Hello and welcome to our “Give me series 5!” where we share five useful ecommerce tips that will help you improve your strategies and pave the way to success.
In our new episode, Michael Nicholas, Head of Digital Sales, Americas at 2Checkout (now Verifone)talked about five essential tactics to consider when looking to win back lost customers.
Today’s highly competitive climate offers consumers countless choices when you are looking for a product or service. This is a challenge for online businesses because users can easily switch to your competitor’s solution.
Let’s take a quick look at 5 concrete strategies to regain previously lost customers to increase the long-term success of your business:
Filter for higher lifetime value customers
First of all. Start with a survey so you can gather information. This way, you will know which candidates to select, based on their behavior and past data. The categories of customers most likely to return are those who:
- You have referred your product or services to others.
- Never or rarely filed complaints in the past.
- Exceptional experienced customer service.
- Canceled only due to budget restrictions.
Given the survey data, you must allocate your resources towards unmet needs of your customers.
Offer rewards for loyalty
Implement a Loyalty program can significantly contribute to the recovery of lost customers. Use your creativity and develop a powerful loyalty program enough to bring back users and encourage them to recommend you more to their friends and family.
By offering incentives and rewards For customers who continue to interact with your business, you create a compelling reason for previous customers to return. Free shipping, early access, digital gifts, unique promo codes, or more personalized rewards are just a few tactics you can use to ensure strong brand loyalty.
Suggest an alternative or share something new
When nothing seems to work when you try to re-engage lost customersIt’s time to try a different strategy and offer alternatives to your customers.
For some, subscribing via email may be a bit much, so giving them the option to stay in touch only via blog updates or social media channels could give you the results you want.
If you simply cannot convince your customer to repurchase your products or services, contacting them and offering an alternative product or service offering may better meet their needs.
Another thing that often works is using marketing to your advantage. Labeling a product as something “new” will grab your customers’ attention and entice them to try it.
Ultimately, keep in mind that everything you offer to customers should be tailored to their wants and needs so that you can ensure a good level of customer satisfaction.
Surprise with added upgrades
The joy of receiving unexpected gifts is something we all have in common. Consider offer additional services or features to customers under their current agreement. This will make them feel like they are getting more for what they paid for.
Another way to get around this is to pay attention to the problems your customers are having and add value by solving them. These improvements not only show how much you value and listen to their opinions, but they are also more likely to label your products or services with the good quality mark.
Build brand loyalty may include some gifts from time to time to show your appreciation to your customers and encourage them to rethink their return.
Keep Customers Impressed and Engaged
Another thing you can include when developing your strategy is a Proactive attitude. Getting a head start and approaching customers just before they leave is not only effective, but also cost-effective.
Target at-risk customers with re-engagement Email campaigns to remind them of your products and services are a good avenue to explore.
Establishing communication shows that you value your current, lost and new customers and their business.
At the heart of it all is a seamless customer experience. If customers have a great experience every time they interact with your business, their satisfaction will always remain high.
You now have five key strategies to employ when looking to build long-term relationships with your customers.
Thank you for watching! If you have any questions or suggestions, please feel free to share them in the comments section. We wish you good luck in finding the right strategies for your business needs and see you next time with even better new tips!
Want to learn more tips on how to grow your business and retain customers? So check out our previous ones “Give me 5!” episode here!