Note: Names have been changed to protect the mortified.
Bill Connor simply could not believe what he had just heard. He was devastated.
Sitting in his car in the visitor’s lot, eyes welled with tears and his head in his hands, he thought to himself, “What am I going to tell my boss? How am I going to pay for my daughter’s college?”
A few minutes earlier, in a fifteen-minute meeting, Bill’s life changed dramatically. Bill had just lost his largest account, Lassiter Logistics, resulting in a $1.5 million loss in revenue to the company and $90k in commissions to Bill.
“How did this happen?” he asked himself repeatedly in a state of disbelief. “They loved me!”
After Bill works himself through the stages of grief—denial, anger, bargaining, depression and acceptance—Bill will realize the signs of client defection were as apparent as the nose on this face. He just chose not to pay attention to the signs.
Bill was a self-professed “relationship guy” and as long as his relationship with the buyer was strong, Bill thought he had nothing to worry about. He had a nine- year relationship with Jim Cummings that included golf, late-night dinners and ballgames. They talked every day and Bill was confident both he and his company were “rock solid.”
So, where did Bill go wrong?
Unfortunately, this situation plays itself out approximately every six minutes all over the United States every single day and yet 99% of company executives still cannot answer the question with facts and data:
“Are your clients at risk?”
In this new world of big data, machine learning and predictive analytics, there is simply no excuse to not have an early detection system associated with client risk that provides actionable insights to prevent potential defections before they happen.