You Lose More Than Just Money
Losing a client can sometimes come as a necessity. Perhaps the expectations at the beginning of the project weren’t set correctly, or the working relationship began to deteriorate because of miscommunication, or the client found another competitor to replace you.
Regardless of why it happens, it’s important for us to consider what happens after you lose a client.
When a client is lost, your bottom line isn’t the only thing that suffers. There’s an opportunity cost incurred when you lose a client, for they could have been a potential avenue to gain referrals to new clients. And when you lose a client, you miss out on all of the knowledge that would have been gained through future work with them.
Working with clients gives marketers the opportunity to consistently challenge themselves and grow their skillset—as new problems that need solving arise consistently in marketing. When you lost a client, you lose an opportunity to grow.
Again, sometimes you can actually benefit from losing a client if it is clear that much wouldn’t have been gained if the working relationship continued. Yet, when you lose a great client, it can be tough to recover from that loss.
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