Sometimes, the things we do and decisions we make could be the very reason that is killing our business. Your intention may be good, but if the results are not that great, then it is time to reevaluate the risks you take. But what exactly are the things that are doing your brand more harm than good? Below are five seemingly innocent practices that stop you from attracting more customers:
Following the best practices
You and your competitors may have the same offers, cater to the same clients, and are in the same market. But that does not necessarily mean that you have the same needs. Each company is unique. Following the best practices could be the reason you fail to gain more clients who are stuck with the same results. Strive to be unique, and your target audience will start recognizing your company as a memorable brand.
Cost-cutting without considering the risks
Of course, all businesses want to reduce their expenses to save more money. But there are many things to consider before you choose an area where you will reduce your expenses. For instance, you own a mattress manufacturing company and want to reduce manufacturing costs. You may find another supplier that offers materials at a lower price. But if you fail to do a background check, you may end up with low-quality materials or delayed shipment. Always consider the possible consequences and find ways to mitigate the risks to ensure that your brand won’t be at stake.
Competing with your supplier
Many businesses consider their suppliers as rivals instead of business partners. What you need to do instead is to establish a positive relationship with them so that you can leverage having them by your side. For instance, one of the most in-demand materials in your factory in Ohio are durable compression springs. Pay your invoice ahead of time and be considerate, and you can snag better deals on your next transaction. Who knows, your supplier may even give you an attractive discount or help you achieve a customizable product that can drive more customers and increase your sales.
Making critical decisions late in the day
Do you often go to meetings and make important decisions late in the day? Then you’ll most probably make riskier decisions at a faster rate. According to a study, successful people would often make decisions in the morning. This is because better decisions are done in the morning. So if you have an important meeting coming up, schedule the most critical ones in the morning. This way, you can think more clearly and make more accurate decisions.
Not craving feedback
Are your customers unusually quiet these days? If you haven’t heard a single complaint from them for the last few months, you should be worried instead of being pleased. Some customers just go away and find a new company that can cater to their needs without telling you what has made them switch. So always crave your customer’s feedback so that you’ll get a firm idea on how to improve your company.
Every decision has its consequences. As much as possible, make sure that you consider every risk and advantage. Don’t simply go with the flow. Do the necessary research and find the best ways to improve your brand. Put your customers in the heart of your company, and you can attract more of them while retaining your loyal clients.
