Losing a major account can be a devastating blow for any CRM team. It can damage your reputation, revenue, and morale. But it doesn't have to be the end of the world. You can use this setback as an opportunity to learn, improve, and bounce back stronger than ever. Here are some tips on how to keep your team motivated and focused after losing a big client.
The first step is to acknowledge the loss and the emotions that come with it. Don't ignore, deny, or blame anyone for what happened. Instead, show empathy and compassion to your team members. Let them know that you appreciate their hard work and dedication, and that you share their disappointment and frustration. Give them space and time to vent, grieve, and process the situation.
Unfortunately it happens sometimes and you can't take it personally. I would sit with my team members that support the account and talk through the challenges we had with the account and how they are feeling. Ensure they don't take it personally and help them through the process.
Keep your team motivated and focused after losing a major account by fostering transparent communication, acknowledging emotions, focusing on solutions, setting realistic goals, providing training and development, recognizing efforts, encouraging collaboration, maintaining positivity, offering support and resources, and celebrating small wins.
The next step is to analyze the feedback and the reasons why you lost the account. Don't make assumptions or jump to conclusions. Instead, ask for honest and constructive feedback from the client, your team, and other stakeholders. Try to understand what went wrong, what you could have done better, and what you can learn from the experience. Use data and evidence to support your analysis, and avoid personalizing or generalizing the feedback.
By the time you lose a customer, you should know why they left. But if you don't then take a look at their customer support tickets, what challenges were they having, was the product not a good fit, etc.
The third step is to adjust your strategy and your goals based on the feedback and the lessons learned. Don't dwell on the past or the negative aspects of the loss. Instead, focus on the future and the positive opportunities that lie ahead. Identify the areas where you need to improve, and create a clear and realistic action plan to address them. Communicate your new strategy and goals to your team, and explain how they align with your vision and values.
The fourth step is to appreciate your strengths and your achievements as a team. Don't lose sight of the value and the impact that you bring to your customers and your organization. Instead, celebrate your successes and recognize your contributions. Highlight the skills, talents, and qualities that make your team unique and effective. Express your gratitude and praise to your team members, and reward them for their efforts and results.
Maintaining team morale post-loss of a major account is crucial. Recognizing & emphasizing your team's strengths can be achieved through various tools and methods, to help identify individual & collective strengths, facilitating a focused effort on what your team does best. In a prior role, after losing a major account, we utilized Gallup's StrengthsFinder. By highlighting team members' strengths, we pivoted towards projects aligned with our core competencies, boosting morale & refocusing our efforts towards the areas we excelled in. This not only rejuvenated our team but also paved the way for new business avenues that eventually surpassed the lost account's impact.
The fifth step is to activate your network and your resources to find new opportunities and leads. Don't isolate yourself or your team from the market or the industry. Instead, leverage your relationships and your reputation to generate referrals and recommendations. Reach out to your existing customers and partners, and ask them for testimonials and introductions. Attend events and webinars, and join online communities and forums. Showcase your expertise and your value proposition, and attract new prospects and clients.
The sixth and final step is to adopt a growth mindset and a positive attitude towards failure. Don't view losing a major account as a permanent or personal failure. Instead, view it as a temporary and impersonal challenge. Believe that you can learn, grow, and overcome any obstacle with effort and feedback. Embrace failure as a part of the journey, and not as a destination. Inspire your team to do the same, and foster a culture of resilience and innovation.
Tool like Mindset by Carol Dweck can help cultivate this mindset, enabling your team to view challenges as opportunities for learning & growth rather than setbacks. In a previous role, we employed the Growth Mindset framework after losing a key client. Instead of dwelling on the loss, we used it as an impetus for self-improvement. By encouraging team members to view this setback as a chance to refine our strategies and skills, we fostered resilience and perseverance. This perspective shift led to creative solutions and innovative strategies that ultimately elevated team performance, enabling us to recover from the account loss and exceed previous results.