We’ve all lost clients. Sometimes it’s our fault. Sometimes it’s theirs. Sometimes it’s out of everyone’s control.
But no matter the reason, there is something to be learned from a lost client. A system to review lost clients will help keep your business improving and growing.
Typically done when you leave a job, an exit interview is also a great way to review what went right—and what went wrong—during your relationship. You’ll want to review:
This is not the time to get defensive. Be open to her criticism (if there is any) and use the information to genuinely improve your business.
Be Honest With Yourself
One of the most common reasons for client loss is that the customer is simply not a good fit. Maybe you suspected it when she signed up, or maybe not, but now that she has moved on, ask yourself:
If you can identify a bad client match from the start and decline the work (or better still, refer her to another professional who is a good fit) you’ll find you have a lot less stress in your day-to-day business.
Sometimes, client loss is as simple as a lack of understanding on your client’s part. Do you clearly state:
Do you also have a system for staying in touch with a client who has gone quiet? Sometimes all it takes is a phone call to get your wayward client back on track. Many client relationships have been salvaged with a simple phone call or email, so if you haven’t heard from a client in a while, pick up the phone.
Here’s the bottom line: Client loss happens. But if you can learn from each client, and use that intel to improve your business, then even a lost client can be turned into new profits.
Share your stories of lessons learned from lost clients, Coach Deb
At one point, every business owner will find herself in a troubling situation. Revenue is down. New clients are scarce. Profits are falling, and a peek at the financials is enough to bring on a full-fledged anxiety attack.
Unless you’re Mark Zuckerberg or Bill Gates, chances are you’ve experienced that sinking feeling of a business that’s trending downward, too. But how you handle it can mean the difference between continued success and business-killing burnout.
Here’s where a lot of entrepreneurs get it wrong. They start to worry about money, and that worry leads to poor decisions that ultimately have a negative impact not just on finances, but—maybe more importantly—on morale, too. Maybe you know what I’m talking about.
You Take On The Wrong Client
When business is down, it can be tough to keep your ideal client avatar in mind. Instead, you jump at the chance to work with anyone who comes along. The trouble with this scenario is you can find yourself with a roster full of clients who:
You Stop Creating
And who can blame you? With profits down, you have to pull back. You can’t afford to spend time and money creating new programs, so you recycle the ones you’ve already produced.
Now, this would be ideal if you were re-purposing with a positive intent. Turning your ebook into a group course or a seminar? Perfect! But that’s not what your fearful brain is telling you.
Your fearful self is saying, “Just re-release this same product again, so I don’t have to have new sales copy written or record new videos.”
And while this might help bring in a bit of cash short-term, it won’t do anything for your reputation or your self-esteem.
Yikes! That’s no way to operate a business, but that’s just what a fear-based mindset can do to you. Better (much better) to hold out for that perfect client. And while you’re waiting, take what you’ve learned from your drop in sales and create the killer program or product your audience is clamoring for!
Share your tips for overcoming fear based business decisions below, Coach Deb
For a business owner with a solid funnel in place, it’s easy to take a look at the number of subscribers at each level of the funnel and predict pretty accurately what the sales are going to be from day to day or week to week.
If you’ve got a funnel in place, though, and your numbers aren’t looking great, chances are you have a leak somewhere. Your funnel has a hole (or two or three) where subscribers are falling through. There are four common causes for funnel leaks, and once you spot them, they’re pretty easy to fix.
Not enough traffic. The very heart of your sales funnel is the traffic you bring in. Without visitors to your blog or opt-in pages, you’ll have no subscribers. Without subscribers, you’ll have no (or very few) sales. Without sales, you’ll have no business. Yet this is where a lot of people struggle. How can you get more eyes on your content and more subscribers into your funnel?
How to fix it: Traffic generation is an entire industry of its own, but here are some tips: Use good SEO to encourage search engines to rank your content well. Be present and active in the places where your ideal reader hangs out, whether that’s on social media, in niche forums, or at live events. Use paid ads to drive targeted traffic to highly relevant pages. Recruit JV partners and affiliates to promote your offers. Buy solo ads in related email newsletters.
No follow-up. This is a leaky funnel mistake that a lot of new entrepreneurs make. They spend a lot of time and energy setting up a great squeeze page and driving traffic to it, then they deliver the goods to their subscribers, and then…nothing. No follow-up emails. No offers to buy more. No related services or products. Nothing.
How to fix it: Before you spend time building that opt-in page or offer, be sure you have a back-end to promote, or those subscribers you so carefully collected will end up costing you money instead of earning it back.
No call-to-action. This happens most typically at the top of the funnel. Your blog posts, social media content, podcasts, YouTube videos—everything you offer for free—must have some kind of call-to-action, or it’s all just wasted energy. Your call-to-action can be as simple as “Subscribe to my YouTube channel” or “Follow me on Facebook for more tips,” but it must be there.
How to fix it: Every time you write a blog post or an email, as yourself, “What do I want my readers to do when they’re done reading/listening/watching this?” That becomes your call to action.
No product offers. When you’re just starting out, this can be a problem. You know you need to be building a mailing list, but with nothing to offer them, what’s the point? The truth is, there are lots of ways to make money in your funnel even if you don’t have a product to sell.
How to fix it: Promote affiliate offers. No matter what industry you’re in, there are a variety of tools and products your readers need. Find those tools, sign up for the affiliate programs, and recommend them to your readers. Not only will your readers thank you for pointing them in the right direction, but you’ll earn a little cash, too.
Got a leaky funnel? With a few tweaks and some attention paid to your follow-up sequences, chances are you can fix those holes and increase your profits in no time.
Leave your comments and suggestions below, Coach Deb
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