3. Look for ways to improve your current client relationships
It’s easier to grow your business with your current customers instead of spending excessively to try and acquire new ones — although prospecting is important, too. Take this opportunity to review your current roster of clients. Individually evaluate each one, specifically looking for areas your organization can improve communication, the overall relationship, and potential new areas of growth.
You can also review each client’s current business with your company to see if there is an opportunity to grow the relationship with additional offerings and upsells. These transactions are especially beneficial because they would be within your already-established working relationship.
4. Reinvest your newly available bandwidth into prospecting
What better way to spend your unexpectedly available time than to invest it in new business development? Use the hours you previously committed to the former customer toward researching, prospecting, and calling potential new clients.
The one immediate upside to losing a client is the bandwidth you and your team get back — bandwidth that can be wasted complaining or utilized looking for new customers to fill the calendar back up.
It can be easy to let new business development slow down and take a backseat when business is thriving. We forget about the importance of prospecting for new customers when cash flow is coming in strong, but we’re quickly reminded of their importance the moment we lose a large portion of that income.
You can spend your newly acquired free time scrambling, or you can invest it back into your company by using it to acquire more revenue and customers.
5. Setbacks set up even bigger wins — with the right mindset
No one likes a setback. We feel hurt and disappointed by the relationship we feel we’ve lost, especially when it’s our biggest client. However, there are lessons in each professional breakup that can pivot our teams toward brighter tomorrows.
But our setbacks only set up future winning opportunities if we look at the situation as a learning experience instead of a dead end. Take this quote from Walt Disney: “All the adversity I’ve had in my life, all my troubles and obstacles, have strengthened me . . . You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.”
Even If Your Biggest Client Wants to Come Back, Is It the Right Move for You?
- There are various strategies for winning back clients, including:
- Tailored offers
- Each offer will have its own success rate and ROI.
- However, when you’re looking at the possibility of a customer re-signing with your company, ask yourself the following questions:
- How likely is it they’ll actually come back?
- How long will they stay?
- How much do you anticipate them spending with you?
- Which win-back strategy is the most profitable?