5 Reasons Customers Stop Buying from You

Every business constantly faces the challenge of customers who have stopped buying. And you wonder Why have your customers stopped buying? This is a natural occurrence across the business  spectrum.  But, apparently, as per a not-so-recent study by the Rockefeller Corporation, here are FIVE reasons why customers stop buying from you. 

• 4% are gone

Businesses wind up or go bankrupt. People in decision making positions get promoted, transferred, change jobs or die. They are simply not going to come back nor are they in any position of decision influence.

• 5% change suppliers

They do so on the recommendation of friends, family or business associates. Stay in touch with them and you may get them back. Sometimes very quickly. 

• 9% change because of true competitive advantage

they see an honest benefit offered by the competition, over your product or service. In an environment where profits are under pressure, this advantage could very well be price.

But playing a price game is a double edged sword and your business could get bruised. So, if you see no worthwhile reason on pursuing this customer, let them move on. Very often, despite the price difference they may come back. 

• 14% move on due to your product or service

It could very well be that your product or service did not meet their needs. In such cases you are better off letting them go, rather than sell them something that is not going to meet their needs. This way you build trust and leave the door open for them to come back to you when you do have an offering that meets their needs. 

• 68% feel uncared for

This segment of customers you NEVER HAD TO LOSE. They did not think that you cared if they returned and bought off you or not. You had not kept in touch with them or shown them in any way that you valued them as a client or appreciated their business with you.

And THIS is where you can stem the tide. It is all about having a good SHARE OF MIND.

And you can do this in many ways. Constant communication with your customer base is key. But best of all is providing them with a branded item that they find useful in their daily lives.

When they find the item to be of value, they will use it constantly. With this, their touchpoints with your brand increases. Increased touchpoints DIRECTLY translate to you getting a bigger share of mind.

And, as we always say, bigger the share of mind, GREATER THE SHARE OF WALLET.

So, what is stopping you!!