It's a new year. It's a good time to evaluate performance and revisit overall bank strategy. The new year also means looking into sales techniques. Of course you focus on prospective clients, but what about everyone else? Who is everyone else? Good question...
What's the Loyalty Benefit?
When you're talking about everyone other than prospects, you're left with two groups: current clients and former clients. If you missed my first article on the Loyalty Benefit, now's a good time to catch up.My first article focuses on the value of maintaining your relationship with current clients and how to use a 5-step process to keep them.
This article shows how to use an altered version of this straight-forward 5-step process to win back valuable former clients.
In case you don't remember, the Loyalty Benefit is the 5 advantages a company gets from its relationship with loyal current clients.
Applying the Loyalty Benefit to Win Back Business
Every company at some point in its existence loses business. Brands change, individuals change, people relocate within companies, and new regimes move in and alter client preferences.
How your bank handles the descent from current to former client is the only thing you can affect. Subsequently, this is the main thing that affects your chances of winning this business back in the future.
How to Handle Current-to-Former Client Descent:
- Be gracious
- Don't take it personally
- Remain positive
- Ask if you can follow up on a specific date
- Wish them the best!
If you hit these 5 nails on the head, your former client probably still thinks highly of you and your institution.
When to Reconnect with Former Clients:
- If issues they had with your product are fixed
- If you know your product is right for them, they just don't know it
- If you see a new individual assume the power of decision
Now, let's alter the Loyalty Benefit Technique...
The Former-to-Current Client Technique
5 Steps to Win Back Business
Step 1: Determine who your former clients are.
Step 2: Identify what they have in common.
Step 3: Figure out why they chose to leave us.
Step 4: Learn what makes them stay with someone else.
Step 5: Reaffirm the same energy you had when recruiting them during the whole length of rebuilding the relationship.
Remember: Once they become a current client again, reapply the original Loyalty Benefit Technique!
It's a new year. I wish you great success developing new business, maintaining current business and restoring former business.
