Lost Customers- Are they worth it?
How valuable are your old customers?
- Did you know that on average organizations lose 50% o f their clients every 5 yrs?
- 66% of customers leave organizations because of poor customer service
- Its five times more expensive to get a new customer than to retain an old one
- If shortcomings were decreased by 50% a company’s growth rate will more than double.
If you find the above points to be relevant then there are three things that you must do:
- Keep your focus on customers
- Nurture customer loyalty among existing customers
- Develop a business strategy that could help you re-gain lost customers and focus on it
Remember, lost clients are not lost forever. In fact, you have a bigger chance of turning lost clients into loyal customers if you surpass their expectations when trying to win them back.
“Winning customers back is among the most productive steps a business man can take” First of all you have to:
- Acknowledge it: If a client stops calling back, do not stop the dialogue. Find a better way, or a more interesting way to get his/her attention.
- Take the initiative, re-connect with them, invite them to return
- Uncover the reason after the customer leaving    Â
- Where they pushed away intentionally or unintentionallyÂ
- Where they pulled away by a competitor
- Where they bought away by a competitor
- Or did they just simply move away? Â
- Re-do the work, research the clients need, wants, etc.
- Develop a communication plan and then implement it
- Follow up
- Always stay in touch
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