Losing customers is a normal part of doing business. Losing too many isn’t good, especially if it’s happening because of something your business did. But there’s more than enough things completely out of your control that can cause customers, even the loyal ones, to walk away.
The way you react to customers deserting you speaks volumes about your business acumen. Everything from reassessing recent business steps to retargeting your marketing is a good strategy that can produce results. But if you’re not counting contacting your former customers among the good strategies, you’re making a mistake. Here’s why.
You Can Mend Things
What are the main reasons customers choose to take their business elsewhere? They might fall out of your target market and no longer be able to afford what you’re offering. And that works the other way around, too — they might start looking for more expensive products or services. Customers can also move away, or they can find better service or products with your competitors. And then there’s bad service, a faulty product, or any other way a business can self-sabotage.
For many of those reasons, your business has a chance to make things right. Anything from offering promo-codes and discounts, to developing an extra tier of services for your more demanding, and more affluent, customers can help. So can saying that you’re sorry, and making peace offerings. The bottom line is that you’re the one who has the power to restore the relationship. But you can’t do that unless you’re able to communicate with the customer.
They Were Your Customers for a Reason
People might stumble upon your business by pure chance, but they become customers because you have something that they need. At one point or another, your business was where they went to satisfy a need. And as long as that need is still there, there’s no reason why your business shouldn’t be the one that satisfies it for your customers.
Getting in touch with your former customers is the first step towards finding out if and how their needs have changed. An email can also be just the thing they need to remind them why they placed their trust in your business in the first place. And let’s not forget that it’s a great opportunity to show the new and improved business that’s more than eager to get its old customers back.
It Might Be Better Than Looking for New Customers
You know that attracting new customers costs money. Marketing is expensive, and even the most recognizable brands in the world spend lots on it. In fact, that’s one of the reasons they are the most recognizable brands in the world. But the really good businesses also know how valuable it is to work on customer retention — keeping existing customers is much cheaper than attracting new ones.
Trying to re-engage former customers might also be less expensive than looking for new ones. It might also be simply easier because you already have some knowledge of your former customers that gives you easier access to them, or better insight that will help you craft the message that will change their mind. But you can’t get that message to them unless you contact them.