Running a business means you’re making money off of the public, providing anyone who comes through your doors with products and services that could make their a life a little more fun or a little easier and/or convenient. And because of this, you always need to be aware of the kind of people who are buying from you; you don’t want to lose customers via simple mistakes, and you don’t want all your market research to go to waste.
So in your pursuit of knowledge, make sure you’re aware first and foremost about the most difficult customer habits to navigate, and hopefully prepare yourself for tackling them before they move on to buying from another store.
Customers can be extremely picky, and you need to find out why, and what you can do about it.
Someone is very likely to walk into your store with a price in their head, and if your product doesn't match it, they’re not going to buy and will walk straight out again. Or a customer will walk in knowing the price that your same product is selling for down the street in another store, and when they see that what you’re retailing it for is higher, they take their business elsewhere.
It’s a huge killer on your profits margin, and if you’re sick of seeing your customer churn rate increasing because your customers' turn up happy on another company’s doorstep, it’s a clear sign that you need to adjust your pricing strategy--whether that means lowering your prices or creating more value at your current price. One sales technique is to highlight the price margin between you and another store, and offer discounts or market your price markdown compared to someone else down the street.
There are a lot of customers out there that love a bargain. We can’t blame them, it’s a huge benefit to be able to score $100 worth of clothes for only $50 or so! But when it comes to scoring a bargain, there’s a lot of customers that go the extra mile, and like to scam a company out of its products.
So you need to know how to spot them, and your rights when this occurs. Whether it’s a mail-order scheme, or someone hacking another person’s account to take advantage of your online retail availability, there are quite a few people out there who can target you for a quick buck. And you rarely make any money in return; you lose good and honest customers to people like this, and you have to stock up the inventory more and more often the longer these scams go on. This can even happen when you are selling digital products. Not having the appropriate safeguards to prevent sharing of your digital content can cost you big time.
Customer habits have changed a lot over the years, and they’re still evolving right now, but you need to be aware of the most insidious types of challenges there are out there. You’re a small business, looking to build yourself up and put money into the local community; you don’t need to deal with any behaviors like the ones listed above, so adapt to them when you see something like them occurring within your business.
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