How to Recover Lost Customers – No Cheap Tricks
Your company has lost customers. What to do, regret? See how to recover lost customers!
Among the commonly accepted business precepts is the fact that customer retention is the cheapest step to growth.
Even cheaper than gaining new customers. So it makes perfect sense to make sure you’re keeping your current customers happy and satisfied with the way you treat them.
In this post, you will see how to win back a lost customer!
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How to bring lost customers back?
Just always satisfy them!
In the real world, this is not always possible, especially when circumstances arise beyond your control and a customer decides to take their money elsewhere.
But, that doesn’t mean your customer is lost forever. In fact, even before your customer is completely out of your business, start formulating a strategy to bring them back into your business.
After all, it is also much cheaper to recover a customer than to invest in new customers.
Losing a customer is not ideal. But in the day-to-day of companies, we are susceptible to failures, relationship problems, and customer dissatisfaction. Therefore, often, a customer ends up leaving, against our will.
With that in mind, we’ve put together a short list of tips to help you bring back the lost customer.
Here are some tips for crafting an action plan on how to recover lost customers.
Are your customers leaving? Here’s what to do to win them back.
How to recover lost customers
Want to know how to bring old customers back? Check out our 5 tips and learn how to recover inactive customers.
#1. Find out why
Customers don’t leave without reason, so you need to get to the heart of the matter. Be honest with yourself.
Conduct a short SWOT analysis to analyze and assess your strengths, weaknesses, opportunities and threats, and try to understand why your product or service is no longer perceived as having the same value.
What are the company’s weaknesses, especially when comparing its product to potential market changes?
Will you keep up to date, both in price and service level? Has the market changed your ability to stay competitive? How was your relationship with the customer?
Look hard in the mirror for the answers you find. And if you can’t be objective, put someone who isn’t involved with the client on the case.
This is not only an important first step to getting your customer back, it’s critical to ensuring that more customers don’t leave as well.
There is no way to recover lost customers without taking this step.
#two. Have a plan
You need a plan of attack, which means creating a written plan to win the customer back. Put out references and deadlines to check in with your client.
And don’t wait too long.
Companies often make the mistake of waiting a year or 2 before reconnecting with a lost customer. And that’s a big mistake.
You need to find ways to stay on a customer’s radar in a polite way, and show them that you exist whenever possible.
And while reach may seem random to the customer, it should be a well-timed part of your strategy.
Don’t expect your customer to get tired of the company that beat your company. Find reasons to stay connected to your customer on a regular basis, and always show that you are open and willing to help.
Have a plan to get your customers back.
#3. Track your return
Don’t necessarily focus on how to win back your customer’s business right away.
Sometimes it can make more sense to eat around the edges, incrementally, and work your way back, conquering small pieces of the business.
With a “foot in the door” strategy, you can alienate your customer. When trying to eat around the edges, you can win a sum from your customer for smaller projects.
Or you can even provide another product or service that is totally different from what you had offered before. Then start aiming for bigger ‘yes’ to gradually recover your customer completely.
This is a great way to recover lost customers!
#4. Request an exit interview
Request a meeting with your client to question them about your relationship.
What were the factors that were decisive in the company’s decision to leave?
Don’t get defensive. Take responsibility and apologize if appropriate. Use the meeting as a means to improve, but also as a basis for learning more about your client’s needs.
The new service provider cannot ask these questions, so knowing where you went wrong is the first step in trying to win back the lost customer.
Talk to your customer to understand the reason for their departure.
#5. Find out if it’s personal
A good relationship between a supplier and a customer is often similar to dating or even marriage. Sometimes the chemistry just isn’t there.
So, ask your customer if the problem is with you. Sometimes 2 companies are a good option, but people from these companies don’t always get along well enough to make it happen.
You may need to step down as a project leader for the sake of simply maintaining the relationship with your client.
Asking that tough question can lead to a much deeper and more honest conversation that will lay the groundwork for you to win back your customer.
Finally, don’t get too emotional. Customer loyalty is a part of professional experience, and once you accept that, even unwillingly, will understand that nothing is forever.
Always look at the loss of a customer as a new opportunity to gain the business back, and probably at a lower cost than you had the first time.
Are you ready to bring old customers back?
It doesn’t take any magic, witchcraft, magic or dodgy attitude. Bringing back customers needs to be a sales process for your company.
After all, not all customers stay, but the fewer customers that leave, the easier your business can plan for growth without worrying about losing current customers.
Thinking about recovering its lost customers is the only step that a serious company, which is truly committed to the success and results of its customers, must take.
Therefore, create a plan and contingency, to recover and reconnect with your old customers. It’s much easier to do this when they haven’t forgotten you.
The big step to succeeding in customer relationships is building a great experience for your customers. If you’re ready to get started, you’re ready to win.