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Customer Winback

Customer Winback

Customer Winback

How to Recapture Lost Customers - And Keep Them Loyal

by Michael Lowenstein & Jill Griffin

Don’t be fooled, warn the authors: No customer is truly safe from defection. Here’s a hands-on guide on winning back the customers you lost — and making your company defection-proof.

What You'll Learn

  • All customers are at risk. Even satisfied customers can be easily persuaded to go to a competitor with a better offer. Take no customers for granted.
  • Customer winback strategies are more cost-effective than acquiring new customers. The success rate for selling to previous customers is much higher than selling to prospects. Winback strategies also help you develop new ways to differentiate your company.
  • Calculating customer lifetime value (LTV) and second lifetime value (SLTV) is key to identifying the customers you want to win back. Not all customers are created equal. LTV and SLTV, which take into account future potential purchases, help you know which ones are worth the effort.
  • Apply Customer CPR to customers about to defect. When you've identified customers who are about to leave, you need to Comprehend, Propose and Respond (CPR) immediately.
  • Customer information systems are key to making our company defection-proof. Customer knowledge helps you develop customer loyalty.
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