One of the most important things for a new or established business is ensuring they have consistent income. No matter what business you’re in, returning customers is an excellent way to establish a stable revenue. A natural part of this however, is that customers will be lost over time to churn.
To offset a loss in churn, business can do two things:
- Acquire new customers
- Deploy strategies to win back old ones.
While both are an essential part of a healthy business, the fact remains that getting new customers can cost 5x more than recruiting old ones. With winning over previous customers, you already know they like your service or product, what their buying habits are like, and which of their services they’re most interested in. You can more easily target your marketing, therefore cutting down on costs.
However, getting back an old customer is easier said than done. And there’s a strategy for win back that’s unique to every customer. You’ll have to analyze the information you have on them, collect exit and service surveys, and tailor the strategy to each customer. Check out this infographic below by Fundera to learn the most effective strategies to win back former customers.
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