It’s great to concentrate on attracting new customers to offset lost customers, but do you know how you lost those customers in the first place? You probably stopped doing the very things that got you raving fans, created an exceptional experience and attracted new customers when you first started.
It’s been said time and time again—turning a first time visitor into a loyal customer is the ultimate win for any business. They spend more money, are more likely to become a brand ambassador, and are less costly to retain. Majority (70%) of businesses agree that it makes more financial sense to retain customers than find new ones, only 30% actually try to bring customers back. Some of the most common reasons companies don’t try to bring back customers include a lack of resources, a lack of strategy, and limitations with technology.
In every business, earning a customer’s trust and loyalty is a challenge which requires good planning and investment of time and money.
Few Common Reasons Customers Leave Initially
1. Lack of Personal Connection:
Customers love staying with the business that offers personal connection and involvement in every bit of service. Rude customer service executive, delay in giving attention and wrong approach are some of the reasons that can lead to customer leaving your business.
2. Found a better Deal:
Everyone knows that a cheap and promising deal is always preferred. And if your competitor throws the right card at the right moment, there’s nothing much left to be done by you. The best example is the e-commerce sector where there are hundreds of options available for customers to buy products.
3. Lack of Convenience:
In our digital world, it’s not enough to sell your customers a product or service. You have to sell them convenience as well. You have to do everything in your power to make the buyer’s journey as streamlined as possible.
4. Consistency with deals:
Many business owners are unable to take care of customer requirements regularly because of their busy schedule. This calls for a proper management system. You should be well coordinated with your staff, so you get across the deals timely.
A Win Back Program Is Worth The Investment
Your former customers are your best prospects, and launching a strategy to win them back is more cost-effective than forgetting about them.Consider making updates to the customer service strategy and make the process one that you wouldn’t mind dealing with when working with a business.
Ecommerce businesses are able to use targeted marketing to re-engage customers who have visited their site by collecting customer data. Point of sale (POS) systems have served as massive customer databases for some time. They track visits along with purchase histories. If you know how much customers are spending, you can make better decisions about how much to spend on ads and other programs.
1. Ask to Talk
Starting a conversation is the first step in rekindling your relationship. Begin your winback campaign by asking your customer if they are willing to discuss their experience with your product. Obviously, the customer might reject your offer, but anyone who agrees to talk may be persuaded to come back.
2. Acknowledge the Problem
In order to win back a customer, you have to take responsibility for their unhappiness and provide a solution. Once you know why the customer churned, you can build a winback campaign around the idea that you have heard your customer’s complaints and addressed them.
3.. Incentivize Return
A great way to revive a business relationship is to offer a new deal. Personalized messaging that addresses the interests and motivations of your lapsed customer can entice them to reconsider.
4. Win customers back through social media
Use feedback to make amends and win back customers on social media. Launch a customer appreciation day that gives customers a special coupon, or run a contest asking customers to vote for one menu item that you’ll bring back.
Winning back lost customers should be an important part of any business’ strategy. Making use of eCommerce and incorporating new technologies, has made it possible to bring back lapsed customers. They important Key Factors to retarget the right customers and bring them back are: Customer Data, Messaging and Offers.