How Businesses Can Retain Clients During the Coronavirus

The COVID-19 pandemic has forced many people into difficult financial situations. They may be unsure about the future of their business. Or they might not know if they’ll have a job in two months. Or they could be concerned about their investments going bust. The point is, businesses are losing clients left, right, and center these days. In order to remain viable, business leaders need to understand how to manage their clients during this difficult time. Here, we’ll explain how businesses in all industries can retain their best clients and ensure their financial stability.

Communicate

Account managers, sales professionals, and executives should keep a constant stream of communication going with their best clients under “normal” circumstances. Now, though, they should endeavor to speak with them as often as possible. Encourage your clients to speak with you and check in on them regularly. This way, you won’t be blindsided by a problem and can instead work to amend any issues before they get out of hand.

Give Something For Nothing

Everyone could use a break right about now. With that in mind, it could be the perfect time to roll out a promotion for your most important clientele. Consider, for example, Retail Management Solutions. They’ve recently implemented a pharmacy loyalty program that provides many benefits for their repeat customers. This is just one way that businesses can offer support to their clients during the current lockdown.

Upsell

Most professionals are probably doing their best to cut down on costs at the moment. Yet, a select few organizations and industries are actually poised to grow rapidly. If you have a client involved in a field like telecommunications, for instance, don’t hesitate to upsell them on new opportunities. Growing businesses have a tremendous chance to make a big impact. So seize this day!

Negotiate

Perhaps a client can’t afford to partner with your business at their current rate. However, rather than losing a client completely, consider negotiating with them. Offering reduced prices or even deferred payments can help clients manage their cash flow while sticking with your business. Now is not the time to take a hard stance with your clientele. Consider adjusting to meet their new needs and expectations if possible.

Follow Up

Odds are, most business owners have lost some exciting prospects or loyal clients because of the current economic downturn. Still, this doesn’t mean that you’ll never work with those people again. As we all should know by now, things can change in the blink of an eye. Make it a point to follow up with former clients and other business contacts –– trust us, you’ll be glad you did.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes