In sales, nobody likes to lose. But before blaming the competition for a lost client or sale—think about whether they truly have a better service, pricing or advertising. In fact, a study by the Rockefeller Institute revealed that in the vast majority of cases, it’s not our competition getting the best of us—it’s us. The primary reasons customers stop doing business with companies are as follows:
- 68% – Didn’t care enough about their needs
- 14% – Dissatisfied with performance
- 9% – Attracted by competition
- 5% – No longer needed the service
- 3% – Moved
- 1% – Passed away
Further research by the American Management Association revealed that 90 percent of clients never give direct reasons why they leave. They instead tell up to 10 other people about their dissatisfaction, while satisfied clients tell only five.
Show clients just how much you care about their needs: Ask, “How are we doing?” before, during, and after the sale. Be available, and ensure that both you and your team take service, courtesy and conscientiousness beyond the call of duty. Show them you care about them personally, not just for their business. Finally, don’t forget to say thank you. Take the advice above and you’re positioned to get to keep your customers for life!
Please feel free to contact me with any questions -Randy