When a client leaves your business, there will be one of two approaches that they may take. Either you’ll find yourself dealing with an extremely frustrated client, who kicks up as much fuss as possible as they go; or they will leave silently, but make sure never to return again.
And whilst it’s normal for clients to eventually leave and move on, whether they’ve been with you for six months or six years, underlying issues can be discovered if there are unusual patterns of when and how your clients leave. For instance, obvious signs include if a large number of clients leave within a short amount of time, or if every client has the same reason for leaving.
To figure it out, put yourself in your clients’ shoes
Most of the time, it’s not that simple. And ironically, whilst the louder types will be the ones who cause you the most trouble in the moment, it will be the quieter ones who can cause you issues in the long run. It’s the lack of feedback you'll receive from them, that will be preventing you from improving your retention and negatively affecting your business as a result.
So, to figure out why exactly your clients are leaving, you need to put yourself in their shoes -- this article should do just that. Here are five reasons as to why your clients could be leaving, and see how your business can prevent these situations from happening in the future.
1. Your client had a poor customer service experience
One of the main reasons why your clients may leave could be down to the quality of your customer service. Whether your client has been loyal to you for the last five years or purchased from your business 5 days ago; if they aren’t happy with how they’re being treated and find your representatives unhelpful, they will walk away. In fact, 91% of unhappy clients will not willingly do business with you again.
To improve your customer service, you need to be providing the right channels to deliver a high level of support (see the following point); by representatives that are going to be patient, calm, adaptable and excellent at communicating. You should also offer a repository of frequently asked questions, that your clients can refer to in order to get common queries answered quickly without using up your valuable time.
2. Your business doesn’t offer multi-channel support
Everyone has their individual preference on how to be communicated with, and it’s no different when it comes to clients communicating with your business. And when it comes to getting support with your product or service, restricting the communication options can threaten to isolate clients, which will cause them to leave.
When technology plays such an important part in today's day-to-day business transactions, it’s crucial to be accommodating to your clients' preferences. By providing multiple channels of communication for your clients, using a combination of both traditional (phone calls, emails, face-to-face) and modern (live chats, video tutorials, client portal) tools; you’ll improve satisfaction (and retention) by allowing your clients to have their enquiries dealt with quickly and efficiently.
3. Your clients feel neglected
When your clients are feeling neglected, you’re not necessarily going to realise that this is the case until they’ve already got up and left. You’ll look back at what went wrong, but by then, it will already be too late. In order to stop your clients from leaving as a result, you’re going to need to make some changes.
It’s worth considering that miscommunication (or a lack of contact) is often the main cause of clients feeling neglected. And with this in mind, the issue could be resolved as easily as by touching base little and often. A simple “how are you doing?” or asking for feedback goes a long way, as your client may very well come back with an issue that can be resolved before it escalates further.
4. Your product/service is "too expensive"
When a client leaves and claims it’s because your product/service is too expensive, it could actually mean one of two things. Either A) they see the value in your product/service but genuinely can’t afford to keep up payment, or B) they don’t believe that your product/service is worth the cost and want to take their money elsewhere.
Whilst there’s nothing that you can really do in order to control scenario A, you can have control over clients who leave as a result of scenario B. To do so, you should be effectively presenting how your product or service offers added value to your client. This could include bringing in free training, offering rewards, or improving the speed of your product/service delivery.
5. You didn't give your clients a reason to stay
Whilst it may be great that your business is always bringing in new clients, but if you don’t treat them properly, they aren’t going to be sticking around for very long. Look at it this way -- if your clients don’t feel valued, they’re going to be going elsewhere, for a business that does appreciate them.
There are plenty of ways to show that you value your clients, and give them a reason to want to stay with you. For starters, you can work on building strong and long-lasting business relationships with your clients. Afterwards, you can also provide your clients with incentives and rewards that you will both benefit from -- for instance, by setting up a referrals program.
You should listen and learn from your clients
There’s value in retaining your clients. In fact, it’s 6-7 times more expensive to acquire a new customer than it is to keep a current one. And so, if you want to improve your client retention, you should be listening and learning from the clients themselves. And remember -- you’ll find that, sometimes, it’s the ones who aren’t saying much who can tell you the most about how you can improve.
Clinked is a client portal solution that gives your clients and team members the ability access all of their documents, discussions, events, tasks (and more) from within a centralized environment. By keeping your clients information in one place, using customized and secure portals, you’ll be improving transparency, productivity and satisfaction -- all of which can lead to better retention. You can get started today by signing up for a free trial.