Repairing a fractured customer relationship is easier and less expensive than winning a new one. In this Harvard Business Review article Frank V. CespedesLeón Poblete has some great insight into re-winning a customer. Below is an excerpt and a link to the full article.
- - Thanks, Neal Odom
How B2B Companies Can Win Back Customers They’ve Lost
by Frank V. CespedesLeón Poblete
The process for reacquiring a customer requires a different approach than acquiring new ones. For one thing, your previous customers will have prior experience, knowledge, and long-held assumptions about your people and capabilities. Conversely, you have a basis for judging if that customer is worth pursuing.
In our study of 26 broken customer-supplier relationships, we found that companies that had successfully won back a customer followed a similar pattern. They identified the reasons for the initial dissolution, applied the right cost-benefit analysis, conducted an honest conversation with the customer, and accommodated their specific requirements.
To illustrate the process, we’ll use two companies, which we’ve disguised: Brex Tech and RILF. In 2009, Brex Tech, who supplied RILF with electronic components for its optical devices, lost RILF as a customer, but managed to win them back in 2012. Here’s how they did it.
Read the full article, click - -