Companies that are successful, over the long-term, have something in common. These businesses understand that their customer’s needs change over time and they must continually update their services and products. When a company decides to stay in a holding pattern, it will lose customers over the course of time.
Why Are Your Customers Leaving?
It is your job as a CEO to understand what people need. If you notice that sales are down, you can’t necessarily assume that it is due to a down economy. Sure, the economy will certainly affect some businesses harder than others. However, people are still spending money. There is only so far you can take that logic.
That is why you need to answer these questions before jumping to conclusions as to why your customers are leaving:
- Do you have a customer intelligence plan?
- Do you understand the needs of your customers?
- Is there a problem with the service customers are receiving?
- Where is the breakdown in communication between you and your customer base?
Once you have an understanding of why your customers are not coming back, you can address the issues. If it simply is due to a down economy, then you need to take that into consideration as you make decisions of what products and services you will offer.
If You Are Not Growing, You Are Dying
Businesses that are still operating today the same way they did when they opened their doors, are the ones that will have a short life. If you are not growing and changing, as a company, you will die.
When it comes to going through these different changes and stages, you will need to plan ahead. Here are some questions you will need to address to get through the stages of growth.
- Do employees understand the different stages of growth?
- How can you lead your team to feel excited about the coming changes?
- Are the stages of growth affecting your ability to serve customers?
- How will you keep customer service going during the different phases?
Time Will Make a Difference
It will take time in order for your business to go through the different stages. There will be times of chaos and disorganization. However, it is vital to the long-term status of your business that you do what is necessary to make the changes.
- Understand the amount of time it will take to implement new products and services
- Look ahead to challenges you will face in the coming months
- Re-evaluate where you are at each turn to ensure you stay on track
When you are growing and changing with the consumer market, your business will stay relevant and successful. It is important that you understand customer’s needs and make the changes necessary to meet the needs.
Written for us by our associate Gary Sorrell, Sorrell Associates, LLC.
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