Top 3 Reasons Why Clients Stop Doing Business With Us

Reblogger John Regur
Mortgage and Lending with Hamilton Group Funding, NMLS#831824 NMLS# 831824

I like what George has to say in this blog.  In customer service, it is alway important to inspect the processes that produce the result.  We must balance our analysis between the goals of our production and the possible obstacles we need to avoid.  George does a great job of laying out the obstacles.  One obstacle that I especially notice is the effect of a client feeling like they are not cared about.  No matter how it happens, if a client feels I don't care then I know I have failed.  Here is to my pledge and my commitment to preventing it from ever happening - and here is to George Souto for reminding me it can:

Original content by George Souto NMLS #65149

Top 3 Reasons Why Clients Stop Doing Business With Us.   This past week I read a survey on conducted by the Rockefeller Institute which produced some very interesting results on Why Clients Stop Doing Business With Us?

The three top reasons identified in the survey are reasons I would have most likely listed in a list of top 10 reasons of Why Clients Stop Doing Business With Us?  But they would not have made my top 3 reasons. 

However, after reading the results of the survey, and giving them a lot of thought, it began to make sense why those who participated in the survey responded with these as the Top 3 Reasons Why Clients Stop Doing Business With Us.

  • 9% of our clients stop doing business with us because of Competitive Reasons.  This could be for a number of reasons, they could feel the competition has:
    • A better product
    • More choices
    • A larger audience
    • Better equipped
    • Better pricing

Feel free to add to these reason, but even though competition is #3, it is a long way from being number one.

  • 14% of our clients stop doing business with us because they are Dissatisfied With Our Product And Service.  So here it isn't just because our competition has a better product, and more choices.  They are dissatisfied with OUR product and choices, it is seen as inferior.  Not only are they dissatisfied with OUR product and choices, they are dissatisfied with the quality of our service.  We are not meeting their expectations.
  • 68% of our clients stop doing business with us because they Feel We Don't Care.  They did business with us and feel we have now forgotten about them.  We have not stayed in touch so why should they come back to us.  This is by far the biggest reason of Why Clients Stop Doing Business With Us?  All the other reasons added together add up to less than this one single reason alone.  If a client did not come back to you, start off by just asking yourself this one simple question.  Did I stay in touch with them, or did I just take it for granted they would ignore all others trying to get their business and come back to me?

Before anyone says George these Top 3 Reasons Why Clients Stop Doing Business With Us do not add up to 100%.  You are absolutely right they do not add up to 100%, because all the other reasons on the survey added up to the remaining 5%.

While these Top 3 Reasons Why Clients Stop Doing Business With Us, are by far the  biggest reasons identified in the Rockefeller Institute Survey.  The biggest reason of them all has nothing to do with our competition, or our product.  The #1 reason has TOTALLY to do with US!

 

 

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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Rainmaker
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Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

I sure do think that some of us and that includes me sometimes forget about our clients but only because we are so busy. It is not done purposefully. I can see where the client would think that not knowing our daily agenda.

Sep 09, 2014 01:37 PM #1
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

John thank you for re-blogging my blog and I hope it proves useful to your readers.

Sep 10, 2014 09:46 AM #2
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John Regur

Branch Manager, Hamilton Group Funding NMLS#831824
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