An average American business loses more than 20% of existing customers every year.
Studies show the cost of acquiring new customers is five times more expensive than selling to existing customers. Moreover, the chances of selling to an existing customer are 70% more than selling to new customers. Creating win-back email campaigns can help marketers reduce customer churn and improve consumer retention rate and increase revenues.
Marketers can use offers to retain customers. For instance, Google offers $150 to US users, which customers can redeem to run ads on the platform. But, brands should understand the reasons behind a particular customer leaving, know what their competition offers and what they can do to stand out.
Leveraging emotions in win-back email campaigns can help marketers retain customers. Brands can also use customer testimonials to bring back lapsed users.
[13 minute read]