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 customer churn.
To offset a loss in customer churn, business can do two things: acquire new customers, or employee 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. That may sound counterintuitive, but because you already know they they liked your product or service, you only need to figure out why they left, and how you can win them back.
Whether they were dissatisfied with the prices, or had a bad experience with customer service, determining how you can best win them back is essential. Conduct surveys with all the clients and customers you can, and collect regular data on their spending and purchase habits. Ultimately there are a variety of strategies that a business can employ to win back former customers, but will have to use their best judgment for which one will be most effective. Check out this helpful infographic on customer churn by Fundera to learn some of the best ways to win over past customers:
Source: Customer Winback