Approximately 91% of dissatisfied customers do not wish to do business with the companies that have previously disappointed them. Out of this number, approximately 13% share their negative experiences with at least 20 other people through day-to-day conversations and social media. This makes a competitor’s dissatisfied customers a perfect target for increasing its own customer base.
It is much easier to get the attention of a consumer who is actively looking for alternatives. The need is already established and all it takes is for a new company to provide a better option in order to remediate a previously bad experience. Unhappy customers also act on emotion, they are usually distraught or aggravated and will be quick to switch when they see something better. While also usually being a great source of useful information, dissatisfied consumers provide feedback on what the market wants and values, importantly what your competitors are lacking. This is useful information when deciding how to approach a new marketing strategy, or what products a company should develop in the future.
Where to Look for Customers You Can Convert
An integral part of the ‘finding customers’ that can be converted strategy, is to make it easy for them to locate your company. Dissatisfied customers actively search for better options and alternatives. Businesses should invest in good online communication media, including a website that ranks well on search engines, for instance Google and Yahoo. The site should also be easy to navigate, filled with relevant content and information. Obviously you can also attract people’s attention by investing in more traditional media, such as local television commercials (budget permitting), or interesting print adverts, for instance featured reviews. Once you make your presence known through marketing mediums, your team can communicate the features and benefits of your product to your target market and competitors’ customers.
You should also be aware as regards to when and importantly where people post complaints about your competitors. For instance by checking online forums that cater to your niche market, even perhaps local groups that receive specific complaints related to your industry. This could also take the form of tapping into social media sites, by searching for specific mentions made by disgruntled customers about their personal experiences, when using a product similar to your product or service.
Further, brands could also visit locations of which their target market converges. Find these locations and be involved in events and activities that your target market participates in. Connect with competitors’ dissatisfied customers, in order to provide them with details on how your product can better satisfy their requirements. This is also a great way of getting ideas with regards to what a competitors weaknesses are, also what can be done to further enhance a current marketing approach.
The Art of Converting Customers
Marketing is all about convincing your potential customers that they need what you have to offer. Usually for the most part, it can be difficult to grab the attention of consumers that are bombarded with thousands of marketing communications per day. Dissatisfied customers however are far easier, they are already interested in the product or services that a company has to offer, and already know what they like and dislike.
Here are some steps to follow to successfully gain the loyalty of your competitor’s disgruntled customers:
1. Monitor
Devote some resources to monitoring competitors. This can take the form of checking on public sources such as Facebook, Twitter or blogs to get an idea of what competitors customers are complaining about. Observe how competitors deal with these complaints, to see how they can be improved upon. Use analytics and tools to identify main issues, focusing resources on how to provide better solutions to these problems.
Companies should also watch out for top influencers within their industry. Certain blogs, websites, or social networking sites actively influence a substantial chunk of a target markets’ consumers. These sites may deal with product reviews, customer satisfaction, or industry updates. Creating great relationships with these influencers can potentially provide sound business results, helping to convince customers that a new company can provide better solutions to their needs.
2. Improve
No matter how great a company thinks their product is, there is always room for improvement. Use the information gathered from monitoring competitors and work on making products or services better. If potential customers are unhappy with the customer service provided by competitors, attract them by training your front line support staff to provide not just better, but the best quality customer service available.
3. Close the Deal
Approach prospective customers in a positive manner, for example by not insulting competitors. Begin by discussing the most common product or service errors made within the industry and discuss what strategies or improvements that your company has made to avoid the same mistakes. The ideal result being the realisation that your companies product is a better option and it better meets their requirements. Build customer loyalty by emphasising what your company can do better, not simply by bad-mouthing competitors.
4. Deliver
Customers will always find something to complain about, but they can be contented, as long as a company deliver upon what was promised. Set the correct level of expectations by making goals clear from the start, “Under promise and over deliver” so that customers are not repeatedly disappointed.
Conclusion
Customers who have been disgruntled with previous providers, bring with them the potential for establishing a strong and lasting business relationship with a new company, make that company your own. It is important for brands to create a method of identifying where to find unfulfilled customers and how attract them in order for them to try out a better offer, make that your offer.
Process improvement should not be underestimated; companies should always be willing to invest in product upgrades that will meet customers’ expectations and needs. Deliver on what has been promised and only promise what can be delivered. Companies that are able to attract the dissatisfied customers of their competitors, will have a great opportunity to grow their own number of loyal customers, particularity more efficiently in comparison to those who target people who have not yet decided to use a product or service.