Are Your Lapsed and Lost Clients an Untapped Goldmine?

Smiling woman talks on the phone and takes notes

Clients come and clients go in any business. Most companies have a raft of contacts who used to buy, but no longer do, lurking in the hidden depths of their databases.

But surprisingly, even Sales Teams with sophisticated buying data at their fingertips are guilty of –

  • Not noticing when a client stops using them, (unless it’s a potentially game-changing multimillion pound contract)
  • Not knowing why a client has stopped using them

In many cases, it’s the same fear factor that holds them back from picking up the phone and making cold sales calls.

Now, there’s bound to be handful of lapsed and lost clients you can live without. But, putting aside those high maintenance exceptions you were glad to see the back of, what about the rest?

They say customer acquisition costs far more than customer retention – so can you afford to sit on an untapped goldmine and not do anything about it?

Are These Relationships Worth Reviving? And, If So, How?

Paula Bates, Managing Director of Toucan Telemarketing, a leading authority in B2B telemarketing, answers definitively. “The only way to start re-igniting an old flame is by opening up a conversation to test the water”, she explains.

“When we’re doing business revival projects for clients, asking probing questions is critical for getting to the bottom of why they stopped using your products and services.”

After all, forewarned is forearmed in reverse, when prompting the return of lapsed and lost clients.

A simple incentive might be all it takes in many cases of clients who stopped using you because –

  • Your competitor offered them a better deal
  • You fell off their radar due to personnel changes at their end
  • They were fickle human beings, enticed away by shiny, pretty things elsewhere

But what’s Paula’s take if conversations take a darker turn?

What’s the Best Way to Overcome Enduring Disgruntlement?

“Our clients hire us to get the conversation with lapsed and lost clients, so they can evaluate the results and decide the best course of action”, Paula continues.

“They have our assurance that we don’t get in to negative discussions, which do crop up with business revival calls. Not every client you’ve ever worked with is going to be a raving fan, whether you were to blame or not for the disintegration of the relationship.

“In these instances, we stabilise the call by reiterating that things have changed, suggest they give you the opportunity to submit another quote and take it from there when they see how much better things are.

“Engagement in a friendly and positive way that’s assumptive they’d want to start using you again achieves compelling results,” she concludes.

What’s hidden in the space between existing clients and new prospects in your business? Contact us via our website or email for an initial chat.