The need to “save” an account occurs more often than many companies realize. Every time a current client says “I’m not satisfied,” or “This isn’t what we had hoped,” or “Budgets are being reduced,” or, “We’re really not using it anymore,” your front line team should be able to step into a well-defined, effective retention process.
If you are fortunate enough to have a “Retention Team”, then you know how important it is they have the best possible tools and techniques.
- We do not need to be begging or forcing clients to stay
- We certainly do not need to rely upon discounts to create loyalty (it never really works)
So, what are the best practices for training staff to recognize a retention situation and take action to save? What do your team members need to know and do?
- Understand why folks are cancelling. Often it is a misunderstanding or mistaken beliefs about the product or service.
- Make a connection with customers and not be in such a hurry to save that they fall into stereotypical begging, threatening or discounting.
- Open up a conversation with every contact and uncover past, present and future need for the products and services. This need development (sales) skill must be blended with customer service expertise so they bond with customers rather than repelling them.
- Use what they uncover about the customer’s real world in order to re-position your products or services in a value-centric way.
- If a special retention offer is available, team members must offer it only after the customer has agreed to the value of the service and not before.
We are very proud of the work we have done in collaboration with our clients and the retention results our clients have achieved. Please let us know if you would like to work together on a strategy to save revenue for your company.