What You Need to Know About Customer Win-Back

By V. Kumar, Yashoda Bhagwat, and Xi Zhang   

It’s a hypercompetitive market and you are doing everything you can to retain your customers, yet you know that no matter what you do, you will still lose some customers to competitors. The competition to acquire new customers is fierce. How do you maintain your customer base? Our research team at Georgia State University looked at a large national telecommunications firm and found that it can be profitable to go after lost customers and win back their business. While it may seem counter-intuitive to spend time and money on customers who chose to leave, the reality is that you can’t retain every customer and acquiring brand new customers is expensive. Luckily, the game is not over when you lose a customer and you can revitalize your relationship. To successfully win back profitable customers who are worth your effort, you…