Answer: win-back strategies
Step-by-step explanation:
What does this strategy involve or mean?
When a company or business begins to lose their customers it is crucial to discover why that is happening, what is causing customers to drop off?
Once the business have established why this is happening they need to start looking at what they can do to bring these customers back.
They can do this by conducting a survey or reaching out to customers telephonically.
This reaching out process will help them discover why are the customers not happy.
They also need to do internal research on why the business isn't doing well and what is the best way to mediate the situation.
The business needs to solve whatever problems the customers have and find appropriate strategy or strategies to implement.
Below are few strategies that the business can implement:
Special Discounts
Sometimes when the customers drop off it may be due to the fact that they can no longer afford the product that is sold in that business probably due to price increase.
Having special promotions may be a way to get them back.
Implementing loyalty card which can offer special discounts on the customer's next visit to the shop can also be useful.
The business will also have to do research on which product are most popular from their competitors and give discounts on the exact similar products.
Rebranding
If the customers have the problem with the service or product then the business will have to consider changing the actual product .
This may help them form a new identity during rebranding which may attract even more customers.
Previous customers may even be more pleased to experience a new and updated product through rebranding.
Deal Incentives
They can start a new partnership like working with a restaurant that can start offering meal deals at a high discount for customers.
The business will win their customers back whilst the restaurant will also gain customers so it is a win win situation.
Targeted Services
If the business finds out that they lack some product that customers real demand then they may need to introduce those products into their business.
Now after they have introduced this new product they need to start targeting the customers with it for example it can happen that customers are not real keen to buy plastic flowers during peak seasons like special holidays an introduction of real flowers may help increase the customers.