As you have most likely experienced, clients leave. It happens. But what is VITAL for you to do when that happens is to take time and review why it is you lost that client.
This allows you an opportunity to reflect on the ‘Why’ and make corrections that may need to be made. It is absoluetly mission-critical, so make it a habit!
Here’s a fact in reality, in your digital marketing agency clients are going to cancel. No matter how good you are. No matter how well you perform. Even if you get them great results, sometimes they’re going to cancel. And it sucks, right? Because you do all this work and you put all this energy in to get the client, of course, you’re excited about performing for them. But the fact is, they’re going to leave, right? And you want to try to learn your lesson.
What did you do wrong? How did you drop the ball? How can you improve for next time? And so what we do on a quarterly basis, we get together as a team, we do what we call a churn review. So we just look at all the clients that canceled and we kind of look at, what was the reason? Could we have done something different? How can we improve? Because if you don’t take a second to learn from your mistakes, you’re destined to repeat them again and again.
So here we go. We’re going to start our churn meeting. (Here we go, quarterly churn meeting in progress.)
Alright, well we wrapped up our quarterly churn meeting. And it seems like no matter how many clients you lost, it always feels like more than you want. But really productive. Right? So what do we do in these meetings? We talk about, you know, who did we lose? What was the retention rate for the quarter? How long was the client with us? Why did they leave? Was it because of results? Was it because of service? Was it because of something else? Did they get purchased? You know, that happens a lot?
And most importantly, like how do we improve based on that? Based on whatever number of clients left and for whatever reason. How do we make things better? How do we improve performance? How do we improve service? How do we improve the relationship so that we can reduce that churn rate over time, keep the clients with us longer and get them better results? And so it turns out to be a really productive use of time.
So even if you’re a small operation right now, it’s always a good idea, at least once a quarter to ask, you know, who did we lose, why did we lose them and how do we improve? And by doing that, you can make yourself better month after month. So that’s a wrap of our churn meeting for the quarter! Onward and upward.
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