A lost deal occurs when a client decides to no longer continue using your product or service. While losing a customer stings, there is a way you can make lost deals work for you. Connect with leaving customers through video or in a final meeting in order to receive feedback about their experience with your company.
Why Should I Meet with Lost Clients?
Speaking with a client who is leaving your business will allow you to learn exactly why they are not renewing and can alert you to issues that other customers are experiencing. With their insights, your team can work to improve your product or service.
In other words, your client is a gold mine of valuable information about your product and your organization. Their input about the experience they had with you can help you retain other clients.
How Can I Connect with Customers?
Once your customer has let you know that they will not be renewing, send them a video message explaining that you are sorry to see them go and ask for a quick meeting to discuss their experience with your organization. Let them know that you are not trying to win them back as a customer, you are looking to get some honest feedback about their buying process and your product or service. Be sure to keep the meeting short to respect their time; under thirty minutes is best practice.
Additionally, an honest and respectful atmosphere between you and your leaving customer is a great way to strengthen your relationship. Even though they are leaving your business, that is no reason to end on a sour note. Their positive experience with you at the end of the relationship could help with future sales down the road.
What Should I Ask My Customer?
Questions you can ask your client include:
- What stopped you from renewing with us?
- Are you switching to a different product? If so, which one?
- How would you rate our product or service? What in particular did you like or dislike?
- Is there anything missing from our product or service that would have changed your mind?
- How would you rate your experience with our team?
The goal of this meeting is to learn what your product or service could be doing better to get more customers to renew in the future. With that in mind, use open-ended questions to encourage your customer to share their story. Don’t use questions that lead them toward an answer you are looking for, stay neutral.
Following Up with Your Customer
Your meeting with a leaving customer hopefully gave you some good feedback that you can use to improve your product or service. If you were able to incorporate that feedback into your product, try following up with your lost customer a few months down the road. Send them a video message where you review the reason they left and how you were able to fix their problem. A video message is personal, authentic, and stands out from the crowd. Even if you don’t win back their business right away, this will allow you to be remembered by your former customer and stay top of mind, should their needs change.
A Platform That Can Help
Let video help you in all aspects of your business. VideoRequest is a video software solution that allows you to easily create, collect, edit, and share videos. Get started with VideoRequest today!
