By Jill Griffin
So much agencies ponder the misplaced client a misplaced reason. yet during this floor breaking booklet, Jill Griffin and Michael Lowenstein offer you step by step suggestions for successful again misplaced consumers, saving clients on the point of defection, and making your enterprise defection facts. even if your corporation is small or huge, product- or service-based, retail or wholesale, this publication deals confirmed options for spotting which misplaced shoppers have the top win-back worth and imposing a sure-fire plan to get better them. It comprises the options of 1000's of leading edge businesses who're already operating to recapture misplaced consumers and maintain them unswerving. In trendy hyper-competitive market, no buyer retention application will be totally foolproof, yet with this advisor offers latest top tools for profitable again these consumers you just cannot find the money for to enable pass.
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Additional resources for Customer Winback: How to Recapture Lost Customers--And Keep Them Loyal
1. Retention rates can mislead. Defection rates of 50 percent may masquerade as 80 percent retention rates. A defection problem can disguise itself in seemingly healthy retention numbers. For example, think of a college that retains 80 percent of the students in each class from one year to the next. This retention rate sounds pretty healthy Why Customer Win-Back Is Critical to Your Success 9 until you consider that if the college starts with 1,000 freshmen, 80 percent retention means a sophomore class of 800, a junior class of 640, and a senior class of just 512.
What One Lost Customer Really Costs. 4 WHY DEFECTION GOES UNMANAGED Without a doubt, the first critical step in reducing customer churn is to constantly examine your acquisition and retention programs and look for ways to improve your ability to attract and keep high-value customers. The many books and articles written and seminars presented about selling, retention, and loyalty attest to the importance of these programs. But until now, most companies have limited their focus to acquisition and retention initiatives.
If your company thinks of customers as being on an assembly line, you’ll notice that people at the beginning of the line may not even know when a customer falls off in the middle or at the end of the line—unless there is a system for constantly collecting and sharing information. This lack of information robs sales and marketing staff of valuable insights on how to sharpen acquisition programs for maximum loyalty and retention. 26 CUSTOMER WIN-BACK Rather than the assembly line approach to loyalty development, we propose a new model we call the loyalty laboratory.