Most businesses owners I speak to tell me that their customers’ key concern is the price. They feel that customers will only buy if the price is right. Is this how you feel?
If you answered “YES”, then I want to say to you that ‘YOU HAVE MORE PROBLEMS WITH YOUR PRICE THAN YOUR CUSTOMERS DO.’
Many studies have been done on this subject and each one has produced very similar results.
And that is that price, product and delivery time in total represent only 15% of the reason as to why people do not buy from you.
So one needs to ask the question, ‘WHAT IS THE MAIN REASON PEOPLE DO NOT BUY FROM ME?’
And the answer is that 68% of people do not buy from you because they perceive you are indifferent to their needs. They feel you do not care enough, didn’t take time for them, and really didn’t make a difference.
The Effects of Perceived Indifference
Think about what perceived indifference could be costing you.
It could mean as much as 75% of the hard earned money you’re spending on marketing or advertising is being wasted. It means that a far more leveraged way to grow your business may be to do more with the customers you already have, rather than to just try and generate more leads.
Walk in Your Customers Shoes
There is no better way to understand your customers’ perspective than to put yourself in their position.
Think about situations where you’ve experienced indifference as a customer. Situations where you were treated in a way that made you feel that the business didn’t care whether you spent your money with them or not.
It could in a retail shop while two clerks finish their ‘really important’ conversation – while you stood waiting to be served.
Or maybe a business that took forever to answer the phone – so much so that you decided to hang up and re-check the number to make sure you got it right.
Maybe someone put you on hold without asking permission, and left you there for several minutes.
Or the waitress in the café virtually throws your coffee at you, spilling it into the saucer.
Consider What Upsets YOU As A Customer
Perhaps a supplier’s sales representative arrived late for an appointment with you and caused you to have to re-arrange your schedule – or maybe they didn’t show up at all.
You have been caught waiting for a delivery of products or services that didn’t arrive on time and left you in a bind with YOUR customers.
Take a Hard Look at Your Business
Now comes the hard part. You need to look at your business to find the areas of perceived indifference that might exist. Every business has them. For example, do you:
- answer the phone on the second ring every time?
- thank you customers or potential customers for their business?
- and your team arrive on time for meetings with customers?
- deliver your products and services on time every time?
- return phone calls the same day you receive them?
There are so many areas in your business that may need checking. I encourage you to do so.
About David Officen
David is the Founder and Managing Director of proCFO. David combines an accounting and consulting background with commercial experience both as a manager for large commercial businesses and as the owner of private and family businesses.