By Jill Griffin
Such a lot businesses contemplate the misplaced buyer a misplaced reason. yet during this flooring breaking publication, Jill Griffin and Michael Lowenstein offer you step by step strategies for profitable again misplaced clients, saving clients on the point of defection, and making your company defection facts. even if your online business is small or huge, product- or service-based, retail or wholesale, this ebook bargains confirmed options for spotting which misplaced buyers have the top win-back price and enforcing a sure-fire plan to get well them. It comprises the suggestions of hundreds of thousands of cutting edge businesses who're already operating to recapture misplaced shoppers and maintain them unswerving. In state-of-the-art hyper-competitive market, no buyer retention software should be totally foolproof, yet with this consultant offers brand new top equipment for successful again these buyers you just cannot find the money for to enable cross.
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Additional resources for Customer Winback: How to Recapture Lost Customers--And Keep Them Loyal
In other words, even with a steady and respectable retention level of 80 percent, the half-life of your customer base, the amount of time it takes for one-half of the customer base to be lost, is only four years. Yikes! That’s a huge profit drain that cannot be counteracted simply by recruiting new customers as replacements. 2. Firms are unaware of both the substantial loss associated with customer defection and the substantial profit recovery potential associated with win-back. In his groundbreaking book The Loyalty Effect, Frederick Reichheld5 was the first to examine why the profit contribution of a mature customer who has bought from a firm for a number of years is dramatically higher than that of a customer who has been buying from the same firm for only one or two years.
Sheridan adds that the company soon implemented a handset upgrade policy for current customers. That change alone saved the company a good deal of time and money in sales commissions and paperwork. Longer term, some real changes were required in database management. In South Africa, cell phone bills are generally paid by direct debit of checking accounts, so customers were matched by bank account number rather than name and address. This meant that MTN was not able to relate a canceled account to an actual person’s name, but only to their bank account number.
What Reichheld’s work has taught companies around the world is this: when a long-term customer leaves, his defection adversely affects the firm’s bottom-line profitability, and for the reasons just outlined, this profitability deficit is not offset simply by recruiting a new customer. Therefore, using win-back measures to extend the profit contribution of a mature, high-value customer who has defected or is on the brink of defection is crucial to any firm’s profit management success. 3. Companies see lapsed customers as dead opportunities.