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Where Did All My Customers Go? The Top Reasons Customers Leave

As a small Business owner, your customers are your entire source of livelihood. It’s no wonder then why a sudden decline in business could cause a business owner to panic. Every business is bound to experience a normal ebb and flow of sales throughout the year, but if your business is continuously declining, this is a serious red flag. Here are some of the top reasons customers leave a business, as well as practices you can implement to reduce the business churn. They found better value elsewhere. Value is the primary factor customers seek in a brand, and value consists of a combination of cost and quality. The cost of the product needs to remain competitive with comparable products in the industry, while maintaining a quality that is fair for the price. You should be routinely conducting market research to determine the value of your business offerings compared to your competition. Just because you provide competitive value today, doesn’t mean you’ll remain competitive six months from now, and you need to be prepared to alter your strategy, pricing model, or business offerings as the economic climate changes. A key way to increase value to your customers is to ensure you’re getting the best value yourself. If your overhead is too high, it will reflect in the prices on the consumer end, so you need to partner with the best suppliers to keep your prices low.



This post first appeared on DollarDays, please read the originial post: here

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Where Did All My Customers Go? The Top Reasons Customers Leave

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