Customer Win Back Strategy

Using Customer Win-Back Strategy to Retain Customer Post Pandemic

Customer Win Back Strategy

You surely might hear of the famous mantra, “the customer is the king.” It’s a popular business mantra to accentuate the importance of every business. Customers are the great assets of the business and understanding Customer win-back strategy could aid in retaining the lapsed customers. A satisfied customer can build your brand; on the other hand, a crestfallen customer raves negativity about your brand among friends, relatives, and even social media. And negative comments are soon going to ruin your brand image. Do always remember the old-age business mantra, “the customer is the king.” It isn’t just a phrase, but the reality that requires a company to promise to provide exceptional goods and services to their customers. In the phase of a competitive business scenario, a loyal customer is the most valuable asset a company owns.

A loyal customer trusts a brand insanely, and according to the survey, they likely to buy a new product launched by the brand. They don’t just buy a product, instead, extol your product amongst friends and relatives. Customers are like lifeblood for a business. They don’t just pay for your product rather out speaks about your business. Thanks to technological advancements and social media, your customers now have the power to be the brand ambassador of your business.

Customer Win Back Strategy

Losing customers can really be costly. According to research, almost 70% of the business finds it cheaper to retain old customers than finding new ones. Only 30% of businesses efforts to bring back their customers whom they haven’t seen in a while.

Business often directs their attention towards attracting new customers. Moreover, strengthening relationships with existing customers is equally important. Taking repeated business for granted is a great mistake; your customer will disappear without even letting know when they will return. In today’s customer-centric scenario, every customer should feel important and realize that product is built around their needs. After investing much time and investment in gaining customers, it really can be discouraging to see them leave.

The COVID-19 has turned up devasting, crashing economies around the world. That leads to thinking about losing customers. Lastly, when the economy melted in 2008, several people adjusted their spending patterns. Some stopped making purchases, while others downgraded the brand. Remember, every cancellation is an opportunity. If you want to win back your customers, then “customer win-back strategy” will function best for targeting the lost customers.

Customer Win-Back Strategy

Losing customer have a great opportunity. Think of them as potential customers, even if they are heading out the door. That’s the ideal approach to when a customer lapse. What can be done when a customer threatens to leave your service or products? Some businesses never ever respond, whereas some reply with an exit survey. How to win back customers, to acknowledge what works best for your business.

 Here are some of the creative ways following which you can show value to your customers:

  • Find Out the Reason: The first and the foremost way is to analyze the reason why your customers left your brand. Depending upon the relationship with the customers, try to approach them via meeting, emails, or using a forum where customers can share their viewpoints, experience, etc. When a business approaches a lapsed customer, it entails that business values them and wants to revive relations with them. Lost customer analysis
  • Records: If there’s isn’t any response from the customers, the second step is to overview the sales record. It can be a crucial report in bringing back lapsed customers. Analyze individual customer sales records and figure out changes in buying patterns. Suppose your customers who buy daily stopped buying. It may indicate a problem with your brand or defection to a competitor.
  • Adjust Your Offer: After analyzing sales record if you found your customers aren’t satisfied with the product or service you offer. Use the sales report to create a new and more profitable offer to your customers.
  • Respond: Keep track of the response from the lapsed customers. If you find customers have raised any issue, try to resolve them asap. Respond with the action plan about how you are going to resolve the issue.
  • Incentives: While sending the action plan, make your customers feel valued. Give them some incentives to buy from you. Give them discounts, rewards, purchase vouchers.
  • Loyalty Program: Retaining existing customers is equally important as bringing back lapsed customers. Setting up loyalty programs, starting customer win-back campaign, rewarding the customers for repeated purchases helps them feel valued and reduces the chances of churn. Lost Customer Analysis
  • Announce Improvements: Your customers have left you for a reason. There are primarily two reasons why a customer leaves a brand firstly if they have been treated poorly, secondly, if they are disappointed with the product or services you offer. Check out the forums, feedback queries, or responses of your customers in the social media’s, review sites, etc. Look at the threads that lead customers to jump ship, fix it, and announce improvements over social media and media channels. So your customers will feel their feedback has been valued, which surely attract back your customers.
  • Surprise Your Customers: Everyone likes surprises, even your customers. When we get something beyond expectations, we often feel delighted, happy, and excited to share with others. They even lead to word of mouth advertisements. It’s simple. Just give a birthday gift card or discount coupons from repeated purchases.
  • Win Customers Using Social Media: Thank technology for the biggest boom Social media. It’s a great platform to interact directly with the customers. Address complaints using social media campaign channels. Launch customer appreciation day, where customers are rewarded.
  • Interview Loyal Customers: Never let your loyal customer get lapsed. Always ask feedbacks from loyal customers as they will be candid with your business. The loyal customer knows your product well, and how it operates, they can instruct you with any improvements in any field.

Losing single customers isn’t going to make or break your business. But unsatisfied customers are going to babble negatives comments about your brand. Every instance of churn is a signal that your customers aren’t satisfied, and your customer success model needs to be enhanced. The tools for enhancing customer experience works individually. It needs a number of tools at the same time to show a significant impact. Remember that if you don’t take steps towards capturing customer loyalty, then your competitors are likely to win.

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