Unfortunately, many businesses are dealing with a large number of lost leads or potential customers who chose to leave without making a purchase.
According to studies, approximately 98% of your website visitors are considered lost customers, negatively impacting your company's performance, sales, and growth. This is one of the most basic yet significant reasons why some businesses fail to succeed in the industry.
People are leaving your website for a variety of reasons. Perhaps your content is unappealing, your website is difficult to use, or your prices are excessively high.
Whatever it is, one thing is certain: you are not providing them with compelling reasons to stay.
5 Causes of Lost Leads in Your Business
It's a sad reality that most businesses have low conversion rates as a result of so many lost leads. But this has to stop; you need to figure out what motivates them to leave your page and switch to another brand.
Let's take a closer look at why your company continues to lose leads.
1. Poor Customer Service
Providing a great customer experience from the start of the buyer's journey to the end is critical to the success of your business. You'll be forced to close your business in no time if you don't have any customers. If you want to stay in business, you must be consistent in providing customer satisfaction.
Although it is natural to have dissatisfied customers, you must establish your credibility by providing solutions to their problems. However, if poor customer service continues to reflect on your company, you may need to address the issues as soon as possible.
2. Inconsistent Products or Services Offerings
Another reason you're losing leads is inconsistency in your products and services. Although most businesses add or change products/services over time, they have a core set of items that form the foundation of their brand. To avoid losing valuable and loyal customers, you must keep those products available even if your company expands its markets.
When customers visit your store or website and are unable to find what they are looking for, they are more likely to switch to another brand. The next thing you know, they won't even think about your brand when making their next purchase. Keep in mind that inconsistency in business leads to disappointment, frustration, and distrust.
3. Outdated Marketing Strategies
With the constant innovation in the marketing world, staying up to date on the latest trend and marketing demands will help you stay ahead of the competition. You must adapt quickly and monitor both your consumers to develop marketing strategies that address their pain points. Instead of pressuring them to buy your product, present them with compelling reasons and solutions.
If you want to keep your customers, you must provide a better option than your competitors. Apart from your products and services, it is a wise decision to cultivate a strong customer relationship to gain their trust. Make your brand stand out by providing engaging and appealing content.
4. Slow Response or Unavailability
Communication is always the key to maintaining a positive customer relationship. You must be available whenever a customer needs you to answer their questions. Most customers despise slow responses or messages that go unanswered because they feel unvalued and unappreciated.
It's a good thing you can incorporate live chat or a chatbot on your website to make your life easier. Your customers will not have to wait hours, days, or weeks for an answer to their inquiries if you use these marketing tools. You can ensure that their needs are met even on weekends, holidays, and off-hours.
5. Failure to Meet Expectations
Some businesses raise the quality of their products and services to attract more customers and make a sale. However, if they fail to meet the audience's expectations, their entire brand may suffer. Take note that, regardless of price, the majority of customers base their purchasing decisions on quality and value.
Customers who are upset or angry tend to share their experiences with their family and friends, and in the worst-case scenario, post it online. Never underestimate the power of word-of-mouth marketing, because one bad move can make or break your company.
5 Steps to Win Back Your Lost Leads
Bringing back your lost leads can be less expensive than finding new ones. According to research, more than 70% of businesses reported that bringing back their lost customers is a lot cheaper. So, to help you save, let’s uncover several ways to win back your lost leads.
Step #1: Acknowledge the Problem
The first step toward regaining your lost leads is to recognize the issue. Why did they leave and stop purchasing from your company? Was it due to poor customer service? Were your products and services unable to live up to their expectations?
If you are unsure of the possible reasons, you can always directly ask your customers. To collect feedback from your customers, you can create a survey or monitor your review section.
Step #2: Create a Marketing Campaign
Once you've identified a common issue, it's time to develop a marketing campaign to address it. It is an excellent way to demonstrate and explain to your customers the solutions you have developed in response to their feedback. When they see how much effort you have put in to win them back, they are more likely to take the chance to do business with you.
However, there will be a few who will reject your offers. Even if they initially say no, you can always ask if they are willing to talk more about your products and services. It may be difficult and risky, but having a great conversation is the first step in establishing a customer relationship.
Step #3: Give Incentives and Gifts
Giving incentives or gifts is one of the most effective and simple ways to reclaim lost leads. Most people are drawn to brands that offer great deals and are more likely to stick around if they are consistently treated well.
You can also go above and beyond by tailoring each offer to a specific group or type of customer. Make sure what you have in store for them is worthwhile of their time. It might not work right away, but with consistent effort, you will undoubtedly gain more customers and increase your sales.
Step #4: Take Advantage of Social Media
Social media platforms are the best place to reconnect with lost leads. Since it has millions of active users every day, you can get immediate feedback on how effective your campaigns are. You can easily tag or mention them, increasing your chances of getting noticed.
You can show your customers that you are not only listening to their complaints but that you are ready to take action. It is a great way to get their feedback before launching your new products or services by holding surveys or polls.
Step #5: Select Win-Back Leads
Before proceeding with the actual solution, it is important to select the lost leads that can be easily converted into sales. Take note that not all lost customers are worth pursuing. Some people are not only ready but also unwilling, to purchase your goods and services.
To avoid this, you should conduct a background check first. How frequently do they visit your website? What product or service are they looking for? Were they referred by one of your existing customers? If you believe there is a better chance of converting them as new customers, go for it.
Winning back your lost leads does not happen overnight. There is no one-size-fits-all solution to keeping your customers, but rather a combination of marketing strategies combined with an exceptional customer experience. It takes a lot of hard work, effort, and patience to see the results.
However, this does not imply that you will simply sit back and wait for your customers to return. By responding to the changes in market trends, customer behavior, and competition, you can keep your customers happy and loyal for a very long time.