What happens when your best customer or client stops working with you and your company?
Did you read last week’s article: “Why Did Your Best Customer or Client Stop Working With You?”
Now you may have thought – “it didn’t happen so this does not matter to us?”
Well maybe, just maybe you want to consider…
“What happens when your best customer or client stops working with you and your company?”
Because – you may be in the perfect position to take a few action steps now to avoid this occurrence in the future. Refer to last week’s article.
If you have allowed one single client to become the source of more than 20% to 25% of your revenue, the fact that they have stopped working with you is a huge problem.
Especially if you didn’t seeing coming and it is a shock.
Immediately there are issues to deal with –
- budgets and planning for the year have to be redone.
- how quickly can this revenue stream be replaced by other customers – old ones, current ones and new ones.
- planned hiring and expenses may need to be placed on hold.
- all current customers need to be met with or at least spoken with about your current working relationship and how everything is working for them. Make certain they know you will be happy to do more for them at any time.
- and there are likely more issues…
If you and your team aren’t already doing these things – don’t wait to start – get moving on these right away.
The first and most important is to stay relevant and on everyone’s radar.
This should be going on all of the time, however, sometimes it’s given way to other priorities as a company grows, gets busy and becomes more established. This means one-on-one meetings with your centers of influence and closest contacts.
Secondly is networking.
Everyone should know the basic value add of your company’s products or services. Everyone needs to ‘always be networking’. Formally this is attending events and gatherings where likely prospects will be in attendance. Informally it is having that conversation on the plane with your seat mate, as an example.
This is marketing.
There are more items for certain, however, third on this list is marketing – as in keeping up with a social media presence for your company. With a focus on a couple of the social media platforms with regularity it’s not too difficult, yet it does need to be managed and remain fresh not awkwardly repetitive or stale.
By quickly getting on top of these items you will have a better chance of securing some new clients and possibly some additional business from your current clients. The key is to keep these going even as your company replaces a departed customers, grows bigger and becomes busier.
Wenkroy International LLC is a Professional Advisory company with a main purpose of helping entrepreneurs and business people create the strategy, the plan and the steps necessary to achieve that person’s vision for their business and often their life, while navigating the obstacles which may be blocking them from reaching their goals. The process may involve one on one coaching, advising, laser focus days, personal growth workshops and more. The methods utilized are determined together. The results and value positively impact individuals, teams, divisions and across entire companies. People are now able to focus on what matters most to them, because, they have clarity on where they are heading.
As always share the information in this article with people you know.
