5 Ways You Are Probably Losing Sales to Competitors Right Now
Business is a tricky sport. At times, when you are working your butt off and it seems like you are spending day and night doing everything you can to drum up business, nothing happens. Other times finding new customers is a piece of cake. No matter how things seem to be going with your business, this article is going to show you 5 ways you are probably losing sales to competitors and you probably have no idea why.
Finding New Leads
Is your business good at finding new leads? If you get wild swings (some weeks are dramatically better than others) then there;s probably something wrong.
Yup… I said it… There’s something wrong.
A good customer acquisition strategy and system is set up to forecast leads generation results by measuring a simple input (how many calls are made, how many site visitors, etc.). If you are having wild swings without knowing why, then you are losing sales to competitors by not having a refined system.
Not Engaging Your Current Customers
Here’s where most businesses drop the ball. Are you engaging your current customers? If not, your business is bleeding sales big time!
New lead cost, versus the cost of selling to your existing customer base is 4 to 6 times more expensive! Essentially you are spending 4 to 6 times more money trying to engage new customers, while at the same time you are losing sales to competitors.
NotAutomating Your Sales Lifecycle
In 2015, when new automation tools abound everywhere, there is no reason to not have a fully automated sales pipeline. And when I say fully automated, I mean fully automated.
If you want to know why you are losing sales to competitors, this is one of the major reasons why. While you are spending hours a week managing calls, and appointments, and emails, and so on – your competitors have developed systems that do everything for them.
Sheesh!
No Referral Program
I know that you want to keep 100% of your revenue, but without a decent referral program you aren’t incentivizing customers to share your stuff!
Listen, would you rather have half of 1 million dollars, or 100% of zero dollars? The choice is yours.
You are losing sales to competitors by not having a systematized referral program
You Are the Constraint
The #1 reason why you are probably losing customers to your competition is that you are causing it to happen.
That’s right, you are the constraint somewhere in your business when you don’t have to be.
Are you personally doing the documentation for your clients, are you personally sending follow-up emails, are you manually texting them? Whatever it may be you need to stop being the constraint in your business right now.
Systems, my friend… you need systems! Scratch that… you need systems that WORK WITHOUT YOU!
The Real Reason You are Losing Sales to Competitors
Here’s the deal, and most people won’t tell you this, but the real reason you are losing sales to competitors is because you are being lazy. Sure, you may be working hard… but what systems are you building? How are you empowering your staff to do their job? How are you making your original vision for your business a reality?
Build systems that work for you and you’ll never be sucked into wrk that you were never meant to be doing.
