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by Robin Sharma
How to Recapture Lost Customers – And Keep Them Loyal
Customer WinBack by Jill Griffin and Michael W. Lowenstein is a business book that explains how to win back dissatisfied customers and turn their negative experience into a positive one, resulting in increased customer satisfaction and loyalty.
Many business owners believe that, since the market is full of potential customers, it’s not worth it to spend time and money winning back the ones they’ve lost. “After all,” they reason, “what’s the loss of one customer compared to the many we’ve retained?”
The problem with this thinking is that retention rates, i.e., the number of customers you keep over a certain period, can be misleading.
To illustrate this, imagine a college that retains 80 percent of the students in each class from one year to the next. Seems healthy, right? But if the college starts with a freshmen class of 1,000 students, then the sophomore class will fall to 800, the junior class to 640 and the senior class will have only 512 students.
In addition, firms are largely unaware of both the substantial losses associated with customer defection and the substantial benefits of winning customers back.
The loss of just a single long-term customer means that companies have to expend resources – marketing materials, sales personnel costs, etc. – to acquire a new customer to make up for lost revenue.
Moreover, losing a customer offers firms a valuable experience. There is a reason customers leave in the first place, and uncovering that reason can help to both win customers back, retain existing customers and even acquire new ones.
Unfortunately, however, many companies see lost customers as dead opportunities. Often, businesses have developed a caricature of the lost customer as merely a disgruntled individual with a chip on their shoulder, who would under no circumstances return to their company. It’s no wonder that they don’t even try to woo them back!
But this isn’t exactly true. In fact, studies have found that the average firm is 60 to 70 percent likely to successfully sell again to “active” customers and 20 to 40 percent likely to successfully sell to lost customers. Now compare this to new prospects, where the odds of striking a deal are only five to 20 percent.
Maintaining a happy customer base shouldn’t feel like herding cats. Customer WinBack (2001) reveals how companies can identify at-risk clients and win them back before they disappear from their databases. By using these savvy tricks, businesses can also refocus on their existing customers in order to cut costs and drive revenue over the long term.
Customer WinBack (2001) by Jill Griffin and Michael W. Lowenstein is an essential read for anyone looking to regain lost customers and grow their business. Here's why this book is worth your time:
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Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.
Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.
Try Blinkist to get the key ideas from 7,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Start your free trialBlink 3 of 8 - The 5 AM Club
by Robin Sharma
What is the main message of Customer WinBack?
Regain lost customers and increase profits through targeted win-back strategies.
How long does it take to read Customer WinBack?
The reading time for Customer WinBack varies, but the Blinkist summary can be read in just 15 minutes.
Is Customer WinBack a good book? Is it worth reading?
Customer WinBack is worth reading as it provides effective strategies to win back lost customers.
Who is the author of Customer WinBack?
Customer WinBack is written by Jill Griffin and Michael W. Lowenstein.