Your sales team and marketing team spends time and energy to refill the sales funnel but have you ever stopped and considered why customer stop buying ?
While always keeping in mind that customers are the souls of every business growth, statistics prove that selling to an existing customer is simpler.
That why it always recommended to value every customer you have, how can you ignore one customer that stop buying, feeling it just one out of the thousands or millions customers you have, before you know it many customers would have be recorded to stop buying ,,,
Customers that stop buying are already existing Customers whenever one leave you should be devastated about it non respective of the huge customers database you have.
The success rate of selling to an existing customer is 60-70%, while the success rate of selling to a new customer is 5-20%.
Even on top of the product or service, you’re providing, lies the customer experience. If your customers feel ignored by your support team after having a nasty experience together with your product, then they’re going to shift to a different product that provides a far better experience.
So what’s the Disadvantages of losing customers?
Table Of Contents
Disadvantage of Losing Customers
Extra Cost Of Acquiring New Customer
Acquiring new customers costs five times less than retaining existing customers. Then your customers stop buying that we require you to attract new customer by paying extra cost for advertisement, Marketing Agents & Promotions.
Reduction of Sales & Revenue or Profits
When customer stop buying your products or services your sales record is going to be low and that also we result into reduction of profits or revenue to be generated
And you are aware that once’s your revenue or profits is reduced the growth of the business we also be affected.
Spread Negative Review
When you’re losing customers it can result into them spreading negative review about your companies, because for an existing customer to stop buying it either mean that your product or services quality disappoint them.
when they are to give recommendation about your brand what they spread is negative review and this we hinder future customer to patronize your brand.
It Affect Brand Growth
When dissatisfied customer who stop buying spread negative review this we affect brand growth in the market to be able to acquire new customers, same also when reduction in sales and profits occur the brand may not be able to expand by increasing their production or services,
sometime when the profits generated is too low the case of relieving some employees off their duties may happen
5 Why Customers Stop Buying
1. Products or Services disappoint Customers
This is the top reason why customers stop buying, when your products or service fails to meet up customers expectations for purchasing, They are likely to feel disappointed,
This may be due to an updating or upgrading of products or services and change the experience the customer have before about the products or service which could not meet up to customers expectations, It’s a disappointment,
Probably some quality or quality of the products or the quality of services rendered was reduced then why will customers won’t stop buying,
They already know what you offer that why they always buy before but this sudden change that fails their expectations will make them shift to your competitors that will meet up their expectations about what the products or services ought to fix up.
2. In-availability Of Products Or Services when needed
It another plus that make customers stop buying and leave your products or services .
Have you for once’s asked “ How do customers feel when they get to store and could not get the products or services” while also remember that you have competitor offering same products or services,
Customers choose you before as their prefers choice to buy from maybe due to the quality, quantity or offers rendered with your services, but after a while whenever they need to get such products or services it not available, if this repeat twice their mind will shift to giving your competitors a trial and if that trial convince them.
Even if yours products or services become available again they may not shift back to you because their are already getting the expectations from your competitors as well, and this will result into making customers to stop buying from your brand. Lack of Availability of Products or Services we make you lose customers if immediate action not taken.
3. Poor Customer Service
How do your customer Service or Sales rep treat customers. According to the statistics revealed by US Chamber of Commerce shows that ” 68% of Customers leave because they’re upset with the treatment they’ve received ” .
How do you handle your customers, Do you value customers, every customer is emotion with their money , they work hard to earn it So why should they be insulted when spending it on your products or services.
Whenever a customer feel not value by your brand, The customer stop buying because they know other brand are also out there for them to patronize. This are customer that have be buying from you for ages so why giving them the attitude that they are just one out of million customers you have .
Bad experience developed by customer spread often faster. When ever you notice drop down at the number of customers buying before check out how those customers are treated by your sales rep or Customer service Employees.
4. Not Reachable or Contactable
Some business owner don’t take this serious, it not proper for customer not be able to reach or contact you whenever they need to place order or make some enquirers or drop complaints.
Whenever customers not be able to reach you when they want to drop complaints or make some inquires they are likely to feel disappointed or annoyed by that, this can also make customers stop buying.
This may even make them lost faith and trust they have for your brand. Even if your business is remote try and have contacts pages (Email Address & Phone number on all Webpages and social media pages
5. Price Change
Whenever there is an increase in price of your products or services there is probability that some customers will stop buying because they may not be able to meet up with the new budget.
Some of your customers are likely to be a monthly earners customers where by the amount they earned is limited, So whenever you increase the price of the products or services they may shift to your competitors who’s price fit their budget.