Why Do Some Clients Leave?If you spend all of your time trying to attract only new customers, you might be neglecting your company's lifeline; it's existing loyal customer base.
Loyal customers typically account for an unusually high percentage of your sales and profits. It takes a lot longer for a new account to become as profitable as an existing client that already knows and trusts you (and often provides critical feedback on your services and pricing as a vendor) that a new client will not.
If a loyal customer leaves you, it is important to find out where they went AND why they defected from you so you can avoid those mistakes in the future.
Once you understand why a customer left, it will help you determine whether or not your current business strategies are working and what you need to change going forward.
Also, exit interviews with lost clients are also a good sales tool because they can help you map your company's future by understanding it's past.
It is believed that one-third of your defectors can be saved and brought back into the mix with proper attention to their reasons for leaving in the first place.
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