Win-Backs
Regardless of how hard companies may try, some customers inevitably become inactive or drop out. The challenge is to reactivate them through win-back strategies. It’s often easier to re-attract ex-customers (because the company knows their names and histories) than to find new ones. Exit interviews and lost-customer surveys can uncover sources of dissatisfaction and help win back only those with strong profit potential
When will consumers choose to engage with a brand? Follow-up analysis of the IBM 2010 CEO Study revealed the following about customer pragmatism:
“… most do not engage with companies via social media simply to feel connected … To successfully exploit the potential of social media, companies need to design experiences that deliver tangible value in return for customers’ time, attention, endorsement and data.”
That “tangible value” includes discounts, coupons, and information to facilitate purchase. The IBM analysts also note that many businesses overlook social media’s most potent capabilities for capturing customer insights, monitoring the brand, conducting research, and soliciting new-product ideas.
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