How would you know if your customers want to move to a competitor?

I recently worked with a prospect and asked how they would know if a client was planning to use their competitor. Their answer was “I have no idea. How would I know?”

Note: This is not a project you assign to a junior person or office assistant, just to get the answers. Be prepared to answer price objections, difficult questions, and heavy criticism. If you handle these the correct way, you will earn a lifetime client. Don’t be afraid to say, “I’m sorry”, or “I need to look into this further, can I follow up with you next week?” Remember, if you are worried that your client wants to go to your competitor, you may be doing something wrong and this is your chance to fix it. 

So, what do I say on the phone? 

Thank them:

• “You have been with us for 18 months, thank you for continuing to use us for your ____.” 
• “You just made it through the onboarding process, thanks for choosing us.” 
• “You just purchased ____ thank you for purchasing from us again.”

Flatter and ask for help:

• “We want more customers like you! Could you answer three questions to help us become a better company for you and people like you?”
• “You have been a great client and we would like to expand to more companies in your industry. Can you answer three questions to help us serve your industry better?”

Three Questions:

• “Why did you choose (business name/product)”
• “What value do we provide that you appreciate the most.”
• “How can we keep you as a lifelong customer?”

And don’t forget to thank them for their time.

Key points to remember about questions:

• Don’t ask too many questions! Show your customers you value their time by asking targeted questions. Be brief and concise. 
• Make the questions fit your speaking style, business offering, and the customer. 
• This is not a survey; don’t treat it like one. This is a conversation with your client. 
• Do not ask yes or no questions. This will not get the answers you are looking for and does not show the client you care about their continued business. 

Record it and follow up

If you spoke with enough of your key clients, you should have a pool of data to work from. 

Write out the list of every positive you hear and tally your biggest value winners. This is excellent information for your marketing. 

Record all the negatives and follow up with the customer on every single one. Trends should be evaluated and corrected immediately. 

List and tally all suggestions. 

• Evaluate the perceived value of each suggestion (how valuable the customer thinks it is).
• The cost of implementing each recommendation. 
• The practicality of each suggestion (you aren’t going to drop your prices by 50% or deliver for free). 
• Evaluate if the recommendations are personal preferences or not (Your top client only wants to do business over email). 

With this information in hand, you can develop a plan to improve your offerings and lower your customer attrition rate. 

How are you working to keep your clients in 2020? Are you doing something different? Share your comments below.