Your business could be suffering from a disease! A virus, if you like, that is so widespread you may not even know it’s lurking below the seemingly innocent surface of your business.
It’s something you may have even felt while you were a customer of other businesses, without realising the same thing could be happening to yours!
This mystery virus is ‘perceived indifference.’ And we’ll have a look at ways your business might be suffering and how to cure it…and I’ll be giving you some ideas that could turn perceived indifference into a great opportunity for your business, your customers, your team, and your profits.
Is this mystery virus affecting your sales?
It’s really interesting, you know. When asked, most business owners will say their customers are price-sensitive. They’ll say customers only purchase if the price is right and, in fact, that most actually inquire about price right from the word ‘go.’
Think about this for a moment. If you were asked the same question, would your hand be raised in agreement?
You may feel this is true for your business. But let’s take some time to examine this further.
The issue of price versus value and service has been a hot topic practically from the day trade and commerce began. Because of this, many studies have been completed to analyse exactly why customers buy.
In the search for some answers, one survey done by the Technical Assistance Research Program in Washington looked, perhaps more importantly, at why customers don’t buy from you or why they leave you and move to a competitor. I have the results of this survey for you to look at In a moment.
So let’s look at the survey. People were asked this question:
‘Why do you choose not to deal with a business or to leave a business and go to a competitor?’
Relationship at a high level 9%
‘Perceived indifference’ 68%
Virtually 7 out of 10 inquiries (or customers you lose) walk away because they feel your business is indifferent toward them.
Perceived indifference is best summed up this way. Your customers or potential customers feel you or your team members are indifferent toward them. Indifferent meaning they’re given the impression you couldn’t care less if they purchased from you or not. Looking at it another way, customers feel nobody really cares about them or their needs.
Seven out of 10 inquirers who fail to purchase from you are doing so because they felt your business didn’t care enough, didn’t take time for them, and really didn’t make a difference! That’s just amazing.
Think about how much that could be costing you!
Looking at that statistic, it could mean as much as three-quarters of all the hard-earned dollars you’re spending on your marketing and advertising is being wasted. Literally thrown away.
This is an interesting point, too. Most business owners or managers are constantly looking to generate more leads, to get that phone to ring even more often, or to have more people come into their businesses. Focusing on these issues can be expensive because more and more money must be spent on advertising and other tools to generate new inquiries.
These statistics show that a far more leveraged way to grow your business may be to simply do more with the inquiries you’re getting!
You’ve spent hard-earned dollars on marketing and advertising only to have people not deal with you because, despite that, they feel your business doesn’t care enough.
Importantly, you’ll notice, too, that only 15% of the market shop or purchase on price alone.
It’s obvious that some industries are more price-sensitive than others and that these results may vary for your business because of that. But it’s critical to remember that this survey has been completed the world over, in every walk of life. As such, it’s vital to understand that the vast majority of people really do purchase along these lines.
The fact is, even if you feel these results may only be partially true for your business, you’ll still be facing an opportunity to INCREASE sales.
Here’s some ideas to make sure you and your team aren’t suffering from Perceived Indifference…If you’re not doing these then maybe it would be a good idea to build them into your systems.
Do you answer the phone on the second ring every time?
Does every caller get asked for permission before they’re put on hold?
Do you make sure nobody is put on hold for more than 30 seconds?
Do people have an on-hold message to listen to?
Do you thank your customers or potential customers for calling?
Do you thank your customers or potential customers for visiting your business?
Do you thank your customers for buying from you?
Do you and your team always arrive on time for meetings with customers?
Do you and your team ever make your customers wait?
Do you deliver products or services when you say you will every time?
Do you always let your customers know beforehand if there’s a problem?
Do you always return phone calls the same day you get the message?
Does each team member take responsibility for helping customers or do they hand off customer problems from one to another or from department to department?
Do you ask for more information when you’re asked about the price of a product or service?
Do you always follow up customers in the days or a weeks after they’ve purchased a product or service from you to make sure they’re happy?
Do you stay in touch with customers regularly?
Do you ever surprise them by giving them a small gift?
Do you keep them informed about new things happening in your business?
Do you thank your ‘internal customers’—your team members—for being part of your business?
Our way of doing things is unique and it’s why it produces unique results for our clients…
We would love the opportunity to help you clear your head on what is the right way for you to accelerate your business…
We highly recommend you watch this step-by-step case study of how we grew Beefy’s Pies into a Famous Aussie Icon from a small stressed out bakery into a family owned chain. Click here to get all the insights into their success…
Or if you have heard enough about how we work with our small business owners, then let’s have an off the record chat about your current situation and see what we can do to immediately guide you…click this link to see what time best suits you.
P.S. Ask if our Boardroom Program intake is open for enrolments…It works best for business owners who see the benefit of having us on as their ‘external partner’ so that they are not alone in the day to day decisions of their business.