Today we are talking about the sixth step in the coaching lifecycle – upsells and renewals.
Sandy (not her real name) was an amazing client. I looked forward to our calls together. She came to every call eager, enthusiastic and ready to work. I loved hearing about all the positive changes she was making in her business. When renewal time came around, I assumed she was a slam dunk. But, when renewal time came around, she didn’t sign on the dotted line.
Keep them coming back for more
Needless to say, I was devastated. I spent the next week wracking my brain trying to figure out what went wrong. Has this ever happened to you? I certainly felt like I had been missing something in our coaching relationship. And, felt absolutely terrible because as a coach, my job is to read people and I really had thought that I had missed the boat somehow. Not a great feeling exactly.
That experience caused me to take a better look at my client renewal system. Frankly, I didn’t have one – and that was a big problem. I realized how much I was losing by not following up well with my clients.
“If you have an effective renewal system, you can easily increase your income by 30 to 40%.”
I’ve discovered there are 5 reasons why clients don’t renew. Plugging these holes is an easy way to increase profits in your business.
Here are the 5 Reasons why your clients might not be renewing
1. You don’t ask them. I know this seems obvious – but it is very easy to get caught up in working with your clients and forget when it is time to renew.
2. You don’t have a system for renewals. Make sure that you know when your client’s last call is going to be. Give them some warning that this last call is a wrap up – and then give them the information to continue.
3. You aren’t providing good customer service. Is your team easy to work with? Do they get back to your clients very quickly. Are class reminders being sent out consistently and correctly? Make sure you stay on top of your team, so your clients' experience is as seamless as possible.
4. They don’t think they are getting results. Make sure that you are constantly measuring (and celebrating) your clients' results. It is very easy at the end of six months to a year to think that nothing has happened. Show your client all the progress you’ve made together.
5. Life happens. Sometimes life just happens and your client can’t continue their program with you. And, the reason has nothing to do with you. Wish them well on their journey and keep following up. They may be in a better place to work with you in the future.
Need help plugging the holes in your client renewal system?
I have a few spots open in my schedule to talk to you about how to make your client renewal system more effective. Click here learn more.
