It is common for some sales in your company to drop slightly over a given period. It is usual to see profits fall and rise. The problem is when the drop seems to be too drastic. It shows that many people who used to be your customers decided to leave you in droves. You need to understand the reason behind their behaviour and find a way to deal with the problem.
Increase in price
People bought your products before because they were of top quality. However, they were not valuable enough to justify a drastic increase in price. It means that you need to be cautious before deciding to place a high price tag on your products. Some people might see the cost as a reason to look for other options.
Decrease in size
Since you did not want to increase the price, but you wanted to cut the cost, you decided to decrease the size of the product for the same price. This move is similar to a decision to increase the price. You are giving people a reason to find another practical option.
A new company came along
When you entered the market, you already had competition. The good thing was, at that time, you had the chance to study them and found a way to remain competitive. This time, a new company appeared, and you had to compete against it. Since you had no idea what the brand was and why it stood out, you might have been caught by surprise with its arrival. The company suddenly took a portion of the market, and you became the victim.
Your customer service is terrible
It is also imperative to improve your customer service and address the concerns of your target audience. They might have problems regarding their transactions with you. The least that you can do is find a way to solve those issues. If you continually have issues related to customer service, even with quality products sold, these people will move away.
Your marketing efforts are not working
No one will know that you have quality products without a good marketing campaign. It is crucial for you to take the necessary steps to inform everyone about what you offer. You can invest in rollerbanners too if your primary goal is to reach out to as many local customers as possible. When you try these changes, you might win back some of the customers you lost in the past. They did not necessarily leave you, but they found other ads to be too powerful to resist.
Do not feel bad when loyal customers start leaving you in large numbers. It does not mean that they are not coming back. With constant communication and engagement along with a focus on product development, you might win them back. Give it some time and try different methods to make them want your brand again.