Building customer loyalty and retaining them in this modern business world proves difficult as their attention is scattered due to modern advertising. The increased internet and social media use make it easier for customers to learn about products and services from competitors with just a click.
This makes it more challenging for them as they can like your product in a matter of seconds, switch to your competitors in the next second, and completely forget yours.
But don’t give up on winning back a lost customer because it’s not a waste of time. You can if you adopt the best win-back strategies.
What is a customer win-back strategy?
A customer win-back strategy is a marketing program aiming to re-engage lost customers by offering them incentives, special offers, or rewards to make them change their minds and become active customers again.
You can use a customer win-back strategy on potential customers who abandoned their cart, who haven’t made the second purchase, or who have canceled paid subscriptions.
While it is difficult to win back lapsed customers, it is worth trying because acquiring new customers is very expensive, as customer retention is cheaper than acquisition. It is especially important to put more effort into winning back a customer with high lifetime value and contributions to your company.
Some of the most valuable lost customers that are worth winning back are those who have:
- Referred your brand to others
- Been poorly handled by your staff
- Left due to prices and not service quality
Engage your customers through feedback.
First, you should have a target period where you consider your customers inactive. Don’t allow that time to elapse. When they reach half the target period before making contact after purchasing, engage them.
You can do this by requesting feedback. Give them a chance to tell you why they haven’t contacted you and their thoughts about the product or service. You should figure out the kind of feedback you should request.
Don’t use one channel to request feedback. You can use direct email if you have their contact or chat manually through SMS.
Give them special offers.
Most businesses win back their lost customers by offering them special offers like free gifts, cashback, discounts, etc. Though this strategy is costly, it is the best option. Don’t just give discounts. Personalize the offer to match the customer’s interest and spending habits.
Personalize messages in the offer to tell them you’re still missing them. To make the offer more tempting, put a time limit on the voucher usage.
Use retargeting ads
If your lost customers are still on your social media and website, then based on their purchasing history, tailor retargeting ads for them. Add some offers and promotions to entice them back to your business.
Invite them to your loyalty program.
If these your lost customers haven’t joined your loyalty program before, send them a personalized email informing them about your program. When sending them invitations, ensure you add extra benefits that they can hardly ignore.
Send personalized product updates.
Your customers may have left your brand because of a bad experience with a product or service. If they had sent a request complaining about a feature and didn’t get a response, this is the time to respond.
Go through customer support, collect feedback, complaints, and tickets, and respond to their request by giving them an update about the feature they complained about.
It is important to acquire new customers, but it doesn’t exceed that of retaining the existing ones. Don’t think twice about winning back your lost customer. Use data and personalize a win-back strategy to re-engage them.