5 Ways to Come Out on Top When a Competitor is Taking Your Business
After all the work you’ve put into growing your business, spending time optimizing your website and using social media, it can be devastating to watch your hard-earned customers leave you for a business competitor. Here are a few tips for not only getting back to your status quo, but surging forward with a turbo boost.
Find out why your customers are leaving.
There are a couple of places where you can find clues.
- E-mails – Have you been getting more complaints? You should be tagging negative emails so that you can look at them all at one time. This will give you a much better picture of customer satisfaction than just dealing with each one and then forgetting about it.
- Social media – Do a quick round up of what’s being said about your company. Of course you want to pay attention to all that you can, but time is of the essence, so focus on trying to find if one thing comes up more than any other.
Between the two, you should be able to figure out what the problem is. Whatever it turns out to be, this could turn out to be a much needed wake-up call that will benefit your business in the long run.
Offer solutions that your customers need.
Does your product or service effectively meet the needs of your customers? If they aren’t benefiting from your goods or services as much as they could because they aren’t aware of all the available features, then adding information to your FAQ and/or Help sections may be all that is necessary.
But what if your customers need something which your competitor provides that you don’t? Don’t despair, simply view it as an opportunity using the next step.
Stand out, and above, the competition.
You do not necessarily have to undercut the competition on pricing. Indeed, you may not be able to afford to do so. But there are other ways that you may be able to outshine them:
- Customer Service – Are you being attentive to your customer base, making sure that they are getting everything they need from you, particularly when asking for assistance?
- Regular Product Improvements – Make sure you are keeping up with advancements in your industry. Don’t let your product get stale.
- Better Products – Offer quality products at a reasonable price, with good customer service, and it will be difficult for competitors to keep your customers for very long.
Stay in touch.
If you have figured out the problem, and fixed it, then let your former customers know about it.
As Internet research giant Kissmetrics advises, “If you want to pull out from under the shadow of your competitor, you need to figure out why you are unique—and then tell your customers.”
Do better in the future.
It’s a lot cheaper to keep the customers you have than to get new ones. So you will want to stop the bleeding and hang on to the ones who haven’t left, as well as making it harder for competitors to decrease your customer base again.