So what do you do when a client tells you
they're leaving, you know, aside from panic?
Well, don't worry, I got you covered.
I'll be right back.
Hi Heroes, it's Warwick here,
founder at Account Manager Tips, host at The KAM Club and on a mission
to help busy key account managers get results.
So let's talk about it.
What do you do when your client tells you they're going?
Well, first off, be prepared for an emotional response. Now
you might feel angry, you know, because you feel like you've been
betrayed, you know, like all that work that you've done.
Or you may feel panic or anxiety because,
you know, you go and tell your boss and, you know they're going to flip.
Or maybe you're just said because you're losing a client that you really enjoyed
working with and you really don't want them to go.
All of the above are totally valid feelings.
So, you know, allow yourself some room to feel them.
And I mention it because having
an emotional response can lead to impulsive actions.
So give yourself a moment.
Maybe all you need are a few deep breaths or maybe you need a whole day to process
what your client has told you about the fact that they're leaving and why.
So after you've collected yourself,
let your client know that you understand that they're going.
That you're, of course, disappointed and say anything at all
that you could do that might change their mind?
Now, they may give you exactly what you need to keep them.
Now, it sounds obvious, I know,
but in a survey by Accenture on customer service, 81 per cent of respondents felt
that the company they were leaving could have done more to keep their business.
And 51 per cent said they would have
reconsidered their decision had they been offered advice or, you know,
suggestions on how to get more value from the partnership.
So, you know, there's nothing wrong with saying please stay.
You know, you're not looking for a 100 per cent commitment on the spot.
What you are looking for is permission.
You know, you want to repair the relationship and you want them
to allow you a little bit of time to figure it out.
Now, hopefully, they're happy to talk
about it, but if they say it's all too late and hint it's never too late,
but we'll get to that later, ask for a meeting to discuss de-implementation.
Essentially like an exit interview.
Now, that exit interview isn't really an exit interview.
We called it that because if your client has already said there's nothing you can do
they're more likely to accept a meeting to talk about leaving,
then a meeting to, you know, give a desperate pitch on why they should stay.
But secretly, you are going to deliver
that desperate pitch on why they should stay in that exit interview.
You're welcome.
Take a good, hard long look at what
went wrong, to see what needs fixing and how you can come up with a compelling
solution that will convince them to stick around.
Or at least say enough doubt to make them wonder if it really is better to go somewhere else.
What's that expression? Better the devil you know.
Now, some things you might want to ask yourself are,
did you quite drift away or did something happen that triggered their departure?
Are your clients' expectations realistic?
You know, it's that age-old story of champagne tastes on a beer budget.
Were you meeting commitments on service
level agreements and key performance indicators?
Are you competitive?
Does your client's pricing still reflect the market?
And maybe you need to sharpen your pencil.
Have you made promises for things to get
better and your client’s kind of still waiting?
What about resources? Have you got enough of them?
Are you or are others overworked? And maybe the cracks are showing?
What about the team that's working with them? Are they the right fit?
Maybe a different team could make a difference? And is their solution
optimised? Are there features that they're not using or new enhancements or releases
that they're not aware of that would make a difference?
I guess what I'm asking is,
what could you have done differently? The process of reflection will help you
understand what went wrong and give you some ideas on how to fix it.
Now in that follow-up meeting, a.k.a. exit interview,
a.k.a. desperate pitch, asked the same questions that you asked yourself.
Why are you leaving? Were your expectations met?
Are we competitive?
Could we have done more?
What could we have done differently?
Do we have the right team in place?
And finally, what can we do to get you to stay?
Then steer that conversation to the ideas that you've come up with.
And it's not a hard sell.
Like I said before, you're bouncing some ideas around
and you're asking your client what they think?
Is this enough?
Would they be open to an updated proposal or further discussion based on your
suggestions now that you've talked things through?
Now, if you're a member of The KAM Club, make sure you have the meeting planner
template so that you are fully prepared for the meeting.
And you know what?
If you're not a member of The KAM Club, what are you waiting for?
The KAM Club is the fastest-growing global community of key account managers.
Inside, you're going to find training, tutorials, templates,
guides and a connected community of account managers who have been there
and done that and are all there to help you succeed.
Find out more at amtip.co/kamclub
All right.
Now back to the matter at hand.
Those pesky clients who want to leave.
As you progress through your follow up
meeting and share ideas, look out for some signals.
If they show interest, well, that's a great sign.
And you can keep the conversation going
and promise more follow up because you're going to need to.
Now, if they're firm in their decision to go don't flog a dead horse,
let them know that you're going to be a gracious loser and you will make
the transition to the new supplier as easy as possible.
If it's clear that they hate your guts,
don't humiliate yourself by making a counter offer or begging them to stay.
It's clearly a relationship that's beyond
salvaging and just accept that you're just not a good fit for each other anymore.
No hard feelings.
Regardless of whether your client stays or they go.
This is a great learning opportunity
to help fix what's wrong for the future. Please don't beat yourself up.
Churn happens and losing clients is an inevitable part of doing business.
What is important are the lessons and not the regrets.
Now, if your client does stay, congratulations.
Well done. Make sure you do a full re-implementation.
Don't cut corners.
That's where so many account managers go wrong.
They convince their client to stay
but don't do anything differently and nothing changes.
And it ends up becoming the final nail in the coffin.
Don't stop now when you're so close to turning this around.
Audit everything that's in place,
essentially just treat them like a brand new client.
Do a full launch if you have to. Demonstrate to your client that you're not
taking them for granted, you're committed to resolve their issues
and ready to make the partnership stronger.
Whether they go or stay,
have a full debrief with every single stakeholder in your business.
If your client wants to leave because
of product or pricing or service or anything else,
make those who are responsible, aware and keep them accountable.
It's not a witch hunt, so don't play the blame game.
Use the hindsight and the feedback
from your client as an opportunity to change things for the better. Laying
blame only keeps you dwelling in the past and failing to focus on the future.
And potentially you might make some enemies pointing out those fingers.
My final piece of advice?
Go through the rest of your portfolio with a fine-tooth comb.
OK?
No news is definitely not good news.
Are there warning signs?
Are other clients at risk of leaving?
And if they are, be proactive.
Do something about it.
And you know that expression full me once. Shame on me.
No, fool me once shame on you.
Fool me twice, shame on me. That's it.
Check out my video on how to prepare for your next big meeting.
It's only five minutes, but there's some really good stuff
in there that's going to help you when you have those face to face meetings with your
clients, especially the ones that want to leave.
Let me know how you deal with clients who decide to leave.
I would love to hear from you.
And if you have any questions, just drop a comment below.
I answer every single one.
That's all Heroes.
You know where to find me if you need me. So until next time.
Bye for now.