Customer Winback Programs: Are they worth it?

Is a Customer Winback Program worth the hassle?

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Emphatically “Yes”! 

There are lots of reasons, other than the economy, why you might be losing customers. Customers could’ve been frustrated by delays, or aggravated by one bad experience. They could be annoyed by lack of response from you, or seduced away by your competition. 

The point is: “If you are losing customers—do you know why?” 

There’s a big difference between customers who are gone and customers you can win back. Unfortunately, most sales managers and salespeople don’t make that distinction. 

And many executives neglect to direct their managers to ferret out the reasons why customers are defecting. Why? In the rush to get new business—we ignore lost business—even though in many cases the closing ratio for winning back lost customers can be much higher than the ratio for new business. And the reasons for customer defection are vitally important. 

A customer winback program is valuable for three main reasons (1) you win back “lost” revenue (2) you can uncover potential weaknesses in your organization, and (3) you can discover potential threats from the competition. 

4 Steps to Customer Winback Success

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