Developing a new account can be seven times more expensive than resurrecting a lost or dormant account. Resurrect a lost or dormant account. Save and make money at the same time.
Find a former client and find out why he or she left. Let them vent and then tell them how you will avoid the problem in the future. You might even learn they don’t like their new provider of products or services. I was always surprised how many people came back to my business after a one-year absence. After being told of lower costs, my former clients generally saw a spike in costs less than a year after leaving us. They appreciated our honesty more than price.
“Your most unhappy customers are your greatest source of learning.”