Losing a key client can be a major setback for an agency or freelancer. Here is a contingency plan to minimise the impact of your pillar clients saying goodbye.
In this article:
Review the impact
First, assess the impact of losing the key client. Analyse the revenue generated from the client and the potential revenue loss. Determine how it affects the agency’s resources, employees, and long-term goals.
Review contractual obligations
Review the contractual agreements with the client to determine what actions need to be taken regarding termination, notice periods, and outstanding payments.
Communicate with the client
Try to communicate with the client to understand why they are leaving and what can be done to retain them. If possible, offer alternative solutions that could better fit their needs.
Develop a backup plan
Identify potential new clients that can fill the revenue gap left by the key client. Create a list of new prospects and start building relationships with them.
Evaluate and restructure
Use the opportunity to evaluate the agency’s processes, services, and offerings. Restructure the agency, if necessary, to address any issues that contributed to the client leaving.
Reallocate resources: Reallocate resources to support other clients and new business development efforts. This may involve shifting employees to other accounts or hiring new employees to support new business.
- Retain existing clients: Focus on retaining existing clients by providing excellent service, delivering results, and showing appreciation for their business.
- Communicate internally: Communicate with employees about the situation and what the agency is doing to address it. Provide regular updates on progress and any changes in strategy.
- Plan for the future: Use the experience to develop a plan for preventing future key client losses. This may involve diversifying the agency’s client base, improving service offerings, or increasing communication with clients.
Overall, it’s important to stay calm and take a strategic approach when dealing with the loss of a key client. With a contingency plan in place, the agency can minimise the impact and come out stronger in the long run