With the development of e-commerce, the competition between businesses has increased even more. Every business started to try harder to protect its existence and retain its customers, but once in a while, some succumbed to this competition. The main reason is that companies might lose customers for any reason. So how do you win back lost customers?
Why Is Customer Churn Bad?
Businesses gain new customers as much as they lose customers. According to the research, it’s shown that increasing customer retention rates by 5% can increase operating profit from 25% to 95%. So it’s easier, cheaper, and safer to focus on retaining customers than to continually invest in attracting new ones.
Losing customers is costly. Acquiring a new customer is five times more expensive than retaining an existing one. But it doesn’t only cost money, but it also costs time, effort, and resources. The customer who leaves the brand due to a bad experience will share this negative situation with others. That’ll damage your brand value. For this reason, in addition to making an effort to gain new customers, you should make an effort to regain your lost customers.
How to Regain Lost Customers
Businesses may lose customers for several reasons. However, this doesn’t mean that you lose that customer forever. Companies can regain lost customers through internal regulations and improvements. At this point, you can follow these strategies:
1) Creating Customer-Specific Campaigns
Customers leave the business for many reasons. First of all, this reason must be identified. Studies show that the two critical reasons a customer leaves are because they’ve been mistreated or unsatisfied with your product or services. Various surveys should be conducted for customers whose reason for leaving is unclear. Once the problem is identified, it should be fixed and improved. Next, a marketing campaign should be launched. Thus, the message ”we have renewed and solved the problems’’ will be conveyed to the customer.
2) Making Attractive Offers
Customers must believe they will see a worthwhile result if they return. At this point, special offers can be sent to inactive customers. Thus, they’ll feel unique and valuable. According to the study stated in the Harvard Business Review, presenting the right offers plays an important role in regaining lost customers. Offers such as special discounts will be effective for customers to return.
3) Being Active on Social Media
Customers leave the business for different reasons. It’s essential to find these reasons, so you can find the lacking points and fix them. Some customers leave because of the difficulties businesses experience on their websites. For this reason, companies should update their websites frequently and show them to customers by eliminating their shortcomings. When significant changes are made in product or website designs, customers can be returned repeatedly by sending an e-mail to subscribers and announcing them on social media.
Get Your Customers Back With Infoset
Infoset allows you to manage all your support channels from a single platform. The customer service automation it provides helps you quickly determine your customer needs. This way, you can track every point in the customer journey and offer a good customer experience. Start using Infoset today to take your customer experience to the next level and increase your sales!
