7 Reasons Why Customers Cancel and How to Win Them Back!
Many factors contribute to why customers tend to switch services. Having the knowledge of these factors can help reduce your churn rate and retain your customers. While some of these factors are out of your control, having knowledge of them can prepare you for what to look for and how to address those things.
7 reasons Customers Cancel:
- Your service has not provided any significant value to their business.
- Your customer needs to reduce costs and your prices do not have flexibility.
- Your solution is no longer needed due to changes in their business initiatives.
- Your service was not fully adopted because of lack of knowledge or interest.
- Your customer did not see the short-term or long-term value your services.
- Key personnel changed in their company and you failed to build a relationship.
- A cheaper or more popular version of your service became available to them.
Once you understand the key reasons why your former customer decided to cut ties with your business, you can began working on a strategy to win them back. Below, we have included a list of the most effective win-back strategies to get your foot in the door and regain former or inactive customers.
How to Win Former Customer back:
- Give them a phone call or send an email asking them to briefly talk.
- Acknowledge the problem or the “elephant in the room” if one is known.
- Propose an incentive or perk for having them return as a customer.
- Advise of any new features, improvements, or advances in technology.
- Focus solely on a specific group of win-back targets you wish to pursue.
Check Out How to Rebuild Your Relationship with Former Customers