The most effective way to grow a business, is to win new clients with great marketing; whilst keeping your existing clients happy with great customer service. Sadly, many businesses are strong in one of these areas and weak in another. I have experienced this first hand recently, when one of the service providers I use for my business, was ‘bought out’ by one of their competitors.
The original company were very strong on customer service, but really poor when it came to marketing their services. As a result, their clients loved them, BUT they were unable to win enough regular business to survive.
The new company is the total opposite! They are shockingly poor at customer service, but far sharper on their marketing. As a result, they will find winning new clients quite easy – but the rate they lose them, means the growth of their business will be just as sluggish as their poorly-marketed predecessors. This is probably why they bought the original company’s client list.
A wasted business development opportunity!
As I write this blog post, I wonder how many other clients of this newly-acquired business are also looking for a replacement provider? I wonder how much more successful things would have been for them, had the new owners kept the original level of customer service; and then used their marketing skills to drive in even more clients?
By the way: If you want to find out what your clients think about the level of service they receive from you, and what kind of service your future clients would like, you might find this really useful.
Great stuff Jim. I had the same problem when my accountants were acquired by another firm. The service quality dropped but the fees increased. We left and so did the other clients we knew. Back end and front end need to work; not just marketing or customer services but both.
Nice post.
I really enjoyed this Jim. I hope people realize that their comemrcial success is linked to how well they treat their existing customers and not just their new ones. I have just switched phone companies for this reason. Im gonna send them your blog to read!!!!!!
Hello Sam,
Glad you liked the post Sam. There seems to be a blind spot with some businesses (large and small), where existing clients are often left with a poor service because all the effort is pumped into winning new clients.
Hello Jacqui,
Thanks for the comment. It seems your experience is not too dissimilar to the previous one. Thanks for forwarding the blog – I hope it helps them!!
Jim