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Now that you’ve Lost ‘Good’ Paying Customers… What Next?

Retaining customers

Growing Your Business

Now that you’ve Lost ‘Good’ Paying Customers… What Next?

Credit: 1to1media.com

Now that you’ve Lost ‘Good’ Paying Customers… What Next?

Woo back your lost customers in just 5 simple steps!

Losing the patronage of a ‘good’ paying customers really hurts. Most times, it could make you doubt the validity of your business idea or your ability to deliver on the ‘promised value’. However, you cannot afford to continue mopping about because ‘customer-retention is the life-force of any business. If yours is to remain in existence, you must woo back your lost customers with these 5 easy steps:

#1

Re-establish the communication channel

Often times than not, the emotions underlying customers’ decisions to stop doing business with you could make them to block every channel that you once used to communicate with them. Don’t let one more day pass without you reconnecting with them. If it seems as if the ‘emails aren’t working’, try sending a handwritten note or setting up a face to face meeting with that ‘all important’ customer.

#2

Listen to every complaint and identify the source of discontentment

Like every other person, your customers love ‘knowing that they are right’. As much as possible, let them feel so. Don’t go defensive on them while listening to the reason(s) why they took their business elsewhere.

Assume full responsibility for the identified source of discontentment and be sympathetic enough to make a heart-felt apology.

#3

Regularly update and involve them in the ‘solution processes

More than offering just a heart-felt apology, involve your customers in the solution process. Walk them through the process of choosing a solution and regularly update them on ‘the progress so far’.

Doing this helps your customers know that you are truly interested in them and really value their patronage. What’s more, it’s an indirect way of promoting brand intimacy.

Compensating customers

Credit: LinkedIn.com

#4

Offer an attractive compensation plan

Compared to attracting new customers, wooing back ex-customers is way less-expensive. Once you notice that his/her resolve to stop doing business with you is gradually softening, sweeten the pot by offering a very attractive compensation plan.

Walking away from customers

Credit: lisbethcalandrino

#5

Walk away when reconciliation seems impossible

At the risk of sounding ‘strange’, giving up on an ‘impossible’ customer is the most feasible decision to make. Sometimes, the ‘impossible’ customer isn’t that person who is so bent on not doing business with you. It could be that customer who is demanding ‘things’ that makes the cost of acquiring a new customer seem like a better option.

When this happens, kindly cut your loss and move on!

Losing customers is simply part of the business experience. However, strive hard at retaining your customers. Constantly review your business plan, model, product, and services to ensure that the value offered is the value perceived by your customers.

Have a profitable business day!

Care to share your ‘proven’ tips on how to woo back lost customers? Leave a comment and follow us @bossmannigeria on Twitter, Facebook, and Instagram.

We’d love to hear from you!

 

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