Lost a client today...

BenB
BenB Member Posts: 76 Expert
Third Anniversary 10 Comments 5 Insightfuls Name Dropper
edited July 2020 in Customer Success Leadership Community

Lost a client today... may be able to restructure and salvage 40% of contract.  

but... as of now i lost a renewal.  Large client, 2yr deal , lots of opportunity.   

Thats all.. venting bc its a loss on a Friday.  

Not adding any learning lessson. 

Just that every renewal is gona be a battle this summer.  budgets are tight and the software spend is lined up. 

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Comments

  • Jay Nathan
    Jay Nathan HLAdmin, Member Posts: 108 Gain Grow Retain Staff
    Third Anniversary 10 Comments Photogenic 5 Insightfuls
    edited May 2020

    I hear you @Ben Bunting. going to be a tough ride, strap in folks. 

  • David Ellin
    David Ellin Member Posts: 169 Expert
    100 Comments Second Anniversary
    edited May 2020

    Sorry to hear @Ben Bunting, especially to close out your week.

    Don't spend the weekend thinking about what you could have done. If you're thinking about work at all, think about what you can do with the next at-risk renewals and take action next week on solidifying those relationships, responding to neglected feedback and moving the needle forward where possible.

    Control what you can control going forward!

  • Kevin Mitchell Leonor
    Kevin Mitchell Leonor Member Posts: 249 Expert
    100 Comments Second Anniversary Name Dropper
    edited May 2020

    Nobody bats 1.000

    You tend to forget the bad ones as you start to replace them with good ones. Hang in there.

  • BenB
    BenB Member Posts: 76 Expert
    Third Anniversary 10 Comments 5 Insightfuls Name Dropper
    edited May 2020

    Great point Ellin - today working on counter offers to save SOME part of the renewal.  and then looking to the rest we have in May/June.  On to the next win!

  • Jeff Breunsbach
    Jeff Breunsbach HLAdmin, Member Posts: 277 Gain Grow Retain Staff
    Third Anniversary 100 Comments Photogenic GGR Blogger 2022
    edited May 2020

    @Ben Bunting curious now that you've had some days to move on - any learnings your taking away from this? Silver linings? 

  • BenB
    BenB Member Posts: 76 Expert
    Third Anniversary 10 Comments 5 Insightfuls Name Dropper
    edited June 2020

    I'll answer now that I just secured a very at risk renewal ha!  

    Silverlinig is it forced us to answer the question "when do we make our best offer to clients who are at risk BUT havent asked to cancel" 

    So for example, if a client requests to cancel and you have dramatic offer to try and retain some amount of revenue... Would the client I recently lost have stayed if i made my agressive offer at renewal.  Once they make the hard decisoin to leave, they're done.. they dont want to risk another breakup.  BUT if i make renewal more attractive and compelling right away, maybe i would have kept them.  But i run the risk of leaving money on the table they would have paid if i didnt renew. 

    So its forced us to analyze the risk in more detail and to be smarter and maybe offer someting early and upfront.  

    Thankfully with the recent renewal we held the line and still got the signature :) 

    (ps... sorry if this is rambling and hard to read. writing this quickly before calls and hopped up on coffee!)

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