Winning back lost customers is as important as getting new customers for your business. In fact, several researches have proven it time and again that it’s 5X cheaper to retain existing customers than to acquire new ones. In light of that data, retaining customers on the brink of attrition is more critical for your business’ growth, revenue, and longevity.
But it’s difficult to recover lapsing customers if you don’t know what’s making them leave your business in the first place. On a surface level, the attrition graph might suggest that new customers discover your product, play around with it for a while, sign for a trial (if you offer trials), convert into paying customers, and—one fine day—they churn.
Here are 3 practical strategies that you can implement to win back these customers before they go away forever!