In marketing, it makes sense to make best use of your budget. That way, you can deliver the best possible return on investment (ROI), capitalise on past performance and capitalise on quick wins wherever possible. For some businesses, it makes more financial sense to regain the trust of lost customers before they focus on recruiting new ones.
Customer winback is the process whereby a customer who has stopped ordering is convinced to come back to you. There are lots of different ways of marketing your business to a customer who has loved and left. In this article, well discuss the reasons to try – and some of the tactics you might want to use in your marketing job.
Why Invest in Winback
Winning back a customer makes good business sense for many companies. If you run a small or medium sized enterprise, the difference in cost between marketing to new or old customers could be considerable.
First, we have to understand why customers move on and shop elsewhere. Often, its simply because they found a better offer " a competitor was offering a more suitable service, a lower price or both. But there are other reasons:
- The customer may have lost your details.
- They may have been tempted away by an offer and fallen into a new habit of spending elsewhere.
- Management may have changed, and the new personnel may have an existing relationship with another company.
Once you understand why customers have left, you know a little more about how to get them back. That might mean:
- Sending an email, or calling to reconnect with your contact.
- Sending coupons to the client to tempt the back.
- Holding a launch event for a new product or service and inviting your past customers.
- Giving out samples in the hope that youll reconvert old customers.
- Using email remarketing to encourage people to visit your site a second time.
Predicting Buyer Behaviour
Less than 1 per cent of a websites visitors will buy something. And we know that customers who have already purchased from a company are more likely to spend again, given a nudge. That suggests that the hard work is already done. But buyers rarely return to a site after theyve purchased something. Its a complex situation for any marketer to negotiate.
Rather than seeing this as a negative, work it into your marketing strategy. Good marketers know that buyers follow patterns. Thats great news for businesses that are looking to leverage the data they have about a customer to win them back for a second try
If your buyers used to buy things regularly, you have an ideal opportunity to target them directly. Just time your contact perfectly and wait for them to bite.
Success With Customer Winback
Customer winback is a great skill for any marketing professional to learn, and it can deliver surprising gains for relatively little investment. All you need to do is understand the customer, figure out why they left you and work out a way to get them back.