fbpx

LETS GET DOWN TO BUSINESS.

Question :
How can I keep clients whom have had loss of revenue?

Question submitted 28/03/20 @ 04:37pm
Industry: Brand & Marketing
288
VIEW
1
VOTE
  • Hi Jordan, can you provide some more context here? It’s a tough one. The main thing to remember is can you provide them value at this time. Fill us in a bit more and we might be able to assist.

    Most businesses will be experiencing a loss of revenue, but there is a lot of community and government support to help businesses make it through the other side. If they have been valuable clients to date and you have belief they can make it through, then you should support them in any way you can. There many not be monetary rewards right now, but they will remember your support and loyalty when the economy starts again.

    Hi Jordan
    That’s a problem many of us are experiencing right now.
    There’s no simple answer but there’s a few things to consider:
    1. Maintain your relationship with the clients any way you can. That might mean working at a discounted rate in the short term but you’ll then be poised to rebuild your business when your clients recover. Creating goodwill now might be valuable in the future.
    2. Think about the long term future of this client. Are they likely to be able to rebuild their business post COVOD-19? If not, what are the growth opportunities in the sector. Do you need to pivot or switch to businesses with alternative models – like e-commerce or retail
    Good luck

    Hey Jordon

    As mentioned in the other replies this is something that most of us are facing right now and it has been brutal

    What we have done is created a “Risk and Opportunity Register” and made an internal audit of every one of our clients.

    We have graded each client on a scale of 1-5 for risk and opportunity.

    1 Being Lowest and 5 being highest.

    If they are high risk (no income and asking to go on hold/cancelling) and low opportunity (an industry that will be effected for a long time or we feel they will not recover) we have to make the hard decision to walk away.

    If they are low risk and high opportunity we double down in the current environment and over deliver on service making it very clear we are doing everything we can to help them right now so we can solidify our relationship and bank good will.

    The rest are on a sliding scale of time and commitment we will out into servicing them but for the most part we are over servicing, over communicating and over delivering compared to their existing budget so they see more value in keeping us on as service providers.

    Hope this helps

    Glenn

    Hi Jordan
    I love Glenn’s comments – it’s a great initiative he’s got going. Leading with a generosity of spirit, servant leadership at it’s best, underpinned by a healthy pragmatism. Nice one. To feed into this, I’d also encourage you call your clients and find out find out where they’re at. Some business people are fantastic at pivoting and might be classed as ‘low risk, low opportunity’ but might be able to reinvent themselves quickly – so the relationship definitely would then be worth investing in. So call them, listen, get a sense of where they’re at, where they’re going. Then make a call.
    Go well
    Melissa

  • You must be logged in to reply to this topic.