The biggest mistake every small business owner makes and why they keep making it

May 5, 2022 by Michael Diez

Not doing the work to find out how your customers make decisions is the biggest mistake you can make as a small business owner.

Do you know why your customer bought your product and not your competitors?

Do you know why they decided to become your customer?

Do you know what your customers value?

Small business owners cover their ears to protect their feelings

Building and running a business is hard AF.

As a business owner, you invest time, energy, and emotions into your business.

Naturally, you want to make sure you haven't made a mistake investing all this effort into building your business.

But then the "sunk costs monster" takes a hold of you, and you begin to find ways to justify your investment.

So you undercharge in order to over-deliver on a bad product or service just to convince yourself your business is still alive.

But worst of all, you avoid having open conversations about your product or service with your customers.

Whether knowingly or unknowingly, you become a bottom feeder, selling a bad product or service to ill informed customers, all while telling yourself that a sale is a sale.

Tisc tisc. šŸ˜•

Have the courage to find out how your customers pick a product or service

Ask your customers why they bought from you? What competitors did they consider?

Ask prospects this: on a scale from 1 to 10, how likely are you to buy today? What would it take to get you to 10?

Have the courage to sift through the criticisms so you can find those golden nuggets that will allow your product and service to have the greatest positive impact on the lives of its customers, and isn't that the real reason you started a business anyway.

Don't lose sight of your vision. Have courage.

Don't have that many customers? Need help finding how customers make decisions?

Perhaps you just opened for business and things are slower than you anticipated.

Perhaps things have been slowing down for a while, and now it's hurting your bottom line.

Here are a few ways you use to find out how how customers make decisions:

  • Build a newsletter
  • Advertise
  • Offer a great product or service at a discount for a limited time
  • Poll your followers on social media
  • Use automated software to ask customers for reviews
    • Read reviews of your competitor products and services

Need Professional Help?

In a way, I do act like a shrink for my clients. Like you, Iā€™m also a small business owner.

But, seriously, if you need help reaching the right audience and getting feedback that can help your business deliver more value, then contact me.

You can call, text, or WhatsApp me to 786-879-7546.