they do
not see the value in what you are proposing.
4. Range or Selection:
Having an enormous range is not the point here. Make sure you understand your customers well enough to offer them the choice they want.
3. Product / service quality
The features of the product or service are important to your clients. They want to know how it will deliver the benefits highlighted in your marketing campaigns. Make sure you are good at what you do.
2. Customer service
Specifically, this means doing what is required to make sure your product or service does what it says on the tin. Sometimes we fall short and this is the time to go the extra mile.
Here we are – the biggest reason people buy from us is because they have confidence in us to meet their need better than our competitors. You need to maintain this confidence with regular contact so your customers remember that you care. Our own research has shown that 68% of customers who leave, do so because of perceived indifference. If you care about your customers; make sure you show it.
Has this article got you thinking about your business and how you want to grab the reins and drive it forward but you struggle to find the time or feel that you lack the skills or knowledge to do so?
Are you looking at your screen wondering how or if Good2Great could possibly help you to build a better future for you and your company?
If so, why not check out free ways to learn more either at a seminar or in a free one-to-one business health check.
OR – perhaps you’re still at the start of your business journey – check out the Business Start Up Bootcamps