How to Reclaim Former Clients
Businesses spend thousands of dollars chasing new clients, offering special introductory programs, giving discounts, incenting sales reps. You name it, people have tried it (maybe you have, too) — all in the name of getting new business.
First and foremost, once you sell a new client, it’s paramount that you deliver on every promise and provide exemplary customer service. But there are times, for whatever the reason, clients stop being clients:
- Your relationship was transactional, not strategic.
- You didn’t keep pace with their needs.
- They didn’t realize that you offered additional services beyond just what they were initially buying.
- There was miscommunication along the way.
- They felt your products or service was limited for their growth.
- Personalities got in the way.
Too often, once your client stops doing business with you, you lose contact. But why were you so quick to give up the relationship? After all:
- You invested time and money getting to know them and getting them to understand your business.
- They made a decision at some point to do business with you.
- You formed a positive relationship with them.
Unless you and your client parted on poor terms (or either one of you doesn’t want to restart the relationship), why not focus on getting back that business? You’ve already built a foundation that gives you an advantage over cold calling for new business.
These former clients know you, know your products and services, and have shown they want to be taken care of. Your return on investment will likely be greater when you put your energy into reclaiming that relationship —versus the ROI associated with acquiring new clients.
In today’s competitive landscape, being customer-centric, listening to the marketplace and nurturing your current clients are strategies and activities that produce long-term, profitable business relationships. Studies consistently prove that the two primary buying criteria are service and relationships.
With all those facts, one of the major business development strategies you need to set in motion is to:
- Conduct an internal data base analysis of all clients;
- Target those who haven’t done business with you within the past 15-28 months; and
- Put in place a strategy to reclaim those lost clients.
Developing your strategy calls for:
- Reviewing past purchasing patterns: products, timing, payment, margins
- Discussing history and “stories” with past sales rep
- Researching the business’s current state – website, materials, market data
- Evaluating current opportunities
- Developing a “re-connect” strategy: line of questioning, overcoming past concerns, positioning of unique value
- Evaluating who is best to make the initial call and subsequent follow up calls
- Setting expectations for future and next steps strategies and action items
Today’s business climate does offer an opportunity to grow. In 2012, business leaders need to be creative and persistent in order to increase revenues and profits. It’s a great time to develop, pursue and execute smart and sustainable growth strategies.
It’s time to renew lost relationships this year. Rahal Consulting can help you develop a strategy to reconnect with former clients and remind them why you’re their best choice. Contact Joe today:
Summary
This information presents a sampling of Rahal Consulting’s philosophy and approach toward sales and business development. With extensive and successful business experience accrued over numerous engagements across multiple industries, we are poised to help business leaders prepare for the future.
Rahal Consulting seeks to initiate a dialogue with business leaders and to objectively assist in the development and implementation of growth strategies and tactics.
To initiate a more in-depth discussion and for additional information, please contact:
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Boston, MA 617-999-7262 Rahal Consulting Successfully accelerating the performance of sales organizations
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