The business world can be cut-throat competitive, and there’s nothing worse than seeing your company fell behind your competitors. You might be looking at your sales record and wondering why you’re losing customers monthly. After all, most people perpetuate the myth that if you build, they’ll come. However, that’s not true. Moreover, many businesses become complacent when they form a customer base. They believe that their customers will show loyalty through thick and thin. Unfortunately, the reality is that things don’t work that way. According to a report by McKinsey and Company, only 13 percent of customers report loyalty to a brand in the current landscape. Therefore, if you’re running a psychedelic drug business and you’re falling behind your competitors, you’ve got your work cut out for you.
You’ll need to work extra hard to retain existing customers and attract new ones. However, more importantly, you’ll need to figure out what’s holding you back while your competitors prosper.
We’ve prepared this blog to help you identify areas where your psychedelic drug business might be lacking.
Reasons Why Your Lagging Behind Your Competitors
There are several reasons why your company might be lagging behind your competitors. They include:
Whether you’re running a fast-food restaurant or a psychedelic drug business, the business principles remain the same. Organizations thrive on customer satisfaction. If your customer service is lacking, you’ve got severe problems on your hands. You’ll need to take time to figure out where your customer service is slacking. Do customers have to wait in long queues when they attend your store? Are your customer service representatives too busy to respond immediately to calls? There are several things you’ll need to rectify.
You’re Behind the Curve
If your competitors constantly beat you to new products and services, there’s no reason for customers to be loyal to your brand. Innovation captivates people and drives sales. If you aren’t innovating, you’re lagging behind the curve. Take Apple as an example. The company has a history of innovation, leading to its sustained dominance. Considering the psychedelic medicine and drugs industry is still in its infancy, there are definitive first-mover advantages. If your competitors are more innovative than you, they’ll acquire these advantages, leaving you in the dust.
Clunky Sales Process
Our world continues to become digitalized. The days of customers popping into stores to buy products are long gone. Today, consumers want convenience, and the best way to provide them with it is through technology. If your psychedelic drug business doesn’t have an online presence, you’re stacking the odds against yourself. In addition to an online presence, you’ll also need E-commerce solutions to enable your customers to purchase products online without any human intervention.
Moreover, you might need to assess your current sales process. Do you have an adequate variety of payment methods? Can customers buy online and pick up in stores? These are all legitimate concerns that you’ll need to address.
You Don’t Deliver on Your Promises
One of the quickest and most sure-fire ways to lose customers to competitors is failing to deliver on your promises. If you guarantee shipping within 24 hours but fail to fulfill that, customers will be displeased. If you’re frequently failing to make good on your promises, even the most loyal customers will run out of patience and switch to a competitor. Nobody likes it when you renege on promises. Therefore, you must try to fulfill your promises.
Revamping Your Business for Success
Injecting capital into a business can sometimes help it rebound. If that’s the case for your psychedelic medicine company, we can help you.
The Conscious Fund is a psychedelic venture capital fund that invests in psychedelic medicine companies. We’re actively looking to fund plant-based medicine companies and products from early-stage startups.
Visit our website for more information.