If you are a small or medium-sized business, losing a major client can be a devastating blow to your bottom line! You probably relied heavily on this one client for your monthly income, but now that the client is gone, what should you do? How will you go on?
Don’t panic just yet! Losing a major client for your company can be bad, but it’s not the end of the world! Here are some things you should do after you lose a big client.
See also: How to Calm an Upset Client
Give it a few days
If you lost the client on Monday, don’t do anything about it until Thursday or Friday, or even next Monday! You need time to process the loss and control your emotions, and your client may need time to reevaluate things. Don’t go chasing after the client or panic about your situation, but instead give yourself a few days to recover.
Call the client
Once a few days have passed, give the client a call. Talk to them to find out why they opted to go with another provider, or what made them want to stop working with your company. This feedback (if the client provides it) can be invaluable in helping you to not only improve your product, service, or the quality of your customer service, but it may even help you regain that client in the long run.
Now that you’ve lost your major client, it’s time to find new clients! You’ll need to market your product or service to as many people as possible, so run a TV ad, launch a blog, upgrade your social media use, take out a spot in the newspaper, or do whatever will work best to help you find new clients.
See also: Your 5 Minute LinkedIn Marketing Plan [Infographic]
Contact current clients
This will help you to see if the current clients have any complaints about your service, enabling you to correct problems before they cause you to lose more clients. It may also give you a chance to offer current clients more of your product or service, helping you to cover the loss of your major client.
Tap into your network
Do you know any people who could benefit from your product or service? A few smaller clients will be better than no clients at all, so think about people in your network who may need or want what you have to offer.
Ask for referrals
If your former client wanted to keep working with you but had to make a tough choice, they may be willing to provide you with the name and number of others who could benefit from your service or product. Your current clients may also know people who might be interested. Ask anyone you are on good terms with to see if they can refer you to others in their network.
Losing a client can be a huge blow, but it doesn’t have to spell the end of your business. It’s all about how you react and approach the challenge!
Any advice you want to share? Drop a comment and let us know how you handled dealing with the loss of a major client…