There are several common mistakes which almost all businesses (no
matter the size) make that cause clients to leave and move to the
competition. It is said that you should have a reserve fund to pay all
business expenses and costs for two years after opening it in order to
ensure company sustainability.
It might seem out of reach for you, especially if you're still in the growth stage of your business, but the truth is that it takes at least ten years for a company to become established; therefore it is vital that owner(s) take time, have unwavering perseverance and educate themselves as much as possible.
1. Keep an Eye on Both, Clients and Competitors
As a business owner you must pay attention to what their competition offers and how satisfied customers are. Assuming that your business has no competition or that your business will remain superior to the competition is a fatal mistake. Customers almost always have the option to do business somewhere else. Ensure that your company offers products and/or services of greater value than the competitors. Determine what your business provides that is superior to any other product and/or service and capitalize on this.
It is simple and quick to advertise your products and/or services in today's world. It is important to realize that it is just as easy for the competition to do the same. It is also simple for your clients to tell the world about their disappointment with your company in mere seconds. Determine what your company offers and how the consumer may benefit from this, then tell the world, through advertisements, especially on social media platforms.
2. Deliver on Your Promise
Another fatal error that most businesses make is to promise something that they cannot deliver. One simple, but excellent piece of advice is always under promise and over deliver when advertising. Make sure you detail your company's products and/or services in a clear and precise manner. You must not only exceed the clients' expectations, but consistently continue to do so. A business that clearly states what they intend to deliver and consistently does so will definitely keep more clients. Inconsistency can be the downfall of any company no matter how experienced the owners are.
3. Build a Strong Team
Weak team leadership can be the fall of a potentially winning team and the entire company. Anything that is worth creating must be constantly nurtured and must have a strong foundation. The foundation of a business team is you and/or the team lead. Any company's team must have strong leadership that constantly instructs, drives, and encourages them. The team must clearly understand what is expected of it and what goals it is striving to achieve during any given workday. Those companies that build strong, motivated, high performing teams are able to keep more clients.
4. Don't Underestimate the Power of Social Media
It is important that businesses keep up with customers' needs, desires, and degree of satisfaction. This is more easily done, in less time, than ever before due to the explosion of the World Wide Web. The internet and social media enable businesses to keep up to date with customer reviews, feedback, and opinions. Failing to understand the power of social media is a big mistake that causes businesses to lose clients as well as prevents them from getting more referrals. Most all businesses want to know how to get more referrals and keep them. Clearly detailing what your business will provide, consistently delivering on those promises, and knowing what consumers expect will result in numerous satisfied customer referrals.
It might seem out of reach for you, especially if you're still in the growth stage of your business, but the truth is that it takes at least ten years for a company to become established; therefore it is vital that owner(s) take time, have unwavering perseverance and educate themselves as much as possible.
1. Keep an Eye on Both, Clients and Competitors
As a business owner you must pay attention to what their competition offers and how satisfied customers are. Assuming that your business has no competition or that your business will remain superior to the competition is a fatal mistake. Customers almost always have the option to do business somewhere else. Ensure that your company offers products and/or services of greater value than the competitors. Determine what your business provides that is superior to any other product and/or service and capitalize on this.
It is simple and quick to advertise your products and/or services in today's world. It is important to realize that it is just as easy for the competition to do the same. It is also simple for your clients to tell the world about their disappointment with your company in mere seconds. Determine what your company offers and how the consumer may benefit from this, then tell the world, through advertisements, especially on social media platforms.
2. Deliver on Your Promise
Another fatal error that most businesses make is to promise something that they cannot deliver. One simple, but excellent piece of advice is always under promise and over deliver when advertising. Make sure you detail your company's products and/or services in a clear and precise manner. You must not only exceed the clients' expectations, but consistently continue to do so. A business that clearly states what they intend to deliver and consistently does so will definitely keep more clients. Inconsistency can be the downfall of any company no matter how experienced the owners are.
3. Build a Strong Team
Weak team leadership can be the fall of a potentially winning team and the entire company. Anything that is worth creating must be constantly nurtured and must have a strong foundation. The foundation of a business team is you and/or the team lead. Any company's team must have strong leadership that constantly instructs, drives, and encourages them. The team must clearly understand what is expected of it and what goals it is striving to achieve during any given workday. Those companies that build strong, motivated, high performing teams are able to keep more clients.
4. Don't Underestimate the Power of Social Media
It is important that businesses keep up with customers' needs, desires, and degree of satisfaction. This is more easily done, in less time, than ever before due to the explosion of the World Wide Web. The internet and social media enable businesses to keep up to date with customer reviews, feedback, and opinions. Failing to understand the power of social media is a big mistake that causes businesses to lose clients as well as prevents them from getting more referrals. Most all businesses want to know how to get more referrals and keep them. Clearly detailing what your business will provide, consistently delivering on those promises, and knowing what consumers expect will result in numerous satisfied customer referrals.
Silvia Pencak, also known as Magnetic Silvia around social media,
is the Brand Strategist specializing on small to medium business online
branding.
There are many misconceptions around branding, especially among small businesses and Silvia is passionate about breaking these myths and inspiring entrepreneurs at all stages of development to move beyond what's known and possible.
Just as branding goes beyond visible and helps companies touch their clients' hearts and turn them into fans and customers for life, Silvia takes your business from where it is today to where it can be.
There are many misconceptions around branding, especially among small businesses and Silvia is passionate about breaking these myths and inspiring entrepreneurs at all stages of development to move beyond what's known and possible.
Just as branding goes beyond visible and helps companies touch their clients' hearts and turn them into fans and customers for life, Silvia takes your business from where it is today to where it can be.
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