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Competition is unavoidable in businesses since many other entrepreneurs have the same business idea as you. Therefore, it is virtually impossible to totally dominate an entire industry or niche. You will compete with your competitors for the same target audience, and research shows that the average American company will lose 15% of its clients yearly. However, nothing is worse than seeing many of your customers jump ship even when you feel you are giving them the best offerings and prices possible. Below are some of the most popular factors that could be convincing your clients to choose a rival brand over you.

1. Poor online reputation

An estimated 93% of consumers read online reviews before purchasing products. Therefore, a poor online reputation could explain why your business is struggling behind its rivals. Many potential clients will judge your products and services based on reviews alone, so it doesn’t help to have numerous reviews that paint your business in a negative light. People who read these negative comments will undoubtedly be turned off and opt for your competitors with positive online feedback. As such, it is crucial to do something about bad reviews instead of simply ignoring them. Quick responses, acknowledging customers’ complaints, taking responsibility, and apologizing are some of the best ways to deal with negative online reviews.

2. Outdated technology and equipment

Modern technology is ever-evolving, which is both a blessing and a curse for companies. On the one hand, technological advancements have simplified numerous aspects of business operation, opening up several possibilities. On the other hand, it is very easy to fall behind: the tools and equipment you use can easily be obsolete in a few years. Therefore, your company could be playing catch-up with its rivals if you don’t upgrade your technology and equipment. Indeed, you can be sure that a competitor or two is investing in new technology and equipment if you aren’t. As such, they can offer better products and faster service to your clients, making them more attractive options. Consequently, keeping up with your industry’s technology and equipment is vital to prevent being outdated. For instance, if you run a dermatological practice, investing in a spectrum laser tattoo removal device is worthwhile to offer top-notch services to clients and make them less likely to leave. 

3. A clunky sales process

Modern consumers expect a streamlined experience whenever and wherever they interact with brands. Therefore, failing to deliver this would mean missing out on sales. Indeed, many potential clients will simply buy elsewhere if it is too much work to purchase from you. As such, make it easy for people to spend cash on what you offer. You can achieve this by making the sales process smooth and streamlined. For starters, go through your sales process to identify whether any glitches may cause clients to bail, like slow-loading website pages and inadequate payment options. Then, fix any identified issues to give people fewer opportunities to change their minds when buying from your brand.

4. An Undervalued Team

For your employees to work at their best, they need to feel appreciated. When teams aren’t appropriately supported, their work slips, and it shows to the customers. Causing problems in the consumer-to-business communication loop. Showing you value your employees’ work through bonus schemes, ongoing training, and career development support will fix any issues with productivity. 

But appreciation starts at the very beginning of the process. No matter which section you work in, optimizing your talent acquisition process is a great place to start for quick results. That might mean looking at your housekeeper recruiting strategies or improving disclosure of employee benefits on job advertisements. Whichever route you take, happier teams equals higher staff retention, lower turnover, better customer service, and a competitive edge.