Hi and welcome again to this weeks Marketing Tip. I want to thank those of you who have emailed me with topics you would like me to cover. You will read my strategies to help you solve those problems in coming issues.
Now to continue on this important topic.
This week I will go over the first two reasons Customers Stop Buying.
- The customer no longer has a need for your product or service and,
- The customer had a bad experience with your company or product.
The customer stopped having a direct use for what they perceived to be your basic product or service. There are two possibilities here. The problem could simply be a matter of perception. You may never have communicated to them that you have other complementary or more advanced products or services.
Let’s say you’re in the Real Estate business, and you’ve sold a home to a customer. Most of the time we think that this is the end of the sale. But most of you know, that many things can occur that can affect the customer coming back to you again and again. But if they don’t know that you can do other things for them, they won’t think of you as a solver of their problem.
Let’s use mortgage rates as an example. You all know that they will fluctuate back and forth over periods of time depending on the economic climate. By communicating to your customer and keeping in touch with them, they will think of you and call you, or you should call them, to effectuate a more favorable rate for them.
There are many things you can do to make your customers believe that they will always need you.
The solution is very easy. Better education of your customers. If you’ve got more advanced products or services, don’t keep them a secret. Never assume that a customer isn’t interested in something else that you might offer.
But, let’s suppose that you actually only have one category of product or service, and some of your customers really no longer have a need for it. How can you continue to profit from them?
Let’s not forget about referrals and joint ventures. Your best customers, even those who no longer need your product or service, are still your best source of new customers.
Another way to profit from customers, who no longer need your services, is to set up a joint venture with a business that offers different or more advanced products or services. You can offer them the names of your inactive customers in return for a portion of the revenue they generate.
Now let’s get to the second reason customers might stop purchasing from you.
The customer had a bad experience with your company.
By communicating with your inactive customers to express your concern, you should also ask them if they had some negative experience dealing with you or your company. Most customers aren’t complainers. They just stop doing business with you, but if you communicate with them, they will let you know if there was a problem.
A negative transaction is the second most common reason people stop doing business with a company.
Many things can go wrong in the mind of the customer. In the buying process, it is possible that your or a representative conducted themselves less then perfectly, whether it was unintentional or not. Perhaps they were rude, left mud somewhere, or they didn’t install the product perfectly. Or it could be that the product or service didn’t meet the customer’s expectations.
Like I said above, most customers won’t complain directly to you. Instead of calling and complaining about the negative experience, it’s possible they simply dropped the relationship with you. Your job is to express to them when you communicate with them, that if there was anything unsatisfactory, any problem, any disappointment or anything wrong with the purchase they made, that you want to hear about it and correct it immediately.
Explain to them that, if that’s the reason they haven’t purchased from you, you feel terrible and are committed to doing whatever it takes to make the situation right. Above all, you want to make certain that, even if they never buy again from your company, that they can honestly say that the last time they purchased from you was a satisfying one.
Depending upon the business or profession that you are in, making up for your customer’s dissatisfaction may mean you fix the problem immediately. It might mean that you replace something, or you can give them some additional free items or services to make it up.
The important thing is to do whatever it takes to make them happy and aware that their well-being and satisfaction is of the utmost importance to you.
Ultimately, the chances are great that you will win them back as customers again. But even if you don’t, you will gain a valuable insight into areas of your company that need improvement and you will prevent the problems from ever happening again.
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As I get ready for the launch of my new training program, I’d like your feedback on what you would like covered so that I can try to include it. By participating in my brief survey, I’ll add you to my list to give you early bird access, as well as special discounts/bonuses.
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One Response to “THE EASIEST WAY TO GROW YOUR AGENCY/PRACTICE WITHOUT SPENDING A LOT OF MONEY (Part 2)”
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Joe Leech says:08/17/2017 at 2:18 pm
As always Ken, we appreciate your dedication and contributions to our profession, sharing your many years of vast experieince.. and at the same time, staying current. “It ain’t your grand-dads insurance”.
I’m looking at some other resources/niches and thinking more and more of how we need to educate our prospects on the need for long term care and then the alternatives that they have and can afford.
We all know Death is inevitable. We just don’t know where or when, but we know it will happen, and if at all possible, we provide for that.
On the other hand, the probility is there that we may experience an event that puts us in the category of need of long term care. As you know, this could be the inability to accomplish 2 of 6 basic living tasks.
But for most of us, the “event” will happen to “the other guy”, and the vast majority don’t prepare for it. At the same time many statistics show that fear of debiitation due to a health issue is a greater fear for many people than is death. We have both the fear, but in subconscious protection of the fear, denial it could be US kicks in. As a result, people don’t seek out even basic educationon alternatives… and when the event happens, it’s too late. There’s the fear of affording it and many mythis.. but at the same time there are alternative strategies in annuties, special spend down laws.
I think it should be in the core of the Varga training.