11 Dec How to keep your customers from leaving
Here are some reasons why some customers agree and then cancel later:
- They face a post purchase regret.
- They don’t have the authority for the deal to continue.
- Other priorities have displaced us.
- They don’t believe we can deliver effectively.
- They read the terms and conditions from our contracts.
- Their budget is suddenly cut.
- We didn’t do what we said we would.
- We get undercut.
- There is a new management in customer’s organisation.
- We deliver a poor after sales service.
- The relationship with other key stakeholders isn’t strong enough to make implementation successful.
- We don’t keep in touch with them and they forget about us – or think we don’t care about them.
While some of the actions pertain to sales and others to operations, there are quite a few from the above list that belong to both. Without a good collaboration between internal departments customers will suffer and more often they will leave.
There is no difference between work and life.
The analogy from the real life is to a child that grows up with both parents, or adults aside.
The both parents succeed if/because they both know when to shift roles for the child to be well served and safe guarded for a healthy growth. It’s not about judging or blaming single parents but rather capturing the challenges some families face when there is one parent.
Same in business. Whenever Sales alone is handling the Customer and Operations is absent, and vice-versa, the customer will face an economic instability in the relationship with the supplier.
The strategic moves that Amazon and Apple undertake for developing loyalty of the customers should send a signal to dysfunctional companies in a way for them to understand that erosion is the new KPI when it comes to customers base.
It is way much easier to keep an existing customer than to win a new one.
It is way much harder to get back a lost customer than to keep an existing one.
Take care of your “now” customers and make sure they get emotional and economical stability.
New business comes scarce these days. Same with natality on a global level.