While some customers remain loyal for a lifetime, others eventually drift away, either because they no longer need a product or because they believe they’ve found something similar. While the first group may be difficult to reach and win back, the former customers in the second segment are just waiting for you to sweeten a deal for them.
Deep discounts are one way to lure back vanished customers, but beware of steep price cuts on a regular basis. Your customers will learn when things go on sale and wait to buy everything at clearance prices. Massive discounts train your customers to wait so they never have to pay full price with you; unless your mark-up is tremendous, that strategy is not sustainable over time.
Instead, look at your customers’ past behavior. A steady rise in sales followed by a precipitous drop makes a strong statement about what happened at that time; what changed, and is it something you can control?
Sometimes, opening a dialogue again is enough to bring back lost customers. Send email blasts to customers who haven’t bought from you in the last month, quarter or year. Reminding your former customers that you’re still there for them can produce dramatic results, especially if you’ve made changes since that customer last shopped with you.
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