Additionally, retargeting can be especially effective when tailored to the reasons why customers leave. You can develop customized retargeting campaigns using the insights you’ve gathered on why customers leave your site. This may involve communicating updates, new features, or new products that better meet their needs.
Research indicates that retargeting ads can reduce cart abandonment by 6.5% while increasing online sales by 20%. Plus, retargeting helps you reach the other 98% of potential customers who left your store too soon.
Given these benefits, retargeting is a powerful tool worth incorporating into your strategy to win back lost customers.
5. Teach instead of sell
It is obvious that increasing sales is very important for any business, but it should be noted that in today’s market, consumers expect much more than just a product or service; they are looking for added value. This is especially true for younger generations, who are more aware of the companies they support. According to a report from First Insight, 73% of Gen Zers are willing to pay 10% more for products that align with their values and political beliefs.
But aligning with values isn’t the only form of value sought by modern customers. They also value what a business can offer beyond its paid products or services. This is where content marketing becomes crucial.
Creating content that teaches customers how to solve critical problems can help your brand gain customer awareness and loyalty. However, it’s essential to remember that each target audience is unique and it pays to analyze what type of content best suits your specific audience. By studying customer engagement with your content, you can identify topics and formats that justify further investment.
Finally, identifying the right distribution channels for your content is key to reaching existing, new and lost customers. Using the right platforms ensures that your valuable content reaches the audience that will benefit most from it.
6. Share something new
When it comes to attracting attention, novelty often plays a big role. This principle is easily observed in purchasing behavior; we are instinctively drawn to items marked “NEW”. Our brains are designed to classify familiar objects, which often overshadows them. However, the lure of something new disrupts this monotony and captures our attention.
This understanding can come in handy when developing strategies to win back customers. Introducing something new, whether it’s a product, service or feature, can rekindle customer interest. However, it is essential to ensure that this new offer brings real added value to the customer and corresponds to his needs and interests. This can be achieved by using data from customer surveys and feedback to ensure that the novelty is not just a “new” label, but a sincere effort to meet customer needs and improve their experience.
7. Offer special promotions or incentives
One of the most effective strategies to win back lost customers is to offer them special offers. In fact, 45% of consumers say they stay loyal to a brand because of the discounts or discounts it offers.
When trying to win customers back, you might, for example, offer them the option to buy back a product they’ve already purchased at a discounted price, offer them free items, or offer a lower price if they buy more than one item. If lost customers find these offers attractive, they are more likely to stick with your brand for an extended period of time without turning to your competitors. However, suppose the main attraction is a lower price, and you’ve reverted to the standard rate after a promotional offer. In this case, there is a risk that these customers will again look for better offers from your competitors.
Another strategy that can be implemented is to invite your clients to online events that may interest them in their niche and enhance their networking.
You can also incorporate discounts into the strategies we talked about above. For example, you can offer discounts on products left in an abandoned cart through retargeting ads.
Take up again
Regaining lost customers is a multifaceted task that can be approached in different ways. The optimal strategy is often to lump all the tactics together, run some thorough testing to determine what resonates with your customer base, and then focus on the tactics that have proven effective. Every business is unique, just as every customer group has distinct characteristics. Therefore, it is prudent to tailor your efforts to meet the specific needs of your business and, more importantly, your customers. We wish you much success in your projects!
