Can you think of a customer your company has lost because a competitor was able
ID: 3880039 • Letter: C
Question
Can you think of a customer your company has lost because a competitor was able to provide him or her with a better product, service or price? If you are not currently employed, think of a past employer, or a time when you, yourself, have chosen a competitor because of a better product, service or price. Give the details of the situation and explain what your business could have done differently to keep the customer from going elsewhere. Explain what corrective measures the company should implement to retain that customer and future customer. Can you think of a customer your company has lost because a competitor was able to provide him or her with a better product, service or price? If you are not currently employed, think of a past employer, or a time when you, yourself, have chosen a competitor because of a better product, service or price. Give the details of the situation and explain what your business could have done differently to keep the customer from going elsewhere. Explain what corrective measures the company should implement to retain that customer and future customer.Explanation / Answer
1.prepare for price wars:
when a competitor gets serious about new business ,he will often starts executing that strategy from lower levels.Then we need to ready to respond such undercuttings as quickly as possible.Providing extra value will help you to lay the groundwork and get your customers before they jump ship.
2.Counterattack:
If any competitor stealing your customers,it's your turn to take action on them.Then go after competitor's customers,you should be likely to distract them.Once you have built good network with your own customers,then you will be able to launch any kind of attack on competitor.
3.Become a Resource:
The more you know about the product,they can be more communication between you and your customers.Encourage your customers to ask questions about the product.If you don't know the answer ,find out and clear them.This will make strong relationship because even they tempted to ditch your product,they will hesitate to lose you as you are the source of information.
4.Build Intelligence:
Always maintain a good relationship with customers.Ask them to let you know if any competitor approached them.If you already maintaining good relationship with customer ,you can ask him do as a favor.Once the customers are trained on any poaching attempts,you will have excellent opportunity to know the competitor strategy.
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