Every business understands the importance of customer acquisition. But what about reacquisition? Just because a customer hasn’t bought from you in a while doesn’t mean they never will again. In this blog post, we can explore some tips and tricks to get old customers back.
Research indicates that the probability of selling to a new customer is 5-20%. The probability of selling to an existing customer, on the other hand, is 60-70%. That’s a big difference, and it’s one you should take advantage of.
Wooing your old customers back can be a great way to boost your business.
How to get old customers back?
“Your must unhappy customers are your greatest source of learning” – Bill Gates
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Why should you woo your old customers?
It is well known that it costs more to acquire a new customer than it does to retain an existing one. Therefore, businesses should focus on keeping their current customers happy and engaged. However, many businesses neglect their older customers in favour of chasing new ones.
But why should businesses focus on wooing their old customers? There are several reasons. First, happy customers are more likely to stay with a company and continue doing business with them. Second, satisfied customers are more likely to tell others about their positive experiences, which can lead to more business. Finally, happy customers are more likely to give businesses honest feedback that can help improve the company.
- It costs six to seven times more to acquire a new customer than it does to keep an existing one.
- Over 60% of customers will do business with you again if you give them good customer service.
- Current customers are 50% more likely to purchase new products and 31% are more likely to spend more. (Invesp, 2020)
So if you’re looking to keep your customers happy and engaged, don’t forget about your older ones. A little effort can go a long way in keeping them around for the long run.
How to get in touch with your old customers?
It can be difficult to keep track of all your old customers, especially if you have a lot of them. However, staying in touch with them can be beneficial for your business. There are a few different ways you can get in touch with your old customers:
- Social media: You can use social media to reach out to your old customers. platforms like Facebook and Twitter make it easy to find and contact people.
- Email: You can also use email to reach out to your old customers. You can either use a mass emailing service or contact people individually.
- Mail: You can send physical mail to your old customers. This can be more expensive than other methods, but it can also be more personal.
- Phone: You can also try contacting your old customers by phone. This can be difficult if you don’t have their contact information, but it can be worth a try.
Another great way to get in touch with old customers is to attend events or tradeshows that they might be interested in.
Stay in touch and keep them engaged to get old customers back
The customer retention rate is the percentage of customers who return to make additional purchases from a company. The average customer retention rate across all industries is around 89%.
But regardless of whether your company’s retention rate is above or below average, it’s always important to stay in touch with your customers and keep them engaged.
As they say, out of sight is out of mind. And out of mind is out of business. Stay on top of their minds.
Send them periodic emails, reach out to them on social media, or even give them a call every now and then. Whatever method you choose, the important thing is to make sure your customers feel valued and appreciated.
By staying in touch with your customers and keeping them engaged, you can build long-lasting relationships that will benefit your company for years to come. That’s the easiest trick to get old customers back.
How to make your old customers feel special?
Customer acquisition costs six to seven times more than customer retention.
According to a study done by Bain & Company, a 5% increase in customer retention can increase a company’s profitability by 75%.
The Harvard Business Review backs up these findings and states that “the success of your company depends on your ability to keep your customers.”
Acquiring new customers is important, but it should never come at the expense of your current ones. Here are a few ideas on how to make your old customers feel special.
- Send them a “we miss you” discount.
- Give them a shout-out on social media.
- Give them a free product or service.
- Invite them to exclusive events.
- Send them a handwritten thank-you note.
The trick is to show your old customers that you appreciate their business and that you are dedicated to providing them with the best possible experience.
What to do if you can’t get old customers back?
If you’re having trouble getting your old customers back, don’t despair. It may need more planning and communication.
First, take a look at what might have led them to leave in the first place. Was it a problem with your product or service? If so, try to address that issue and reach out to them to let them know you’ve fixed the problem.
Another tactic you can try is reaching out to them directly and offering them a discount or special deal. This can show them that you’re still interested in doing business with them and that you’re willing to give them a good deal.
Finally, keep in mind that not all old customers can be won back. Sometimes people move on for other reasons and there’s nothing you can do about it. In these cases, it’s best to focus on acquiring new customers and winning them over.
Conclusion: Don’t Give Up
It is essential to keep close relationships with your former customers as they are more likely to buy from companies they feel positively about.
Even if you’re the best in the business, you can’t keep all of your customers forever. Customer attrition is a normal and necessary part of business. But just because customer attrition is natural, doesn’t mean you can’t do anything about it.
With a little effort, you can probably win back some of your old customers. Just don’t give up.
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