For whatever your kind of business is, whether it is SEO service, web development, online store or etc. Customers are the core of everything, therefore many businesses are trying to get more and more customers for growing their business, but beside the effort of getting more customer, another way is also important to be considered about, which is winning back lost customers.
There are several reasons why winning back lost customer is far away better than getting customers. First, these people have demonstrated a need for the service, making them far better prospects than random names on a cold-call list. Second, they are familiar with the company, eliminating the need to create brand awareness and educate them about the offering and thus reducing the cost of marketing to them. Third and most important, recent technology, particularly more sophisticated customer databases, allows companies to draw on information about how people used their service the first time around to craft more-successful win-back offers and to identify and go after the most profitable defectors.
A recent research has been studied on more than 53,000 customers who left a telecom company over a seven-year period to examine how each lost customer behaved before canceling, why each canceled, how each responded to various win-back offers, and how profitable each one who signed on again subsequently became. Moreover, the study also reveals that customers who put off to purchase because of price are more likely to come back than those who left because of poor service, and people who quit for both reasons are the least likely of all to return.
Another way that you can try to win back your customer’s heart is by providing a service upgrade that has the lowest success rate; it’s the cheapest strategy and has the highest return on investment compared with the bundled offer which has the highest success rate which also means highest cost and lowest ROI.
