Hi, and welcome again to this week’s marketing tip.
I want to thank those of you who have emailed me with topics you would like me to cover. You will read my strategies to help you solve those problems in coming issues.
Now, to continue on this important topic.
This week, I will go over the first two reasons clients stop buying.
- The client no longer needs your product or service and,
- The client had a bad experience with your company or product.
Let’s start with the first reason…
The client stopped having a direct use for what they perceived to be your basic product or service. There are two possibilities here.
The problem could simply be a matter of perception. You may never have communicated to them that you have other complementary or more advanced products or services.
Let’s say you’ve just sold an insurance policy to a client. Most insurance agents think that this is the end of the sale.
But as you already know, that’s just the beginning. There are many things that can affect whether that client stays with you, or forgets about you completely.
If they don’t realize you can help them in other areas of their financial and personal protection, they won’t think of you as their “go-to” problem solver.
Let’s use coverage needs as an example. You know how life changes – people get married, have kids, buy homes, start businesses, or retire. Each of those milestones changes what kind of protection they truly need.
By keeping in touch and educating your clients over time, you stay top of mind. So when they buy a new car, have a baby, or start thinking about life insurance, you’re the first call they make.
And if you’re proactive, reaching out before they even realize their needs have changed, you don’t just keep a client…
You build a lifelong relationship based on trust, expertise, and real value.
There are many things you can do to make your clients believe that they will always need you.
The solution is very easy. Better education of your clients. If you’ve got more advanced products or services, don’t keep them a secret. Never assume that a client isn’t interested in something else that you might offer.
But, let’s suppose that you actually only have one category of product or service, and some of your clients really no longer have a need for it. How can you continue to profit from them?
Let’s not forget about referrals and joint ventures. Your best clients, even those who no longer need your product or service, are still your best source of new clients.
Another way to profit from clients, who no longer need your services, is to set up a joint venture with a business that offers different or more advanced products or services. You can offer them the names of your inactive clients in return for a portion of the revenue they generate.
Now let’s get to the second reason clients might stop purchasing from you…
The client had a bad experience with your company.
By communicating with your inactive clients to express your concern, you should also ask them if they had some negative experience dealing with you or your company.
Most clients aren’t complainers. They just stop doing business with you, but if you communicate with them, they will let you know if there was a problem.
A negative transaction is the second most common reason people stop doing business with a company. Many things can go wrong in the mind of the client.
In the process of helping a client secure insurance coverage, it’s possible that you or someone on your team didn’t handle everything perfectly, even if it wasn’t intentional.
Maybe a follow-up call was missed. Maybe a question went unanswered for too long. Or perhaps something in the paperwork or onboarding left the client feeling a little confused or overlooked. Or it could be that the product or service didn’t meet the client’s expectations.
Like I said above, most clients won’t complain directly to you.
Instead of calling and complaining about the negative experience, it’s possible they simply dropped the relationship with you.
Your job is to express to them when you communicate with them, that if there was anything unsatisfactory, any problem, any disappointment or anything wrong with the purchase they made, that you want to hear about it and correct it immediately.
Explain to them that, if that’s the reason they haven’t signed up with you, you feel terrible and are committed to doing whatever it takes to make the situation right.
Above all, you want to make certain that, even if they never buy again from your company, they can honestly say that the last time they purchased from you was a satisfying one.
Depending upon the business or profession that you are in, making up for your client’s dissatisfaction may mean you fix the problem immediately.
It might mean that you replace something, or you can give them some additional free items or services to make it up.
The important thing is to do whatever it takes to make them happy and aware that their well-being and satisfaction are of the utmost importance to you.
Ultimately, the chances are great that you will win them back as clients again. But even if you don’t, you will gain a valuable insight into areas of your company that need improvement and you will prevent the problems from ever happening again.
Well, that’s it for this issue. If you need step-by-step instructions on how to implement this and other ideas I give on creating customers, simply go to this training page.
Feeling Stuck In Your Practice?
Check out my new book Stellar Marketing. I reveal new ways to tap into the hidden psychology of customer desire. Do this and you’ll turn even the most skeptical prospect into a loyal, raving fan.
Also, my business E-BOOKS are now available for you to download. (Download the e-books here…)