Why you keep losing customers to your competition and what to do about it.

It can be frustrating if the stream of incoming customers has dried up and they’re no longer willing to pay for your higher prices, and you don’t know why. This happens a lot if your business is in a competitive field.

Think about dentists, for example. When it comes to dentists, customers have a lot of options to choose from. As a dental practice you have to make an impactful first impression that gets potential customers to choose you over your competition. But when your business is no longer looking its best, and other competing businesses are better at presenting their competence and relevance towards potential customers, you end up getting overrun by them.

Let’s take a look at four reasons why you lose customers to your competition:

  1. Failure to display your competence
  2. Generic product or service structure
  3. Failure to adapt
  4. Ineffective visual language

1. Failure to display your competence

Displaying competence is the baseline of every business. Competence means that people who get in touch with your business, know that you are good at what you do. Not only that, you’re really excellent at what you do. If you fail to show that, you’re not even on the same level as your competition.

If you fail to display your competence, you’re not even on the same level as your competition.

For potential customers to see your competence, you need to share your expertise on different media and platforms. Including these basics will put you on the same level as the competition:

  • How long you’ve been in business
  • Successful finished projects
  • Received awards
  • Businesses you’ve worked with
  • Specialized knowledge
  • Excellent customer service

2. Generic product or service structure

Having a product or service like everyone else’s in your industry, makes you blend in. When someone is researching different offers, they are comparing. If you have the same offers as everyone else, you will quickly be forgotten, because there is nothing that stands out to them.

If you can provide a product or service structure that is beyond what your competition offers, you’ve found a way to become memorable to potential customers.

If you want to stand out to potential customers, you have to have a product or service structure that exceeds customer expectations. Can you provide a service structure that is beyond what your competition offers? Then you’ve found a way to stand out from the competition.

3. Failure to adapt

Once you’ve reached the level of your competition, the goal is to stay there and to stay relevant. But often, businesses become too comfortable with the status quo and sink back below their competition.

Staying relevant means to understand:

  • Market dynamics
  • Customer preferences and needs
  • Industry trends
  • Your competitive landscape

Adapt or die.

But it’s not enough to understand these things. As a business you have to be willing to adapt and embrace change whether it’s adopting new technologies, entering new markets, or pivoting your business model to stay ahead of evolving trends. Adapting also means constantly improving, evolving and innovating. This could be through product enhancements, process improvements, or introducing new solutions to address new customer needs.

4. Ineffective visual language

You can do all of the above-mentioned things and still fail at gaining new customers or come across as overpriced.

Why?

Because, when potential customers can’t actually see all the value you bring to the table, they won’t even notice you.

Yes, making a good first impression starts with the right content. But if the content is presented in an outdated way, you’ll also seem incompetent. Meaningful content only has an impact when it’s paired with appropriate visuals.

Meaningful content only has an impact when it’s paired with appropriate visuals.

Effective visuals are visuals that match today’s understanding of quality and professionalism, contemporary and up-to-date visuals. Beyond that, visuals need to resonate with your target audience. This involves a strong brand identity that reflects the values, aspirations, and desires of the customers you serve.

Conclusion

You now know the four areas that hold a business back. Rate your own business and the four areas on a scale of 1 to 10. Then, start improving the areas that trouble you most:

About Me

Hi, I’m Simona, brand strategist and designer who helps ambitious business owners transform their business. I’m passionate about creating authentic identity designs which help you stand out from the crowd and are based on a solid strategy.

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