5 Ways To Retain Customers Who Are Leaving

It’s easier and cheaper to sell to existing customers than to acquire new ones. Thus, it is important to find out why a customer left your organization and switched to a competitor. Existing customers are a potential source of easy-to-close referral sales.

5 Ways To Retain Customers Who Are Leaving
There can be many reasons as to why a customer switched to a competitor brand. It may be that the customer wasn’t happy with the quality of the product or service. Add to that, an increase in prices. Whatever the reasons are, in order to stay as market leaders for long, analyzing the reasons should form an integral part of customer service and marketing campaigns.

Here are five ways to win back lost customers:
1) Understand why they left your organization
Understanding why your customer switched to your competitor will help you improve the quality of your product or service. Initially, your customer was happy with the services you provided. However, due to inconsistency, he preferred switching to another brand. In this case, talking things out with your customer service guys, encouraging them to provide exceptional service, giving them proper training on customer management, etc. will help to a great extent.

2) Remember everybody likes to be wanted
Every step should be taken to ensure that your customers do not switch loyalties. However, if such a scenario arises, just remember that everybody likes to be wanted. Try getting in touch with your lost customers, show them how much your organization values them, and show them that you miss working with them.

3) Write personal letters
Even in this age of emails and SMS, letters have a long lasting impact on the minds of readers. In today’s competitive business world, emails are widely used. Usually, since there are so many emails received everyday, your customer may just miss reading the mail sent by you. It can also be lying in the junk folder, unattended! In such a case, writing a personal letter, signing it yourself with blue ink, will leave a lasting impact. Your customer may not come back to you, but again this gives you the upper hand. Simply because, for the kind gesture you showed, the customer may continue referring you to friends and family.

4) Analyze if you really need them
There may arise a scenario where every customer that you work with may not turn to be profitable. May be you had a customer who had lots of high difficult-to-achieve expectations and it was a herculean task satisfying that particular customer. The best thing you can do at this point, is to make sure that they are leaving as a happy consumer and that they will continue to refer you.

5) Take responsibility
After a thorough research, you will definitely come across many reasons your customer left your organization and switched to a competitor. However, taking ownership and responsibility is vital. You can always fix up a meeting with them or discuss things that went wrong over coffee, dinner, etc. You can then, talk about all the measures the company is taking to sincerely improve on the areas, where they have faltered. Then again, may be the customer is convinced but he isn’t ready to come back.The basic good point that you can bring home by taking accountability is a great referral.

A study done by Marketing Metrics says you have,

A 60 to 70 percent chance of successfully selling again to a current customer.
A 20 to 40 percent chance of winning back an ex-customer.
A 5 to 20 percent chance of turning a prospect into a customer.

Taking all these statistics into consideration, we understand the importance of winning back lost customers. In a nutshell, the customer needs to feel the company cares and will go the extra mile to make it right.