Here are some of the top reasons brands fail and inevitably see their customers holding the bag and losing money. Make sure your vendors are solid in all of these areas to protect yourself.

1. Poor Product – If a product is difficult to use or has unexpected flaws, it is the customer who feels the pain. When those flaws effect many customers and those customers go elsewhere, word gets out. Eventually there won’t be any customers left who want to use the product and they eventually go to the competition.  We all know in today’s market you don’t get many chances to service your customers the right way.  

2. Not Enough Resources – Any successful company will manage costs but when a company cuts resources so thin that their customers are not properly serviced, or their product can no longer be supported, the brand eventually becomes obsolete.

3. Unfulfilled Promises – If a brand promises one thing and a customer receives another that leaves a bad taste in the customer’s mouth. Multiply this by many customers and it reflects negatively on the brand. The old adage of “Fluff vs. Substance” is very important in the customer-centric world we live in today. 

4. Poor Service – Bad service can mean many things. It can mean inability to get questions answered, in ability to contact a company when there is a problem. The best and worst thing about poor service is that it’s all about perception. All it takes is one negative interaction for a customer to feel like they’ve received poor service.

5. Relevance— Many entrepreneurs, investors and companies jump into a venture without a full-fledged plan or their area of expertise isn’t relevant to their new venture. The inability to adapt to new environments, and understand the needs of customers, can make a product irrelevant. 

Don’t take a risk when it comes to your business. PawnMaster is the industry-leading pawn shop software for a reason. We pride ourselves on having a great product, lots of resources, keeping our promises, and providing exceptional service. We’ve been here for you for 30 years and will be here for many, many more to come.