Where Did All Your Clients Go?
It states that, for many events, about 80% of the effect comes from 20% of the cause.
- You make 80% of your calls and texts to 20% of your address book
- 80% of crimes are committed by 20% of criminals
- You wear 20% of the clothes in your closet 80% of the time
- The richest 20% of the world’s population controls 80% of the world’s income
And here’s a big one
80% of your company’s future revenue will come from just 20% of your current clients
That should speak two things to you.
1) You better have a system for generating new leads at all times
2) You better be taking care of the clients you have now
Let’s talk about that second one.
The clients you currently have are doing business with you for certain reasons. I hope for you sake you know exactly what those reasons are. If you don’t know them, pick up the phone and call your clients to ask them.
Call them and say,
“Stacey, I just wanted to tell you how much I enjoy working with you all over there at ABC Co. Thank you for your business. By the way, I want to make sure I’m really focused on everything you need from me. Can I ask what are the two most important things to you when it comes to choosing which (attorney, draftsman, designer, lender, pain doctor, plumber, insurance agent) you will work with?
You’d be surprised at the answers. Even if you started the relationship years ago based on “good customer service”, maybe things have changed for them.
A company doesn’t make the decision to use you. A human being does.
And that human being’s life is always changing. The things that are important to him/her are always changing. Part of your job is to know what’s important to them today.
The days of simply doing good work and keeping your head down are over. It’s too competitive now. If you aren’t adding value to your clients/donors/patients then you are toast.
Most statistics show that it’s roughly 10 times more expensive to get a new client than to retain a current one.
Look at your client list from last year and the year before. Who was paying you for services then who isn’t paying you now?
If you noticed that you lost a client, don’t do one more thing with your life until you find out why they left.
I was part of a non-profit a few years ago. We switched from one CPA to another. Not because of bad service. It was just a convenience issue. And the CPA who we were using sent one of the best emails I’ve ever seen. He even compliments the new guy we chose.
I hope you use some version of it on clients that you lose.