win the win-backs growth play
recover lost revenue
In a recent B2B industry survey, 90 percent of companies said that their ability to win back lost customers was important to their success.
That’s no surprise. Supply chain disruptions are creating logistical bottlenecks. Service failures are all but routine. And many companies have increased prices in response to rising costs. Meanwhile, your competitors are circling, trying to lure your customers away with promises of lower prices and better support.
So, despite your best efforts to keep them, some of your formerly loyal customers have likely decided to leave. And as you’re recovering from the turbulence of the last few years, those former customers represent an enticing opportunity to recoup your lost revenue—if you can win them back.
identify your win-back growth levers
To win your win-backs growth play, you need to tailor your approach based on why your customer left in the first place. And then you need to make sure all parts of your organization are set up to support winning them back.
Process: You need a win-back process that tracks why buyers left and manages how you engage them to lure them back.
Messages: Customers typically leave because they were pushed away, pulled away, or priced away. To win them back, you need to build distinct messages to address the specific reason.
Skills: Regardless of why your buyer left, your sellers need to be able to confidentiality approach your lost customers.
Leadership: For your win-backs growth play to succeed, you need to pull your managers out of the day-to-day minutia and empower them to lead.
Technology: Your tech stack binds your messages, content, and seller skills to your process. You don’t need more tools, but rather the right tools to support your win-backs growth play.
empower your growth teams for win-back conversations
From understanding why your customers left in the first place to determining who will approach them about coming back, you need all your teams involved to support these critical sales conversations. Showing your customers why they should return to you requires a coordinated effort.
close the confidence gap
When you execute your win-backs growth play, you show your lost customers why you’re worth coming back to. And when your strategy is based on the psychology behind your buyers’ decisions, it closes the gap between strategy and results, leading to shorter sales cycles and outsized revenue growth.