“Loyal customers are the most profitable. Similarly, lost customers certainly have more value than stone cold prospects. New research indicates that smart strategies can help win back lost customers,” – Pardot.com
Modern brands and businesses have to navigate competitive markets in the interests of maintaining business operations and to expand the remit of their business activities. However, customer churn has emerged as one of the metrics that threatens business growth. Therefore, commercial enterprises have to reckon with the prospect of dealing with disillusioned ex-customers and to remedy the factors that triggered negative sentiments in former customers. We intend to examine some of the strategies that can empower businesses to win the confidence of former customers and to inaugurate new business relationships with these constituents.
Commerce has adjusted to and negotiated with human behaviour down the ages. Some instances that reinforce this statement include the age-old practice of bargaining and the offering of discounts to seal commercial deals. Therefore, modern businesses must seek to work with disillusioned ex-customers in a bid to discover the reasons for estrangement. Once the causation is clear, businesses can quickly move to remedy the pain points and offer former customers a revised value proposition that addresses customer concerns. This strategy can prove priceless because it helps businesses to arrest customer churn and win back customer dollars from competing enterprises.
Persistence can be a useful tool for businesses that are interested in winning custom from disillusioned ex-customers. Brands and businesses can resort to this strategy in a bid to woo back former customers. Commercial organizations must work to contact disillusioned ex-customers every few months with offers to resume a disrupted business relationship. This can prove profitable for said customers because they have an opportunity to avail better customer service from a familiar former vendor. Friendly emails and business newsletters can be the instruments of choice to help a business re-establish contact with disillusioned ex-customers. In addition, businesses should exert themselves to convince former customers that a renewed business relationship is in the best interests of both the customer and the said business enterprise. We note that any success in such matters enables a business to expand its customer base and therefore, increase its revenue earnings.
Businesses must invest time and effort to win back disillusioned ex-customers. This proposition is reinforced by recent research that indicates that business enterprises have a higher chance of winning back former customers compared to winning brand new customer segments. For instance, a jewellery business can woo former customers to engage with the said business, avail new jewellery deigns, and a discount on the final shopping bill. This strategy sweetens the deal for disillusioned ex-customers and there are high chances that they would resume a business relationship with said jewellers. We note that the comfort of familiarity can spur former customers to accede to the business overtures of the jeweller. In contrast, new customers may need time to develop a relationship with the said business and this can take the form of lost business opportunities for the said business enterprise. In light of the above, we must advise businesses to pursue former customers actively.
Business managers at commercial enterprises must pay close attention to the requirements of disillusioned ex-customers. This stance can help the business to remove tension, unease, and suspicion that may dominate the minds of former customers. The ‘royal treatment’ can put former customers at ease and this frame of mind can help both parties to resurrect once-profitable business relationships. In addition, we must note that the aforesaid business personnel should work to initiate an on-going conversation with their former customers in the interests of tending to the renewed business relationship.
An overhaul of customer relationship frameworks and practices is important when business enterprises are courting disillusioned ex-customers. Every business must realise that each customer is a unique entity that deserves top-notch treatment. Therefore, brands and businesses must ensure that their former tools of customer engagement are updated and upgraded in a bid to service the modern customer. For instance, a furniture business can choose to invest in customer relationships by offering customers an opportunity to take home a piece of furniture and evaluate the utility of the decision. Once the customer is convinced that said piece of furniture is welcome at his or her household, they may complete the business transaction. This stance represents a unique confidence-building measure that will prove priceless for the business in the long run.
Tailored offers can represent a key hinge that can enable businesses to win back disillusioned ex-customers. This approach is innovative and offers businesses a chance to cater to unhappy customers. For instance, a telecom service provider that lost masses of customer over the price of service can work to create custom pricing tiers in a bid to expand its customer base and win back disillusioned ex-customers. In addition, a service upgrade on associated services can help to boost the attractiveness of the said strategy for the common customer. We note that this strategy will likely attract significant customer attention and may convince former customers to resume their patronage of the said service provider. In addition to winning back old customers, this strategy can enable said business to win new customers through word-of-mouth marketing enacted by happy customers.
A sharp focus on delivering the brand promise and elevating the customer experience can help to win back disillusioned ex-customers. This is critical because it enables brands and businesses to reinforce their presence in the customer’s mindscape. For instance, a fast moving consumer goods manufacturer can choose to upgrade its product quality in a bid to uphold its brand promise consistently. This course of action is likely to help the enterprise to win back former customers and to register commercial gains from a renewed interest in its products. The owners and the business managers of the said manufacturer should make product quality a holy grail in a bid to arrest a decline in market share and to reinforce a stated brand image.
The quantum of lost business should be deeply analysed by a business that is keen to win back disillusioned ex-customers. This analysis is likely to create significant internal momentum and a determination to win back lost market share. We must note that top management personnel should make it a mission to communicate the importance of winning back market share and to stay competitive in the face of modern market dynamics. Subsequently, employees at all levels of a commercial organization can galvanise themselves in a renewed bid to capture market share and win back disillusioned ex-customers.
In the preceding paragraphs, we have examined some of the techniques that can help businesses to woo former customers. Every brand and business must make these techniques a part of their corporate mandate. These techniques can be refined appropriately when different industries seek to apply these to their own particular markets. That said, we must note that a brand gains infinitely when former customers choose to resume their relationship with a certain business enterprise. The brand image and the public image of the business receives the proverbial shot in the arm. The outcomes include deeper customer engagement, interesting business insights emanating from customer conversations, and more receptive business processes that can respond faster to changing market landscapes and emerging consumer requirements.