Top 5 Reasons You Lose Sales

Being in sales requires you to stay on top of your game at all times, this includes figuring out why you’re losing sales to competitors and other businesses. You need to understand several factors of the decision making process in order to keep your customers happy. The Small Business Administration (SBA) held a study where it looked at all types of businesses and determined there are six major reasons why you lose sales or customers:

1. Perception: Clients and customers have feelings, and sometimes those feelings can be misguided when they perceive you don’t care about them or their business. You need to let your customer know how important the are to you and your business, because what binds relationship buyers to your company is the totality of the relationship which includes recognition, service, information, helpfulness, and overall friendly employees. Your clients buy relationships and are the number one priority to your business succeeding.
2. Dissatisfaction: Whether you are selling a product or service, there will always be dissatisfied clients. The key to combating this issue is to provide the customer or client with quality, brand identity, and a product or service that meets their needs and beyond. Offering something good enough to be confident about it.
3. Price: Incorrect product/service pricing will drive sales downward, whether that means your product is too expensive or too cheap in comparison to your competitor’s prices for the same offering. Pricing something too expensive will guarantee customers to go to your competitors, pricing something too cheaply will make customers think your product is of bad quality. If a client knows and believes in the advantages, they will be willing to pay more for your product or service.
4. Recommendations: Friends and family have a big impact in your client’s purchasing decisions, never underestimate their power. Customers tend to agree and trust someone whom they have a personal relationship with rather than an intrusive TV ad. The best way to battle this issue is to have a personal relationship with your client, or find things in common with them in order to close this gap.
5. Moving: Relocation is another factor you cannot control, your customer might unexpectedly move to another city or state and no longer require your product or service. Business to business clients can stop carrying a line of product and no longer require your type of shelving to hang that product, thus moving buyer categories.

There are other relevant reasons why your customers or clients will stop paying you. Finding these reasons to your specific situation is imperative to enforce customer retention. Marketing is expensive, losing clients can be costlier if you ignore it. Apply the knowledge shown here to find unique reasons why your customers leave.