5 Reasons why all companies fail to gain enough new customers.
Written by Tim Randall on Oct. 27th 2018
According to a Harvard Business School study, approximately 75 percent of startup businesses will fail within the first ten years of existence. 

One of the primary reasons for this is an inability to profitably attract and retain customers. While there are numerous business models and industries, there are a few common mistakes that business owners make when trying to attract customers. 

Here are some of the most common, but yet overlooked reasons why your business is not attracting customers and growing. 

1. Poorly trained sales people
Businesses that utilize a sales team for acquiring new customers must ensure that these team members are some of the best trained, smartest and most compassionate members of the organization.

It is after all these people that represent the company every day to it's target customer. If your team members do not understand the market, or where your product is positioned and the role it fills, acquiring new customers will be very difficult. 

Your team should be compared to industry benchmarks to gauge whether they are performing at the level they should be. Otherwise this could be the weak link in your company.

2. Uncertainty about the ideal customer profile
Every single one on your team should be knowledgeable as to what your ideal customer profile is. The demographic makeup of these customers and you ideal customer avatar should be basic groundwork knowledge. Your team should know how and where to find them, and how to speak a language that resonates with this ideal customer. This could include what their pain points are, or what gives them pleasure in their life. 

3. Dysfunctional nurturing of leads
Businesses that use email sequences to communicate with their customers should build in a lead-nurturing system designed by creating automated emails that follow up with the customer. 
Business that send out frequent newsletters or updates will engage customers that might have forgotten about the brand otherwise. This helps keep an audience of customers engaged. 
A recent study by McKinsey & Co found that email marketing is second only to organic search in getting new customers. Both these methods are well ahead of social media. It is vital to ensure that your business has a lead nurturing system in place to attract customers over the long run in a consistent manner.

4. Disruptive competitor
Something to always bear in mind is that there may be another business offering a more attractive product or service in your area or market. This would mean you are bleeding customers to this business. 
Always follow up with your customers as to what solutions they use, and why they would choose these. If there is a disruptive competitor in your market, this is a sure fire way to learn about it. 

The above are among many reasons why your business is unable to attract and retain customers, and some of them might be industry specific, but others are shared across all industries. 
By being on the lookout for options that are perhaps less obvious, and of course communication with your customers, you will be well on your way to consistently attracting and retaining customers or clients for your business regardless of what your competition is doing. 

Tim Randall

Tim Randall helps businesses get 20-50 NEW customers per month.  He is an expert at helping business owners get clients using online methods and making things super simple to understand.
If you're interested in learning how Tim can help you grow your business then click on blue button below.
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