When it comes to sales, everyone knows that your best
customer is your existing customer.
Sales plans focus on this type of customer and we know that 70%of
customers should repeat.
The area that we tend to ignore and don’t create enough
selling time around are ‘lapsed customers’ and the mistake that we make is that
we assume we know why they left in the first place and the common thought is
that they found your product/service cheaper elsewhere.
Customer Engagement Steps Up
The numbers speak for themselves. 20-40% of folks will buy again; versus a
close rate of 5% on new.
It makes sense to put in a sales and marketing plan and
strategy to both win customers back but also to understand why they left in the
first place. For example:
74% of folks leave because of bad customer service
32% leave because of quality issues
25% do leave because of price
13% leave because their needs change
Business Strategy to Win Back
First identify what was the real reason they left the
organization and then address that reason by asking great questions, embrace
good listening and confirm that a solution you recommend is the right one for
the individual and the company. Don’t just assume it is price and start
dropping prices all over the place!
This is the business
strategy that will win back business.
Also, make sure you dig deep enough to identify ensure that
what you heard is the right reason.