If we have to list down the efforts and hard work of acquiring and retaining customers in this highly competitive market, we can go day and night talking and still not be able to do justice describing the pain and struggle of it. It wouldn’t be an understatement if we say that customers, thus, are the real king who cannot and should not be taken for granted at any cost. Losing customers in this situation is no less than a nightmare and can have a huge negative impact on the business.
More often than not, many businesses in lieu of trying to get the lost valuable customers back, spend aimlessly and extravagantly on strategizing 101 ways to acquire new customers. But if we have to go by the statistics, it has been proved that
- 65% of sales comes from old customers
- Acquiring new customers cost 5x more than retaining old
- There is just 5 to 20 percent chance of turning a prospect into a customer
This makes it all the more essential for businesses to hold onto their old and existing customers before they become the old and extinct. But before doing that it is essential to know the reason behind their exit. Our experts list out 3 strong reasons why the existing customers leave.
Having contemplated on that, we asked our experts on some of the best ways to get the old customers back and not cost a bomb to the company. According to these connoisseurs, it is a science as well as an art which only come from careful observations and useful observations. And to make that happen, we bring you the best strategies that are sure to help you win back your customers and earn their loyalty.
- Identify Your Weak Spots: The foremost thing which you need to figure out is the reason why your customers left. A quick survey is a good idea to identify your weak spots and improve on them for serving your customers better and asking the old ones a chance to be provided improved services.
- Give Them Their Due Attention: The best way to get back in touch with your old customers is through a simple reminder mail or an sms that shows that you miss them with an offer or discount for being a valuable customer. This shows that you care for them and gives them a reason to give you another chance.
- Apologize for Mistakes: Sorry seems to be the smartest word when you already know your slip up and your customer comeback is crucial. A quick, sincere and genuine apology is powerful enough to reignite the old flame. From Facebook and Dominoz to Netflex, a lot of brands gathered the courage to accept their flaws and ask for a second chance which their customers happily did gave. You shouldn’t shy away from doing this too.
- Run Customer Loyalty Programs: Customers loyalty programs is one of the most effective ways to retain and win back customers. A simple wish or a gift on their special days or rewarding them with some points on coming back and giving VIP treatment are enough to bring a smile on their face and increase your credibility which in turn will increase your chances of making them come back to you.
Before it’s too late, take an action, secure your customers and prepare your business to grow exponentially.
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