50 ways to lose a client

Today I got a first class education in how to lose a client.
Unfortunately…I was the client.

Take heed…the lesson is priceless…

I’ve shared before that my wife and I are building a new house…we’re within days of moving in and the process has been fantastic, save one piece…

Dealing with the bank.

Here’s why:

THEY’VE assumed that the reason we’re using them is to get the lowest possible rate.

It was the first thing out of their mouths before, even, “hello.”

But rate’s not the most important thing to us.

Sure we want competitive, but not necessarily lowest.

What we DO WANT is…returned phone calls, emails when promised, some sign of human life inside the banking matrix!

Classic mismatch in what the buyer wants and what the business assumes is necessary to win business.

Now, we’re way too far along to change horses for the house, but here’s what our unfriendly neighborhood bank’s going to lose…

All of our current deposit accounts…and any chance at getting my business accounts (the jewel of banking…what they call “core deposits”).

So here’s the lesson for you (and it ain’t “return phone calls”, that’s just a given)…

No, the lesson is that your best clients never care about price first. The ones who do aren’t YOUR clients.

They care more about, will pay more for, and will long remember the experience they had working with you.

Any bank can write our loan. It’s a commodity.

But, create an experience of red carpet service and I’ll pay a premium for the experience…and I just assume you can do the commodity thing.

It’s the price of entry.


P.S. This reminded me of one of the most important quotes in business: “Nothing focuses the mind, like a good firing in the morning.”

I think I’ll send that to the CEO at my bank…




photo, originally in color, courtesy of: Karl-Ludwig Poggemann

Want my best ideas for growing your firm, plus winning ideas from successful firm leaders?

Twice a week I’ll send the latest actionable ideas to your inbox. Just tell me where to send them and let’s get some clients rolling in…