No business owner likes to see that they lost a customer. When you’ve worked hard to create and maintain a marketing strategy that attracts people to your business, it’s hard not to feel upset when you see one of your hard-earned leads suddenly walk away.
It doesn’t have to be all bad, though. When you know how to win back lost customers with a strong win-back strategy, you can view lost customers as a perfect opportunity to reclaim and retain customers to increase brand loyalty.
If you’re looking to learn how to win back lost customers, read on to hear about four win-back strategies you can start using today!
What is a customer win-back strategy?
Also known as reactivation or re-engagement campaigns, win-back campaigns are types of marketing strategies aimed at bringing back lost customers to your business.
Marketers will use a win-back campaign when they notice low customer retention rates, know for a fact that they have lost customers, or notice a significant number of inactive customers.
With an effective win-back campaign, you can entice lost customers to come back to your business and potentially prevent current customers from leaving your business as well.
How beneficial are win-back campaigns?
Did you know that it’s five times more costly to acquire new customers than it is to retain current ones? While you always want to attract new customers, you’ll be spending a lot more money and working harder if you constantly have to earn new customers to replace the ones you’re losing.
A successful win-back campaign can help you maintain and even increase your brand’s customer retention rate. Even just a 5% increase in your customer retention can double your brand’s revenue, making win-back campaigns a must-have for your overall marketing strategy.
4 win-back strategies to recover lost customers
As diligent as your marketing efforts may be, you’ll lose customers at some point for one reason or another. While this is an upsetting prospect, they don’t have to be gone forever!
Learn how to win back lost customers and prevent the loss of future customers with these four strategies that are easy to integrate with your existing marketing plan:
- Get feedback from your customers
- Analyze first-party customer data on your site
- Use retargeting ads
- Offer special promotions or incentives
One of the most effective ways to learn how to win back lost customers is to listen to what customers have to say through customer feedback. Customer feedback is a valuable asset that should never be overlooked by marketers. When trying to win back lost customers, customer feedback is like gold.
Take the time to look at previous customer feedback to see what people are saying about your business, products, and services. What are customers complaining about or criticizing? What are they praising?
Use that information to remedy any issues customers have, and don’t be afraid to directly reach out to them to let them know you’ve made positive changes.
By reaching out to those customers and personally informing them of things you’ve done based on their feedback, customers feel seen and valued.
If you notice customers that have stopped interacting with your business with no explanation, try getting in touch with them to ask what has caused the change and what you can do to rectify the situation.
When you show your customers that you genuinely care about what they have to say about your brand, you stand a better chance at retaining and recovering lost customers and ensuring continued loyalty from those who are still with you.
Another way to win back lost customers is to analyze first-party customer data on your website to learn their habits. More specifically, you can learn where they may have dropped out of your marketing funnel.
The first-party data collected on your website is a treasure trove of information about your customers’ habits and behaviors. First-party data is information you collect directly from your audiences like their name, address, interests, the device they’re using to browse your site, and more.
With the help of first-party data, you can gain better insight into how customers and site visitors interact with your content, products, and services. Then, you can use that information to improve your customer retention and make a more personalized win-back campaign.
By better understanding what your audience reacts to, you can develop a more effective win-back strategy that directly appeals to customers and entices them to come back.
Retargeting ads are just that — they’re ads that readvertise to customers who interacted with your brand’s website or content but didn’t convert. Retargeting ads give you another chance to win back lost customers and give them that extra push to purchase a product or service from you.
These personalized, targeted ads can help promote a sense of urgency in customers and move them to act quickly about purchasing a product they may have previously been looking at.
For example, have you ever browsed a clothing site and looked at a specific item for an extended period before deciding not to purchase it, and then a day later you see an ad on social media for that exact item you were eyeballing? That’s a form of retargeting.
Sometimes customers just need that extra reminder that your brand is waiting for them. With retargeting ads, you can make sure customers don’t walk away empty-handed a second time!
Another way to give customers that extra little nudge they might need to make a purchase is to offer special promotions that incentivize becoming a customer.
If you’re an ecommerce company, offering limited-time coupons or purchase deals can entice a user to purchase a product they didn’t previously go through with purchasing. Once you’ve converted them to being a customer, you can continue to direct personalized, targeted ads toward them that keep them shopping with you, or personalized emails that feature related products and services they might want.
If your business is service-based, retargeting ads that put an emphasis on how your business can benefit the customer is key.
Prove your value to the customer and connect with them in a way that demonstrates the worth of your services and how they’re superior to competitors’. Including case studies and glowing reviews from previous customers are a great way to do this.
Win back lost customers with the help of WebFX!
When you’ve got the support and expertise of WebFX’s digital marketing strategists, figuring out how to win back lost customers is easy. With over 25 years of experience and over 650 ad campaigns launched, we’re ready to add you to our long list of success stories.
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