WHY YOUR CUSTOMERS ARE NOT STAYING

As an entrepreneur, you need to understand how well to hold your customers. Do you want one-off customers(those who will buy once and never return) or a life long customer partnership?

It is pertinent to note that a 5% increase in customer loyalty can lead to 75% increase in sales.
A customer who is satisfied with your service will tell 3 other friends, who after purchasing and enjoying same satisfying services will tell 3 person each.
Do the calculation
With this we continue to have increased turnover( rate at which we sell or our services are been required).

A dissatisfied customer also, will tell 3 people who in turn will tell 3 people to stop purchase or coming to you for services

In other to be factual, let’s take LaCasera for instance, it happens to be a very stern competition with other big brands, it is sweet and refreshing but it started facing a backlash when people started using it to open rotten bolts.
This gave rise to a conspiracy theory about the implication of the gaseous drink (Nafdac will never certify the product of the side effect is more than it benefit).
The theory led to the drastic exit of Lacasera before they restrategized in 2017/18

5 Tips to Keeping your Customers
The following are 5 simple step to make that customer come back;

  1. Under-promise and over-deliver:
    This is psychological, if you promise me too much and your service fall short of expectations, I will never return buybin the case where your sugar coated marketing is normal but your service is top-notch, I will be amazed and will always return.
    Don’t tell your customers what you know you won’t do.
  2. Be Different:
    Its not compulsory you do what others are doing, there is no best marketing system, let people be able to distinguish your services from other service.
    A quick one before we move on;

If you’re in your car driving at night but you’re about running out of PMS (fuel). While driving forward you saw two filling stations beside each other, one is well decorated and the light shining bright while the other is just your normal filling station.
As a rational consumer, which fuel station will you rather purchase from and why?
Remember, they charge the same price for the commodity.

  1. Send thank-you notes and messages immediately after patronage:
    Make sure they are sent promptly. Peter Drucker, A great contributor in the field of business attributed much of his success to the fact that he sent out 12 thank-you cards every day.
  2. Increase your customer base by asking for opinions:
    Everybody likes contributing to development, it is a normal thing for people to be attracted to your brand if you’re willing to hear from them and ask about their opinions on your service.
    Your customers will feel at home with this, they’ll build a sense of belongingness and your brand will be family.
  3. Set Reasonable Price
    This is where all entrepreneurs and service providers make the biggest mistake. Truly, the goal of every entrepreneur is profit making, but please avoid what economist call abnormal profit and what accountant call super profit.
    Calculate all cost incurred on the goods or services then add between 30%-50% to serve as your profit. This will drive in customers without jeopardizing your profit interest.
    However, know that when setting prices take note of market locale and income of potential consumer.
    I remember asking one of these whatsapp marketers(sorry😄) about a nice footwear which she uploaded, I was surprised when she said 16k, as a rational consumer I called a friend who is familiar with Idumota market and asked for the price of the footwear only to discover that it is 9k there. That’s a whopping 7k profit on a product of 9k.
    Don’t send customers away because of price.

Having listed the 5 basic ways of keeping your customers, it is worthy of note that an existing customer is 75% better more profitable than a new customer who is just trying your product. Keeping in touch with existing ones, call them and send greetings card but don’t neglect the new customers.

Consumer Touch point
A consumer touchpoint is a significant interaction that a customer shares with a business entity. It is the point at which the customer encounters the brand itself.

Touchpoints occur before, during and after a purchase has taken place. These build the customer’s opinion of your brand. The customer experience is a journey that consumers embark on when interacting with a business, and customer touchpoints are the destinations along the way that make the trip worthwhile.
Consumer touch point can be grouped into three(3);

  1. Pre-purchase touch point: first impression about your service
  2. Purchase touch point: The impression you make at the point of purchase
  3. Post-purchase touch point: This is after sales service that will make your customer stay close by.

OLOWO SAHEED

29 thoughts on “WHY YOUR CUSTOMERS ARE NOT STAYING

  1. Bravo! Exactly where majority of enterpreneurs fall short. More ink to your pen Guy.
    This will be very useful for we upcoming enterpreneurs too. Keep this up Man! We need more of this inline of business.

    Liked by 1 person

  2. This is worth reading….I have a lot of customers to patronize my services and I don’t pay attention to all these…Thanks for this learning,unlearning post

    Liked by 1 person

  3. This is no doubt a nice write up……. It’s epic……… With this, one can never lose a customer……. Thanks Boss……..

    Liked by 2 people

  4. The write up is useful for people selling to be optimistic about gaining customers…if one is destined to loose customers it will just be 5% and gain of 75% more. It will be useful for ne in the future. Thank you sir for this write up.

    Liked by 1 person

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