Dec
24

Loyalty Countdown #8 – Win Back Lost Customers

Research shows that a business is twice as likely to successfully sell to a lost customer as to a brand new prospect Yet winning back lost customers is frequently the most overlooked source for incremental revenue in many firms. Why? Because most firms consider a lost customer a lost cause. With the average company losing 20-40 percent of customers every year, it’s imperative that a firm create a hard-working strategy, not only for acquisition and retention but also for win-back. Since no customer retention program can be 100 percent foolproof, it follows that every company needs a process for recapturing those high-value customers who depart. Think of it as loyalty insurance.

Action Step: Review your company processes and identify which programs, if any, are in place for winning back lost customers. If a program exists, carefully monitor results and look for a way to consistently increase the number of lost customers regained. If no program exists, begin immediately to identify lost customers and research processes others are recommending to win them back.

Source: Griffin, Jill. Customer Loyalty: How To Earn It How To Keep It. 2002.

vLoyalty Countdown:

#12 – Store Your Data In One Centralized Database
#11 – Collaborate With Your Channel Partners
#10 – Give Your Front Line the Skills to Perform
#9 – Use Multiple Channels to Serve the Same Customers Well
#8 – Win Back Lost Customers
#7 – Know Your Customer’s Definition of Value
#6 – Get Responsive & Stay That Way
#5 – Aggressively Seek Out Customer Complaints
#4 – Serve First; Sell Second
#3 – Know Your Loyalty Stages & Ensure Your Customers Are Moving Through Them
#2 – Practice the 80/20 Rule
#1 – Build Staff Loyalty

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