Losing your loyal customers can be worrisome. And if care is not taken, it can spell doom for your
business. Losing customers, especially in their numbers, can make an entrepreneur lose sleep. However, there have been several reasons that have been identified why businesses lose customers. Some of them include poor customer service, mediocre products and services, poor value for money, and so on.
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The percentage of people who stop using your product within a period is known as the churn rate. Therefore, to know the rate at which you’re losing customers you’ll have to calculate the number of
customers you had within a period by the number of customers you lost within the same period and multiply by 100. Let’s take, for instance, you had 500 customers at the beginning of 2021 and 60 people stopped using your product in 2021, you have a churn rate of 8.3% in the year 2021.
Retaining old customers have been said to be cost-effective than attempting to get new ones. Business leaders over the ages argue that businesses should be more focused on retaining old customers than trying to get new ones. In this article, I focus on three ways to win back lost customers.
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Find Out Why You Lost Them
The first step towards winning back loyal customers is to find out why they stopped using your product or service. If you are aware of the reasons, you are informed to know the next line of action. For example, if you found out that a customer stopped using your product because she found a better offering on a competitor’s site, it’s advisable to scale up your offer and send her a special coupon code of the upscale. The upscale could be discounted price for the same product.
One of the best ways to know why a customer stopped using your product is by surveying an email list, asking customers specific questions on how they view your services and what are their suggestions for the company to better serve them.
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Create Special Welcome Back Offers
This is another strategy to win back lost customers. Create new and attractive packages that will be worth their return. Let’s take, for instance, people who stop using your products due to specific reasons known to them, you can carry out a social media campaign on promos, discounts, and rewards for old and new customers. Furthermore, if you’ve reached out to a lost customer through email listing and telephone messages, tell them that upon their return they will receive rewards for weeks. Ensure that their coming back is worthwhile.
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Use The Power Of Rebranding
One of the reasons why most customers leave your business is because they find doing business with you boring and out of taste or maybe your mode of operation has gone out of date. They navigate towards a more fashionable brand. One of the ways to win back lost customers is to rebrand, sell an all-new offer, put several innovations in place, carry out a radical marketing campaign with a new message that captures the new trends within your industry, and disclose better offers. It might also have to do with overhauling your business website and redesigning it and stuffing it with useful content. You might have to redesign the company’s product, its mode of operation, and logo and slogan. Rebranding your company should be like a woman who is looking younger and prettier for her husband after she has undergone weight loss and total makeover.
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This article was first published on 22nd October 2021
nnaemeka-emmanuel
Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.
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