Expert Insight From TONY SMITH

Friday afternoon rolls around and you are busting at the seams to pack up and set off for an exciting weekend that you’ve been planning for months. At lunch you made sure to finish personal errands so that nothing would bog you down. It’s going to be special... then... ring... ring... is the sound you hear at 4pm as you answer the phone wondering who may be calling. Gloom and doom! You just lost your largest account to a competitor. The sweat pours off your head and you feel sick. It took you two years to win this account and all your hard work seems for naught. This key account represented 25% of your yearly numbers. In one quick moment, all is gone, and all hope seems lost. How are you going to explain this loss to your boss? Much less, you depended on a certain income from this key account and bills are due! You can’t think straight... it’s over... so much for your weekend.

If you’ve been in sales for any length of time you know what this feels like. Are we powerless against it? In reality, a certain number of accounts are going to be lost every year. However, can we proactively prevent customer attrition? This month’s newsletter presents simple but powerful strategies you can use to prevent customer attrition and perhaps, more importantly, recapture a lost account.

How to Avoid Losing Accounts

In order to avoid losing accounts, your team must be cemented into them. This requires proactive account management.

In today’s economy, lots of people and companies are looking to cut costs. And, unless your team is proactive about account management, they might become victims of such measures.

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Recapturing Lost Accounts 

Getting the news that you’ve lost an account to a competitor can be one of the worst things you can hear as a sales professional. Winning an account in the first place is hard enough. So getting the call (or even worse, the email) that your hard-won client has decided to leave you for a competitive vendor can be a real morale-killer.

There are many reasons why a client may decide to buy from your competitor, some of which are within your control, and frankly, some of which are not. 

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