How to answer this Situational interview question about Client Retention for Mid-Level Client Relationship Manager?

How would you handle a situation where a long-term client is considering switching to a competitor?

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Client Relationship Manager

Situational

Asked at

JP Morgan Chase

Difficulty :

Medium

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A popular meme image featuring the Marvel character Thanos with the caption “A small price to pay for salvation,” commonly used to humorously express acceptance of a minor sacrifice for a greater benefit.

Explanation

This question evaluates your ability to retain clients by addressing their concerns and providing added value. Recruiters assess your communication skills, problem-solving ability, and understanding of client needs. Common pitfalls include focusing only on price competition or not addressing the root cause of the client’s dissatisfaction. A strong answer includes identifying the client’s concerns, proposing solutions, and emphasizing the value of the relationship. Preparation involves reviewing client retention strategies and understanding industry-specific challenges.

A popular meme image featuring the Marvel character Thanos with the caption “A small price to pay for salvation,” commonly used to humorously express acceptance of a minor sacrifice for a greater benefit.

Answer Example

I would start by arranging a meeting with the client to understand their concerns and reasons for considering a switch. Next, I would highlight the unique value we provide and propose tailored solutions that address their specific needs. For example, I retained a client who was considering a competitor by offering customized financial reports and increasing touchpoints, which reinforced their trust and loyalty.

How it works?

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Step 1:
Create a profile

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Step 2:
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Step 3:
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