10%,
A company loses an average of 10% of its customers every year! While the causes may be varied (more needs to be solved, disappointment with the service, departure for the competition...), the result is the same: your company needs to find a solution to compensate for these departures and avoid losing sales.
When you consider the investment required to acquire new customers, reactivating your old ones is a strategic move! Because even if they no longer require your services, they already know your company, your expertise and your working methods.
As a result, they'll be more inclined to work with you again on a future project. Here are the steps you need to take to reactivate your former customers!
*Source: Harvard Business School
STEP 1 - Identify your lost customers
To set up an effective customer reactivation campaign, you need to be able to clearly identify which customers have left your company.
To achieve this, the daily use of a CRM is indispensable. It will give you a global view of your customers' history: when were their last transactions? How did your last exchanges go?
By using your CRM's various targeting filters, in particular on the date of activity of your customers, you'll be able to identify your inactive customers.
And thanks to the contact data collected for each customer, you can personalize your reactivation campaigns according to their expectations.
If you need help identifying lost customers in your CRM, check out our special CRM "Q&A" webinar!
Thanks to your CRM, you can calculate your attrition rate.
Also known as the "churn rate", the attrition rate refers to the percentage of lost customers in relation to your total number of customers.
| Once you've measured the extent of your attrition rate, you can investigate the reasons for these departures and implement your win-back strategy! |
💥 STEP 2 - Rework your value proposition
An essential step in a pertinent marketing approach, the value proposition is the simple and precise formulation of the added value of a product or service as perceived by the customer.
In other words, it demonstrates the profitability (savings made, revenue generated) of the proposed solution, and reassures you about the risks associated with the project. By making your proposal unique, it differentiates you from your competitors, and facilitates your customer's buying process .
If the value proposition is not clearly identified by the customer, it can be the cause of their loss. If this is the case, it's essential to rework the wording.
How do you build your value proposition?
Is your offer understood by your target customers?
Are the differences clear?
Is it easy for people in your company to talk about it?
These are the questions that will help you identify whether your value proposition is effective!
Download the canvas
Value proposition
🤝🏻 STEP 3 - Leverage relationship marketing
The cost of acquiring a new customer is higher than that of reactivating old ones. It can therefore be more effective for companies to win back lost customers. For this, relationship marketing is an interesting strategy for renewing contact and developing a privileged, lasting relationship.
The aim will be to understand customers' specific needs, preferences and behaviors, to encourage them to place their trust in you again, and ensure the future of exceptional customer service.
There are several ways to implement a relationship marketing strategy
to win back lost customers:
- Customer segmentation: use the data you have on your lost customers to segment them into groups, according to their needs, buying behavior and preferences. This will enable you to tailor your win-back strategy to each group.
- Customized communication : respond to specific needs, via social networks or emailing campaigns.
- Loyalty program: consider setting up a loyalty program to reward returning customers and/or a referral system.
- Customer service : offer your lost customers impeccable customer service, with a fast, efficient response to their queries.
- Customer feedback: identify areas for improvement by sending out satisfaction surveys or setting up call campaigns.
By using these relationship marketing techniques to win back lost customers, you can also improve your retention rate and reduce the cost of acquiring new customers.
Talk to an expert in
Relationship marketing
💡 STEP 4: The expert's advice
