Customer Retention During Tough Times

Posted by Ryan Howard on May 1, 2020 12:48:25 PM

Customer Retention During Tough Times

Retaining clients and customers is important for any business at any time. During times of uncertainty, it can be especially challenging. Clients may be unwilling or unable to commit due to financial concerns. You can still make efforts to keep these customers by changing how you work with them. 

Here are best practices for customer retention during tough times.

Connect Human-to-Human

Perhaps meeting face-to-face wasn't the old model for your business. You may have handled everything over email or the phone. During tough times, it's important for your customer to connect with you at a human level. They'll want to hear the empathy in your voice and read comfortable signals in your body language.  Even if you can't meet in person, your client can still get a sense of your humanness over a video chat. Customer service matters in tough times. Your customers need to know that you hear them, feel concern and are willing to take their feedback into consideration.

Meet Them Where They Are

When your customers are facing troubles, they may also be unwilling to stick with prior commitments. They may feel that it's necessary to end the working relationship with you due to reduced finances or reduced need. This is your time to meet them where they are. Can you offer a minimum  service that still delivers value, helps their business and still counts as recurring revenue? Can you delay payment or work out an amiable payment plan? If you can work with them when their business is in crisis, you can earn their loyalty when times are better. 

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Make a Plan for the Future

When your business can work with your customer to set goals, it build momentum and excitement for future enterprises.  If you're meeting your client where they stand currently, you can also become an important partner in their future success. Establish clear goals of how your products or services benefit their plans for recovery and goals. Set milestones and communicate regularly so they recognize your business as a stakeholder in their success. 

Working closely with your most valuable customers is never more important than when they're in a tough spot. If they understand that you'll be there for them in times of uncertainty, they will want to be loyal to you in the times to come.


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Topics: Best Practices, Business relationships, Entrepreneurs