Why have my clients stopped coming back?
Losing clients is discouraging. Some leave on good terms, explaining that they can no longer need your services, or maybe business is not doing well and they can no longer afford the support (which you should really have know about as their advisor). But, others drop you without any real explanation.They just don’t say a word and never come back. You wonder what their reasons are for leaving and ask yourself if there’s anything you could have done to prevent it.
Why do clients leave? Is it you? Is it them? Here are four reasons why your customers go and what you might be able to do about it:
- They shopped for better deals and found one
Businesses gauge their success based on revenues and ROI. And to remain profitable, they seek cost-effective strategies to reach their business goals. It involves paying the best prices for the right products and services. If your prices don’t justify the value you deliver, it makes sense that they will look for better options. To ensure they are not the first of many to disappear, you need to investigate their reasoning and ensure that, despite the split, you remain on good terms (and will address your findings).
- You’re no longer of use to them
Whatever your firm specialises in, there may come a time when your client no longer needs your services. Maybe they’ve hired an in-house specialist, as business has grown. Maybe they have diversified or sold off part of their business and their requirements have changed. Unless you can deliver value to meet their new needs, there’s very little you can do here.
- They’re dissatisfied with your services or advice
It’s a harsh truth to accept that there may be something wrong the advice you provide or you have delivered services of little value or outside of scope. However, you shouldn’t immediately go and dramatically change your business to fit the needs of those who aren’t satisfied. If you have a healthy list of clients who are happy with your services, it may be a difference in opinion. Some clients have unrealistic expectations, and it shouldn’t dishearten you if you cannot meet them. You also don’t want to risk losing the clients who love your products and services by changing how you do business only to satisfy a select few. That said, investigating the reasoning behind dissatisfaction is important to stem the flow.
- Your client feels they’ve been treated poorly
Customer experience is so relevant to clients that according to a study by Zendesk, 82% of customers stop doing business with an organisation because of a miserable experience.
Clients only stay with companies they trust and respect. They need to value what you do and how you make them feel. And if they feel unhappy with the way you treat them, trust that they will leave.
As businesses grow and take on more clients, many make the mistake of taking their loyal customers for granted. They no longer give them as much attention as they once did, assuming there’s no longer the need to nurture those relationships continually. And when these clients start to feel they are no longer valued, they will look for someone who does.
If you have not been in business that long and are losing relatively new clients, it may help to evaluate your customer experience and customer service to determine if you’ve failed to treat all clients with respect, empathy, and a genuine desire to meet their expectations to the best of your abilities.