What Can A Strong Customer Win-Back Strategy Do For Your Business?
As governments lift restrictions for businesses to re-open, now is the time to start planning your customer win-back strategy post COVID-19. By having this plan ready, your business will be able to execute quickly and in real-time. Clearly, COVID-19 has overwhelmed livelihoods around the globe. For customer-facing teams, this has forced them to rethink what customer care means. Now more than ever, examining customer journeys and satisfaction metrics is necessary to address what they need from your business.
Particularly in times of crisis, every customer’s interaction with your business effects their sense of brand loyalty. A primary metric of customer experience will be how your business delivers experiences and services that meet their new needs. The post-COVID business landscape also paves way for customer experience leaders to be at the forefront of the long-term shifts in consumer behavior. Keeping track of changing customer preferences and rapidly innovating to redesign journeys to fit the current context will be key in customer retention.
This tension is particularly challenging businesses that may not have the resources to survive long periods of reduced cash flow. It is important for your business to formulate a customer win-back strategy to ensure you return strongly. This strategy will also lay the foundation for your business to grow rapidly in this new business environment. In this article, Team Luxeveda talks about a few ways to approach this issue.
Firstly, it is important to remember that customers are looking to the companies they rely on for guidance and clarity. The best way to calm their anxiety about uncertainty is to communicate regularly and keep them informed. When communicating about your business’s actions during the pandemic, it is important to practice empathy and express your company’s support. The tone should be relatable and communicate a sense of collective belonging with your brand. Any customer win-back strategy is only as successful as the communication from your business.
To help, your business should provide detailed, actionable information that will be useful to your customers in the current landscape. This includes information about new policies that your business is adopting and help on how your customers can do the same. For example, highlight any temporary offerings you are promoting, like a free upgrade to a subscription plan. Communicate your updated company policy in detail. Your priority should be supporting your customers. In fact, the last thing you want to convey is that you are trying to hit your quota, make your commission or satisfy your personal needs.
Reimagining Customer Experience in a Post COVID World
Changes in consumer preferences and business models are inevitable, given the sudden and unprecedented nature of the pandemic. In China, there has been a 55% increase in consumers intending to permanently shift to online grocery shopping, and an increase in overall e-commerce penetration in the aftermath of COVID-19. Once customers are used to new digital models, they may choose to switch permanently or increase their usage, displaying behavioral shifts.
The best way to improve customer experience and transaction efficiency is to increase digital self-service. In industries like banking, digital servicing are less expensive than traditional transaction methods. In such a scenario, motivating users to adopt digital channels is often a successful way to boost savings and satisfaction. Teams can adopt this customer-centric mindset in any cost-cutting exercise.
Lastly, your business should reimagine the traditional business model itself. For a successful customer win-back strategy, existing stores should shift toward experience hubs that offer services and encourage purchase across multiple channels. The key here is to signal that your company is taking ownership of the situation. Indeed, this reimagination of the business model will ensure that you can control your company and its valued customers.
With the right customer-centric attitude and an awareness of what people need right now, companies can emerge from this crisis having strengthened their relationships with customers. Give consumers enough and more to cultivate long-lasting goodwill with past customers and help ensure they will stay with you in the future.
Are you looking to implement a customer win-back strategy? Contact us for more information.
September 22 2020