Key Messages
Unlock The Secrets Of Retaining And Winning Back Lost Customers
Don’t mistakenly assume that once a customer leaves, they’re gone for good.
Customer WinBack Book teaches you how to identify which customers may be considering leaving and how to win them back.
It includes essential information about customer retention rates and helpful methods like “CPR” to help you save your business.
By recognizing the at-risk customers and understanding when it’s best to simply let them go, you’ll be equipped with the tools needed to keep your market from slowly bleeding out.
With this book’s guidance, you will learn strategies to:
• Identify which customers may be considering leaving;
• Take corrective steps such as offering discounts or incentives;
• Reach out quickly before the customer leaves you for another company;
• Use “CPR” – – tactics;
Don’T Underestimate The Value Of Winning Back Lost Customers
If you want your business to thrive, don’t make the mistake of ignoring customer defection or being apathetic about winning them back.
Of course, the idea that retention rate gives an accurate picture of how customers are retained over a period can be misleading – in many cases, the number of customers is drastically diminishing with each new period.
Another thing to pay attention to is the substantial losses associated with customer defection and the benefits of successfully winning them back.
A single long-term customer leaving means businesses have to expend resources such as marketing materials and sales staff costs filling in their lost revenue gap.
Moreover, there’s valuable insight that can be gleaned when evaluating why a customer chose to depart in the first place – it can help you keep existing ones and even aid in acquiring new customers too.
Despite this being so, many companies just brush off the idea of trying to win back these customers by dismissing them as hostile individuals who wouldn’t change their mind whatever happened.
The Importance Of Winning Back Customers: Use Innovative Tools To Retain High Value Clients And Get A Competitive Edge
It’s time for your company to take customer retention seriously.
We know that there are a limited number of good customers out there and it’s essential to keep them close in order to remain competitive in the market.
To do this, you must establish customer loss and win-back initiatives.
Technology today makes it much easier and cheaper to communicate with your customers than ever before.
Whatever communication channel you decide to use, make sure it’s one that allows for creative, individualized messaging that shows the customer they are valued.
Services like ELetter Inc.
provide an easy-to-use platform for launching a direct-mail campaign with address lists, document files and various formatting options – all done within a matter of days!
A solid win-back strategy is crucial as losing just one valuable customer can be detrimental to your business.
The cost savings from successful win-backs can offer great benefit as a result of both revenue retention and cost efficiency.
Taking steps now to implement customer win-back initiatives can give your business the edge over competitors who fail to invest in their customers’ loyalties.
Hence, start developing ways now on how to win back those lost customers!
Every Company Can Benefit From A Re-Recruitment Program For Lost Customers
Customer retention strategies usually have two phases: the termination phase and the revitalization phase.
In the termination phase, companies reach out to customers who are in the process of canceling their subscription or membership and ask them why they are leaving.
Representatives should be well trained in providing alternatives or solutions that counteract the customers’ reasons for leaving, as well as having access to all the relevant customer data.
For example, if a customer states that they receive too much mail from the company, the representative can offer to suspend these mailings.
The cost of providing this kind of customer service is worth it since current customers bring in more profits than new ones after accounting for advertising risks.
However, if a customer has minimal value to your company and still wants to cancel their membership, you can just thank them and cancel their contract.
The second phase is the revitalization phase, where lost customers are contacted with offers designed to reactivate their membership.
This works because customers who have previously bought products or services from your company are already familiar with you.
Sent out mailings can prove more profitable with expired members rather than externally acquired leads; Doubleday discovered this when they sent out two separate mailings offering deals on memberships — which resulted in healthier ROI from expired members rather than external leads!
Keeping Customers: How To Win Them Back With Cpr (Comprehend, Propose, Respond)
If you want to keep your customers from walking away, it’s important to recognize the signs that an at-risk customer might be slipping away.
That way, you can take action before it’s too late.
And one of the most successful strategies for winning customers back is CPR – Comprehend, Propose and Respond.
Using CPR to save at-risk customers begins with comprehension – understanding why the customer might be leaving, measuring their lifetime value to your business and attempting to solve the customer’s problems.
Asking the right questions will help you glean all this information and more.
Once you understand what’s causing them to leave, then you need to propose a solution that meets both your customer satisfaction demands as well as any financial demands they may have of your company.
Depending on what they’re asking for, this could be as simple as offering a replacement wireless modem, or something more substantial such as sweetening the deal in some way, or just letting them go if there’s no way to keep them around without spending too much money.
Finally, when responding to their request, you’ll need to make sure that your customer service reps are properly trained so they can handle any negative responses while still trying their best to satisfy the customer.
At-risk customers don’t have to slip away from your business forever if you use CPR – Comprehend, Propose and Respond – correctly!
Use Customer Research Surveys And Have Customer-Facing Staff Collect Information To Identify At-Risk Customers Before It’S Too Late
When it comes to customers at risk of leaving, prevention is the best medicine.
Surveys and frontline staff can certainly help businesses identify at-risk customers before it’s too late.
Take the Royal Bank of Scotland, who found out through a survey that 69 percent of their customers felt they didn’t have a relationship with the bank.
Realizing this was an issue, they acted quickly and reached out to each customer to offer new services and ask if there were other Financial Services they could help them with – and their efforts paid off; with 86% of customers feeling appreciated by these additional follow-up calls.
At USAA they created an internal system called ECHO which collects data related to feedback, complaints, competitive offers, trends and new products opportunities and flags any customer at risk of leaving.
This allows for swift resolution so that when it comes time for renewal, USAA had a 98% customer renewal rate!
Surveys and frontline staff are great methods businesses can use to identify at-risk clients – as both Royal Bank of Scotland and USAA have demonstrated.
Winning Back A Lost Customer Takes Patience And Respect
Retaining customers is at the heart of successful businesses, and it’s crucial that companies have strategies in place to try and win back customers who are considering leaving.
When it comes to win-back opportunities, you want to separate them into two distinct categories: immediate and long-term.
For immediate opportunities, you will want to take action during those moments when your customer is considering cancelling, or shortly afterwards.
During these times it’s important to listen to their issues carefully and be generous in your resolution offer.
It may also be helpful to have customer service reps empowered with the ability to act quickly without waiting on approval from management.
Alternatively, there can be longer-term win-back opportunities where you accept a customer leaving but wish them the best of luck while hopefully they will reconsider using your company again in the future.
For instance if an elderly member at a golf club has had to terminate her contract due to arthritis; instead of trying to talk her out of it, be respectful and let her go without making an issue of it so that she could recommend your business off in the long-term.
Wrap Up
The Customer WinBack Book gave audiences an in-depth look into how businesses can keep their customers engaged and loyal.
The key message throughout the book was that it is far more cost-effective for companies to retain their current customers than it is to acquire new ones.
The takeaway advice emphasized not giving up on customers who appear lost and instead sending out offers to include them again.
Businesses should proactively try to win back their customers’ loyalty by sending out special offers, as they could be receptive to these services or even decide to buy again.
By understanding how important customer retention is, businesses can ensure they are doing everything possible to keep existing customers instead of just acquiring new ones.
This allows them to establish meaningful relationships that will benefit both parties in the long run.
