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2012-02-23 00:00:00Customer ServiceEnglishHow not To Lose Your Customers to Competition: Be proactive, Satisfy customers, Know your Competition, Showcase your strengths. not To Lose Your Customers to Competition

How not To Lose Your Customers to Competition

2 min read

“Have today, gone tomorrow” – aptly describes the uncertainty associated with customer loyalty…. One of the biggest challenges that businesses face today is getting customers to stay loyal. Remember, your competition has similar products, services, and prices.

What finally gets you, customers is product/service differentiation. It is as simple as that!!! Here are a few tips that will help you in developing a competitive edge.

Be proactive

•Don’t wait for the customers to speak up. Instead, take the initiative and spend some time with them.

•Try to find out how you can improve your products or serve them better by getting them to fill customer satisfaction feedback forms either on your website or when they visit your store.

Satisfy customers

We all know that customer satisfaction leads to customer retention.

•Focus onyour customers’ needs, alleviate their concerns and work on their suggestions.

•Exceed their expectations, give them additional services and win them over.

Know your Competition

•It’s important for the business to do a competitive analysis to gather information about their competitors.

•Finding out the competitor’s strengths, weaknesses, price structure, marketing activities, and supply sources will help in formulating your strategy. •Continue to gather competitive intelligence in order to stay competitive.

Showcase your strengths

Modesty doesn’t work in the business.

•Let your customers know that you are different and better than your competitors.

•If you have better products or you are cost-effective, announce it to your customers.

Be accessible

•Let your customers know that you are available for them when the need arises sometimes even outside the business hours. •Installing a 24-hr online or telephonic help will go a long way in winning your customer’s confidence.

Good Customer Service

Good customer service is the lifeline of any business. It not only helps in retaining customers but in time also brings in new customers.

The following are the aspects of good customer service:

•Invest in Customer Relationship Management (CRM) that will help businesses manage customer relationships in an organized way. It helps in being productive and time-efficient.

•Train your staff to be courteous, helpful and knowledgeable. Give them enough information and power so that they can take customer friendly decisions when required.

•Listen to your customer’s complaints and act on them immediately. Remember, loyal customers, are the backbone of every business. And the key to sustained revenue is to own the asset called ‘customer loyalty’.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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