One of the simplest ways to stop customer attrition is to forget about chasing new customers for a moment.
Instead, focus on another group.
The ones that have bought from you in the past. But have not bought from you in a while.
It is easy to forget them and go find new customers, however why not see if there is an opportunity to be reacquainted.
Getting reacquainted is a way to using simplicity to grow your business.
Before you jump in to win customers back, it is worthwhile to do some analysis to get the most out of this approach.
What was their buying pattern?
This means looking at all the information you have on these customers such as their past purchases, any feedback they may have given after their purchase, prices they paid etc.
With the information depending on the number of customers is to see if there are any patterns. For example you may find that they were buying a product or service infrequently or they only bought when your prices were low.
How valuable were they?
Not all customers are created equally and it is well worth taking time to see how valuable they were to your business. This exercise will allow you to refine whom you are going to get back in touch with. It simplifies your marketing efforts, saving your money and time.
Why they stopped buying
If you know why they stopped buying then you are in a perfect position to develop marketing strategies and selecting the tactics that will win them back.
When you do the analysis often the reasons become clear. For example you may find that some dropped off when a new competitor entered the market with a product or service that meets an untapped need that your offerings don’t.
Once you know the reasons it has an added benefit that can lead you to put in place processes to ensure your current customers keeping buying from you. As well you can use the same process for any new customers.
In this hectic world it is easy to keep working in your business, however taking time to work on it can help you get business growth faster. Stopping customer attrition is one simple way and it doesn’t take much effort.
Over to you, what do you do to see how you can get back lapsed customers?
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