Why your company is losing CLIENTS?
It’s a truth that you can not please your all of your clients all of the time. Even the most successful and best service providers can lose it’s client because of the differences in their opinion & changes in the situations.
For a company, clients are most important and if your company is losing more clients than usual, then perhaps it means you are making some kind of mistakes to retain your client.
Long Term Clients are always your most Profitable Clients
Here are the few possible reasons because of which your company is losing clients –
- Poor Communication – Your company is having clients because they are having faith in you to complete their projects with quality within given frame of time. To make those projects a success you should be able to communicate well and if you’ll not, then client call up to cancel the project and demand money back. Clear & concise communications should be the focus of your client relations. Many companies found it very useful to have one person as point of contact for all the clients – to provide updates, find answers to client queries, and to chase up for any information that team needs. Business analyst or Project coordinator can perform this role very well for your company.
- Changing team players – Clients don’t have relationships with companies, they have relations with the teams players of your company. These relations are the lifeblood of a small business, so don’t rotate sales people or key contact person unless you have to do that. Try everything hard to protect the relationships your employees forge.
- Your Team is not capable enough – That’s harsh but true. Negativity, mediocrity, rehashed ideas & lack of competency won’t do any favor for your company to retain your valuable clients. Competent, motivated, skilled and innovative team can help you out to remain competent in business.
- Treating new & old clients differently – Offering discounts to land new clients is often necessary, but your old clients will come back to you with the point that their loyalty is not getting rewarded. Try to have some offers for your old customers as well so that they can feel special and rewarded.
- Not Innovative – The client has come to you looking for a creative solution to their problem. But the solution your team has come up with is pretty much the same thing the client has been doing for years. To say the client is underwhelmed is a bit of an understatement. A lack of innovation often stems from a lack of autonomy. If your team members don’t feel comfortable sharing creative solutions, then all the good ideas are going to be lost.
- Provide training and up-skilling opportunities.
- Creative alternative avenues for idea circulation, so that people who aren’t comfortable expressing themselves in meetings have a way to communicate.
- Allow your team to road test new ideas on your own company first – so a new method or technology doesn’t have a client on the other end worrying about the ROI.
- Make it OK to fail. Nothing ventured, nothing gained.
- Not Focusing on price – To remain competitive is the most important point to retain your existing clients, being a lowest-cost provider is definitely a competitive advantage because somewhere someone is planning to steal your clients with their lowest prices, relationships & best quality.
- Sales Team (Employee behavior) – Most often in sales it happens, like when commission rates are much higher for new clients than existing one.If that’s the case and I’m a salesman, why should I work to maintain existing accounts when I get paid a lot more to find new ones? That approach only works if your systems ensure someone else takes over the responsibility for forging great relationships with existing customers.Think about the incentives you provide and goals you set for your employees, and make sure they encourage the outcomes you really want.
- You are Overworked – Entering a growth stage in your business is exciting, but it’s all too easy to let the work run away with you. From the client’s perspective, watching staff work constant overtime, forget important details because they’re so stressed, and neglect basic client courtesies because they’re in a hurry leaves a bad impression. If the client feels they’re not being taken care of and their work is being rushed, they’re going to take that work elsewhere. So in this situation the mentioned suggestions can become beneficial for your company – Start saying NO to less profitable clients, Raise your rates for the services you provide, you can hire a new staff who can deal with overload, and at last but important retain you most valuable resources.