What do you do if your long-term clients are slipping away?

If a long term client is slipping away: - It's a red flag and we need to create an action plan including all stakeholders (one team, one goal): - With the help of a champion, identify the core issue - Design a value proposition deck, include long term association and achievements together - Show stickiness and cost of switching (indirectly) - Show that we are a growth partner and drive a consultative approach. - Leverage leadership connects (existing relationships) as an additional touch point to align every stakeholder - Show product innovation roadmap and tie it with their business desired outcomes (with timelines) - Invite and give them an opportunity to be a speaker at events/webinars. Churn is not an option! Retain and expand.

It's disheartening to see any customer move away, irrespective if they were long-term or just an year old in your portfolio. Some of the best practices. Focus on "Offering": 1. Why did customer bought your product 2. and what were the key KPIs they were looking to achieve? If you know the answer and continues to deliver, part of the problem is solved. "Value" Combination of features, pricing and RoI (return on investment) "Healthy Relationship" - create sticky relationship, meet with your EB and Champions regularly "Knowing the competition" - their competitive offering, benchmarking studies, price point etc Let them feel "Special" - invite them for webinars, make them part of your product cohorts, beta testing etc

If long-term clients are slipping away : 1. Understand and listen to feedback on their experience, 2. disect data on their use (what trends do you see), 3. consider the segment and Ideal customer profile (are they low touch, high touch, non-icp?) some churn maybe ok) 4. discuss internally what is at stake and what will it take to reverse (if its lowering cost by 50%, maybe its not an option frankly) 5. execute on plan Again- some churn maybe ok- some customers may not be an ideal fit and the mismatch could be leaving value on the table. If they are high value, ask yourself how you are willing to change as a vendor.

In my experience, it many times boils down to problem solving. What problem did you use to solve for your client that they don’t think you’re solving for today? If your customers think the next service or vendor will fill that gaps they believe you’ve created, then you’ll start to see them slide away

Start by investigating the root cause of the issue through field insights - some common areas to explore for a pattern of systemic issues (not in any particular order) would be - (1) quality of solution (2) quality of service (3) quality of customer management (4) expectation mismatch (5) competitive landscape (6) other. Once the root cause is uncovered, swift and immediate action is needed - (a) Internally (putting a remedy in place) and (b) Externally (communicating to the customers that their issues have been understood, Implementing the remedy).

In my experience, reassessing offerings is a critical step in customer retention. It's not just about updating services or adjusting prices but also about understanding the evolving consumer experience. By leveraging market analysis and customer insights, businesses can anticipate changes in customer needs and adapt accordingly. This proactive approach retains existing clients and attracts new ones, driving growth and profitability.

In my observation, reviewing offerings plays a pivotal role in retaining customers. It involves more than just modifying services or pricing; it entails grasping the evolving consumer experience. Through utilizing market analysis and customer insights, companies can foresee shifts in customer demands and adjust accordingly. This proactive strategy not only retains current clients but also draws in new ones, fostering growth and enhancing profitability.

We've found amazing results by regularly taking clients through an exercise imagining what they want at a particular time in the future. And what they don't want to be saying-creating a contrast. Asking what opportunities to take them to what they want and what issues and dangers could take them to where they don't want. Now you have gold to construct the path and offering to help them capture the opportunities and minimize the dangers. (Thank you Dan Sullivan and Simon Bowen for teaching us this) You'll never become irrelevant.

I would consider a Customer Advisory Board if you do not have one at this point. If your customers have stuck with you through multiple renewals, they will be a treasure trove of information for you. Bringing them together can be powerful, and pairing them with active champions can do more for renewing risks than your team likely can. Enter social proof. I had an organization where we were able to build this up as a key mechanism to not only defend against increasingly tough competitors, but also to bring in incredibly healthy new business. When done correctly, Customer Advisory Boards can be a truly winning asset.

Your customers feedback about the products and services they want to see from your business should be taken very seriously. If you can cater your business to what your customers want to purchase; instead of what you want to sell, it will go a long way in creating repeat business.

Personalization is indeed crucial in customer retention. In my experience, it's about tailoring services to the client's needs and understanding their consumer behaviour and preferences. This allows for a more predictive approach, where you can anticipate their needs and offer solutions even before they realize they need them. This level of personalization enhances the consumer experience and significantly boosts customer loyalty.

Your loyal customers who have renewed multiple times can offer valuable insights. Bringing them together and pairing them with enthusiastic advocates can help mitigate renewal risks better than your team alone. This approach leverages social proof, which was crucial in my previous experience for both defending against competitors and attracting new business. When implemented effectively, Customer Advisory Boards can be a highly valuable asset.

Long-term customers are not going to disappear. Long-term customers stay like energy! they just change from one form to another. The new form of customers should be known and planned for. In my opinion, the best way is to personalize the approach. As mentioned in this section: " Demonstrating that you are responsive and adaptable to their unique situation."

Value evolves as the client relationship matures so there are two critical value levers to consider: 1. Align on value - does your product or service offering deliver value in a way that’s meaningful to your client base today? If not it’s relationship critical to realign 2. Reignited value - mature partnerships can feel stale. How can you add additional and revived value for clients who’ve been working with you for years. Importantly, sharing clients on partnership roadmap throughout the lifecycle is critical so they know direction of partnership and (ideally) renewal is a non event

Adding value to client relationships is indeed a critical aspect of customer retention. However, it's important to note that the definition of 'value' can vary greatly depending on the client's industry, business size, and specific needs. Therefore, there might be better approaches than a one-size-fits-all approach. I'd like to point out that understanding the client's business is crucial, and tailoring your value proposition accordingly is also crucial. Also, regular client feedback can help identify what they perceive as 'value'.

Enhancing client relationships is crucial for retaining customers, but 'value' varies based on industry, business size, and needs. Tailoring your approach to each client and gathering regular feedback are key to understanding and delivering perceived value.

Staying with the original foundation that brought me my clients, I reassessed needed changes, such as better pricing for their sales teams, updating them with the latest improved quality of products, faster shipping, installation, & keeping their sales process quick, & simple as possible

Building relationships with customers is not just about celebrating successes; it's also about navigating challenges together. In my experience, clients appreciate when we acknowledge the difficulties we've faced and how we've worked together to overcome them. This transparency not only strengthens trust but also provides an opportunity to showcase our problem-solving capabilities and commitment to their success.

Customer relationships involve more than just celebrating successes; they require navigating challenges together. Acknowledging and overcoming difficulties with transparency strengthens trust and showcases problem-solving abilities and commitment to client success.

Having engaged with the client/customer and listening to their reasoning for any dissatisfaction in services provided. Implement realistic expectations and changes for example customise, personalise and show your customer/Client the value of remaining with your company.

After engaging with the client or customer and understanding their concerns about service dissatisfaction, it's essential to set realistic expectations and make necessary changes. This may include customizing and personalizing solutions to demonstrate the value of continuing with your company.

If that is happing it is a major issue. I would first reach out to understand their concerns or reasons for dissatisfaction & I would work on addressing those issues promptly, possibly by offering new solutions or incentives to regain their trust and loyalty. Additionally, I would focus on improving communication and strengthening the relationship by staying proactive & responsive to their needs and retain my client.

To re-engage long-time clients: 1. Contact them personally. 2. Offer extra value. 3. Check their satisfaction. 4. Stay in touch consistently. 5. Ask for feedback. 6. Organize special events. 7. Personalize interactions. 8. Monitor engagement metrics.

I do believe that assessing the issue and counter attacking in a productive and lucrative way to both the financial institutions and its customers .. searching for alternatives that could mitigate the customers migration as well