All too often, business owners fall head over heels in love with their products and services and are completely oblivious to how the marketplace perceives their business. Television shows like Kitchen Nightmares and Undercover Boss show business owners time and time again as being completely out of the loop when it comes to what customers and employees think about them.
Do you know why your potential customers are not buying from you?
If you want to grow your business, this is another vital question you must answer.
It’s vastly more profitable and easy to sell to your current customers than it is to acquire new ones and by turning away potential customers, you’re making it even harder and more expensive to get the new customers you are getting.
Here are some reasons your prospects may not be buying from you and what you can do to change things in your favor:
They Do Not Understand It – We all have brilliant ideas, but they’re not always so easy to express to others. Do your customers know what you’re selling and exactly what it is that they’re buying? At first, this may appear to be a ridiculous question, but think about it. Are you selling coaching services or are you selling the promise of success? Designer boots or the latest social status symbol? Dishwashers or cleaner dishes and more free time? Reframe what you’re selling and you’ll sell more of it.
They Do Not Want Or Value It – A popular reason customers don’t make a purchase is that they simply do not want what you’re selling. It’s easy to accept this and move on, but by taking the challenge head on, you can open brand new streams for generating profit in your business. Get to know your prospects better and look at how other businesses outside of your industry deliver value, then combine what you learn to add more value to your products and services.
They Do Not Believe You – When your prospects don’t believe in you or your business, it can be disastrous to your bottom line. Whether your reputation has been damaged or you just have outlandish claims and no proof, fix things immediately. You can also offer money back guarantees and longer warranties to eliminate risk to your customers. Be sure to keep an eye on your online reviews to make sure your customers aren’t being turned away before they ever get to know you.
They Do Not Believe They Can Achieve Success From It – They key to all selling is answering the main question in your customer’s mind which is “What’s in it for me?”. As mentioned previously, the main motivator in the buying process is increasing pleasure or reducing pain. Help them believe you can help them achieve their goals by helping your current customers give you feedback and reviews then use that information in your marketing.
They Don’t Believe They Can Afford It – Do your customers ever tell you that your prices are too high? While price is a major motivating factor in most purchase decisions, there are many things you can do to alleviate buyer concerns. Offering payment plans and guarantees are sure ways to improve sales to tire kickers.
They Don’t Want It Right Now – Another reason your prospects may not be buying from you is that your marketing lacks urgency. If you don’t give customers a reason to make a purchase sooner rather than later, you run a high risk of being put on the back burner — perhaps indefinitely. Offer your products on a limited-time basis or in limited amounts to up the urgency factor.
They Don’t Know About It – Even though consumers see thousands of marketing messages each day, they still may not be seeing yours or even know who you are or what you sell. All businesses need to market their products and services as a way of life and keep tabs of changes in the marketplace. If you believe in your business, you owe it to your prospects to make sure they know you exist.
They Don’t Know How To Get It – You must make buying from you as easy as possible. Providing too many options, having too many hoops to jump through the checkout process and long lines are sure ways to turn would-be buyers into bye-byers. Eliminate excessive features, products and shopping cart pages and enjoy an easy bump in sales.
Make it your mission to make buying from you as easy as possible. There are small things you can work on and improve every day to make your purchase processes more efficient and therefore more profitable, nearly all of which cost you no extra money.
Start by making a checklist of things you can improve for each of the reasons people may not be buying from you above.