The best possible way to lose potential customers?

Are we losing customers by revealing the cost of our items? Once the person

just wants to know the price, tell them. If they are really interested they will

contact the supplier for further details. Although it is a risk it shows that the

supplier values customers’ time.

On the other hand, asking potential customers to DM or Inbox for a price

requires the customer to take another step that they may not be interested in

taking. This extra-long process may also cause the customer to lose interest

in our product. So why risk it? Customers, when given this response, tend to

get frustrated and tired of this type of “Customer Service” and ended up

leaving without purchasing anything or getting the prices. The need for

giving a price to customers the minute the customer asks gives the buyer

confidence that the suppliers are not giving different prices to different

people since customers like to know the price of items in order to ensure that

they are being charged fairly.

Here are some points to consider:

• Own your prices. If you charge $1 million for your product then so be it.

You can then convince customers why they should spend that amount and
the value they will gain from your product or service. Business owners may

argue that by putting their prices out there persons may become critical. This

maybe a valid point, however, not revealing your prices can make persons

suspicious.

• Create a price list for your standard items or services and make it readily

available to potential customers. The price of an item should not be a secret,

your method or technique behind it could be.

• Be transparent. Once customers trust you they will purchase from you and

refer your services.

• Own your brand. You got into business because you believe you have

something the general public will need and would make life easier. So don’t

hurt your brand by withholding your price. Sell it the best and most efficient

way you can.

Onboarding

Decreasing your churn rate starts the moment someone

becomes a customer.

This means the onboarding phase is crucial, because once a

customer has made a commitment by signing up, particularly if

they are spending money, they see things a lot differently.

Namely, they experience what is called post purchase dissonance:

a universal phase during which they are constantly assessing

their purchase to determine whether they made the right

decision.

Understanding

To truly drill down into the mysterious world of customer

behavior, you need some help.

When you’ve mapped out the sales cycle, it’s time to see what

visitors are doing on your site. For B2B companies especially,

the sales cycle can be complicated and oftentimes the website is

not utilized to its full potential.

Companies like Leadfeeder provide B2B companies a Google

Analytics based tool to see which company the visitors come

from.

Measuring

Naturally, before you fix your customer churn, you have to figure

out what your churn rate is. Here’s a very simple formula for

calculating customer churn rate:

While stating your customer churn as a percentage is the most

commonly discussed method, it isn’t always the best for SaaS

businesses. This formula automatically assumes that all

customers are equal and worth the same.