There is a certain point when you have to decide if the cost of doing business with a certain institute is conductive for the growth of your company. The truth of the matter is, many business relationships are better off severed.
We have been harassed by a company in Abu Dhabi to provide them with our services. We have done the face-to-face meeting, demonstrations, etc. We have even continued negotiations on the phone. They insist that our competition's prices are more competitive. We reaffirmed that we don't compete on prices and if they are cost-sensitive, they can very well go with any provider they please. It will not hurt our feelings! They kept on.
Then they continued to insist on another face-to-face meeting. This was followed by another short period of a trial of the services. This was followed by a string of nonsensical complaints.
Then, I've had a moment! For the love of everything that is good in this life, cut them loose! Why are we enduring this torture? The size of business is small (relative to other accounts). The prospect has no brand equity to leverage. Why are we wasting our time on this?
There are several reasons why you would find it necessary to put up with a prospect who is going to cost you a lot of time to maintain and pamper:
* Brand equity -- the prospect is a major brand whose business will look good on your portfolio, bringing you other business to offset theirs.
* High pay -- the prospect is willing to pay for your troubles. Quote high enough to cover having someone's time spent on them.
* More business, not profit -- if your goal is to get a larger market share, regardless of the profit (say, you have the funds to keep you going even if you operate at a loss from a few clients here and there)..
* Help you improve -- there are occasions when a prospect is demanding in a way that would force you to reconsider some of your own processes in order to optimize it. This type of prospect/client is a keeper.
Aside from the above, cut them loose sooner than later.
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15 comments:
Yes, get rid of them sooner rather than later. Client's like this are more trouble than they're worth, they've demonstrated clearly that they will be a huge problem if you take them on. Complaints, demands, late or non-payment of invoices, diversion from time spent on finding worthhwhile clients.
Get rid of them.
I think you can learn a huge amount about potential clients by how they treat you in the earliest stages of your relationship. If they are a pain now, how much more of a pain are they going to be when they owe you a huge chunk of money?
If I'd followed my own advice more often I'd be seriously wealthy by now lol!
Hey Dubai Entrepreneur. This is J.C. from dubizzle[dot]com. I'm not sure if you approve comments before they go up - if you don't I apologize - I couldn't find an email for you. Anyway - I like your blog and the entries you've written on other blogs. I wondered if we could have a chat over email about a blogging initiative that dubizzle will be launching soon. Please shoot me an email on jc[at]dubizzle[dot]com
Cheers,
J.C.
Totally agree on that mantra. It's amazing some clients expect the moon from an agency, yet unable to extend the costs involved.
"...if they are cost-sensitive, they can very well go with any provider they please.'
Absolutely true. Often clients realize cost and quality, often go hand in hand. If it's cost you value, do not expect the best quality.
How can you set up a business in Dubai...
I've got sseveral businesses doing well in the UK...but Iwant to find someone who will represent me in Dubai - the GCC - how do I do it?
Any thoughts?
Here are two websites that show what I do in the UK:
www.ancientwoodlands.com
www.jamesnobleknives.com
I sell strategic development land in the UK too...
What's the secret of success?
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