Customer Relations: Two Common Reasons Why Businesses Fail
November 27th, 2009
There have been a fair share of businesses go under recently. Some may have suffered from these two easily cured problems:
1 - Copying Your Competitors. The best you can hope for if you do it right is to look just like they do - and even when you succeed, you lose, because price becomes the difference. The solution is to not sell price. Sell value instead. You may lose 10% of your customers, but don’t worry. Price customers incur costs not profits.
2 - Settling For Mere “Satisfaction” From Customers. Satisfied customers don’t come back as often as loyal customers. Satisfied customers can be persuaded to change their buying habits by a lower price than yours. It’s better to have loyal customers. The solution is to work on customer loyalty. Find out what they like about your operation and deliver more of it.
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