The growth and success of your business depend entirely on the customers you have. Nevertheless, retaining a customer in the U.S. is low-hanging fruit.
Here are a few statistics to give you an idea of why it is essential to protect your customers from leaving:
- 71% of customers end their relationship with a given business because of poor customer service.
- Any customer you lose costs you about $289 on average.
- 61% of lost customers will move to a competitor.
- 70% of businesses find it relatively cheap to retain than acquire new customers
- Only 30% of enterprises focus on bringing back lost customers
With the above statistics, you don’t want to lose a single customer. However, customers will leave for one reason or another, but how do you bring them back?
Read on to find out:
Tips on How to Bring Back Lost Customers
- Stand Out from the Competition
What are the needs of your customers? Understanding your customers’ needs and what your competitors are offering is the first step towards winning lost customers back. Improve your brand to reflect the needs of your customers.
With an improved brand offering, you will have a competitive edge, hence lost customers will come because you are offering what your competitors don’t have.
- Prioritize Customer Service
Customer service matters the most as far as retaining a customer is concerned. Poor customer service pushes even the most loyal customers away. Prioritizing customer service is a great way to win back customers to your business.
Start with training your employees on offering quality customer service and making sure that they adopt each tactic in the business.
Once you are sure your customer service has improved, you can run a campaign to publicize it; this way, lost customers will be willing to come back and try your new customer service. Make sure not to disappoint them again.
- Create Customer Incentives
Loyal customers need recognition. Usually, customers are more likely to stay for long with your business if you offer them more than just the products. What other reasons are there for them to come back?
Nothing wins the heart of the consumer than the feeling of being appreciated. You can achieve this by offering your customers a special discount.
For example, if you offer storage solutions, it could be something as easy as an SMS that says: We Miss You. Grab a 20% discount on your storage order!
Don’t forget to be appealing and adding a human touch to the message. Examples of phrases you can consider include:
- Don’t be a stranger
- We haven’t seen you in a while
- We miss you
- Remember us?
Above all, make the offer irresistible and worth their time. You can do this by discounting something the customer used to buy often.
- Reimagine Your Business Goals
Another reason why your customers leave revolves around the balance between your business goals and consumer needs. What are you doing to align your business goal to the needs of the customers?
Reimagine your business goals such that you give priority to addressing customer needs. Usually, customers will stay with a business whose brand resonates with their needs.
- Identify Your Weaknesses
Usually, customers are likely to move to the next strong business as far as brand values and offers are concerned. One of the easiest ways to win back lost customers is finding the weaknesses in your business and addressing them. However, you cannot win them back if you don’t know what aspects of your business drove them away.
So, start by establishing why the customers stopped buying from you. Look at the purchase records and, where necessary, engage the customer to know your business’s weaknesses. Now that you know the problem, focus on using your strengths and opportunities to win back the customers; you can start with a unique offer that targets the lost customers.
Poor customer service, wrong business goals, stiff competition, and lack of customer incentive can drive your consumers away. If you want to win back lost customers, work on your business goals, improve your weak areas and customer service, and be competitive.