All businesses exist to sell something, whether it be a product, a service, or both of them. When a company can’t fulfill this fundamental role, it puts its own future at risk. You may not have gone into business for financial gain, but there’s no denying that you must make money to stay up and running.
Every year, hundreds, if not thousands of businesses close down simply because they can’t make enough sales. When customers are choosing not to shop with you, therefore, it’s absolutely crucial that you find out why. With that in mind, here are ten reasons to consider.
1. They Found Better Prices
Many factors influence paying customers, but no one can deny that cost plays a huge role when deciding whether or not to buy products. Because of this, you must ensure that you set your prices with care. If you overprice what you sell, then consumers will find cheaper alternatives elsewhere and buy those instead. That being said, you shouldn’t set your costs too low either. Doing this will make it incredibly difficult to generate enough money to cover your overheads.
2. They Don’t Know You
It doesn’t matter how great your products are or how fairly they’re priced; If people don’t know who you are, they aren’t going to buy from you. This means you should invest time and money into your marketing. Alternatively, you could establish an indirect sales channel and let resellers use MDF marketing instead. It takes time and effort to build trust with customers, but, when you work with resellers, you can leverage their brand recognition and build on their relationships.
3. They Aren’t Your Target
As well thought out as your marketing may be, it’s sure to fail if you’re targeting the wrong audience. Rather than wasting precious time and money, you should create an ideal customer profile. This can be done using market research and should include as many details on your target audience as possible, including their age, gender, location, salary, and lifestyle. This allows you to target your marketing materials much better, ensuring that the right people see your ads.
4. They See Little Value
Some business ideas are worth their weight in gold, but others are plain useless. Although you probably believe yours to be genius, the unfortunate truth is that it just might not be. Unless customers need your product for one reason or another, you’re unlikely to generate enough sales to stay afloat. For this reason, you should always check that you have a sellable idea before investing any money. You can do so by speaking to those you trust and by conducting research.
5. They Put It Off
Procrastination is a fundamental part of human nature. It doesn’t matter how much you want to buy something; you will probably put it off and wait until later to do so instead. The problem with this is that, the longer you wait, the lesser the likelihood that you’ll actually buy the product. You’ll either forget about it or decide against it completely. Because of this, you must create a sense of urgency with your customers. You can do so by holding a limited-time promotion or sale.
6. They Abandon Their Carts
Once a customer makes the decision to buy from you, it’s important that they get through the checkout process and pay for their goods as soon as possible. The longer or more complicated you make this task, the higher the chance that they will abandon their cart before the transaction is complete. You can make this process easier and shorter by removing any unnecessary steps. You could also allow your customers to save their payment details for the next time they shop.
7. They Hate The Design
Just like customers need to be able to navigate a physical store, yours must be able to find their way around your website. If they struggle to do this, then they’ll take their business elsewhere. Your site should be legible and organized, with clear calls to action, like “Buy Now” and “Subscribe Here” buttons. It should also be arranged into categories, with a search bar. Because many people surf the net on their phones, your website must be mobile responsive too.
8. They Feel At Risk
These days, everyone knows the risks of buying things over the internet. You could have your money, information, or identity stolen in just a few clicks of the keyboard. Before customers give their sensitive details to businesses, therefore, they want to know that their information is secure. You can affirm this by ensuring that safety logos and SSL certificates are visible on your website. You can also add reviews from past customers and create clear policies for returns.
9. They Can’t Access You
Consumers can’t buy what isn’t available to them. There might be thousands of people out there after your goods, but, if you don’t accept their credit cards or ship to their areas, then they won’t be able to get them. If you find that you’re inaccessible to a large percentage of your target market, then you need to work out why and come up with a solution. Perhaps you could move your business, for example, or begin using a different shipping service to reach other places.
10. The Read The Reviews
Customers trust customers a lot more than they do businesses. This is why good feedback is so beneficial to a company. When you receive a negative review, however, it can cause a lot of damage. Anyone that reads that review will become much more wary of your business and may not shop with you as a result. Rather than ignore negative feedback, you should address it and act on it. This shows that you care what your customers have to say and are willing to do better.
When customers aren’t shopping your business, you need to take action. Ignoring the fact will only cause more damage in the long run. Hopefully, now that you’ve read the reasons above, you have some idea of where your company is going wrong.