Tips for recovering lost customers

05/05/2020

Angela de la Vieja

Often, the marketing strategies followed by most companies, including online businesses, are mainly focused on generating new leads and keeping existing customers happy, it's obviously a basic, and logical, practice. But they often forget about lost customers and there are many organisations that do not implement procedures for identifying customers who have left, or the reason they left. If you think about it carefully, if someone ever purchased from you it would probably be because they liked, or needed, what you sell, right? When a consumer knows who you are, and especially if they had a satisfactory experience, they are far more likely to return, and it is very probably less expensive than winning a new one.

Identify the reason they haven’t returned, the key to not losing more customers

If you don’t look after the relationship with your customers, then they may become weakened and even vanish. Sometimes this occurs for reasons outside the scope of control of your company or due to changes in a customer’s interest in your products. What is true is that it isn’t always possible to improve if the causes are unknown. When a customer is lost there is always a reason, for example: uncompetitive prices or unexpected promotions carried out by the competition, which may be difficult to match, poor customer service, problems with the product, logistical problems, etc. Companies often do not have established processes for identifying the reason for the loss, such as satisfaction surveys. Identifying and analysing these errors, as well as becoming a competitive advantage, help you to implement techniques that could prevent customer abandonment.

Identify the customer

Just as we use the Buyer Persona element for generating new leads (grouping different consumer profiles and adopting marketing strategies to different needs) identifying the profile of customers who abandon you will help us in our goal of discovering how to recover them.

Segment the lost - who is recoverable and who is not?

It is obvious that we will not be able to recover all our ex-customers, so we should focus on those who, based on their previous behaviour are more likely to return, thus, customers who have recommended us to other users, who have never complained or that their complaints were resolved satisfactorily, should be our goal.

Keep the competition at bay

Having access to and knowing current and past competition data, such as prices, promotions, availability, product selection and shipping costs, among others, will undoubtedly allow us to identify possible competitive differences to our rivals that could harm us and consequently augment the loss of customers. In addition, this information will allow us to design a better pricing strategy that will open doors for us to attract our competitors customers.

Strengthen your customer service

This element can be one hundred percent controllable by your company and is also easy to identify, still, it remains of the biggest reasons for losing customers. Improvements in team training, as well as motivation is key. Without a doubt, improvements in this area will also increase current customer retention.

Use loyalty techniques

When you perform identification and grouping, you may detect some types of clients that are likely to be retrievable with personalised offers. Loyalty techniques can also be used to recover customers, some of these techniques may be: Exclusive discounts, direct gifts with next order, participation in contests and raffles, coupons, etc.

11/11/2022

Consumer behavior: How can behavior tracking be effective for setting the right pricing strategies?

Behavior tracking is becoming massively popular today. As a result, pricing strategies born from studying consumer behavior are a merchant's dream come true. If done right, it can conquer every market for the business quickly. With abundant data available, the strategic makeover of the pricing models is becoming easy for companies.

What is behavioral tracking, and how is the data beneficial in pricing?

For a quick understanding, behavioral tracking refers to gaining in-depth knowledge and insights into consumers through their web data. Their browsing habits, spontaneous decisions, shopping interests, and preferences come under behavioral tracking.

How can enterprises use customer behavior data?

Companies can use customer behavior data as a tool to strengthen their hold on the market. A customer’s preferences, values, and tendencies allow businesses to work in sync with them through the collected data. Apart from this, customer behavior can also aid in:

Tailoring customer needs for customer retention

Personalization is becoming the heart of a company’s growth. No matter in which area an enterprise is functioning, tailoring the services, products, and solutions is becoming increasingly crucial. Uniqueness and personalization attract the crowd like no other.

Increasing the overall value

One of the best ways customer behavior data affects a business is by upgrading the value of customers for the business. The customer’s characteristics allow the company to target the people that match the business prospects well.

Optimizing every type of content

Everything that is up for digital display requires content. You must have seen companies unveiling their products or services through advertisements and making the initial public appearance. Two essential sales strategies – upselling and cross-selling comes through content optimization.

Pricing Strategy

Last but certainly not least is the influence of customer behavior data on the pricing strategy. The pricing strategy essentially constitutes content derived from data analysis. Companies need to have a dynamic approach to the pricing system to attract the right customers.

17/02/2015

Saint Valentine’s Day, always a good opportunity

V-Day is looming, a long-awaited date for all and also a good occasion for the eCommerce. According the study conducted by Prosper Insights and Analytics, it is forecasted the average consumer expense that day will be the highest in last years. Furthermore, 25% of them will buy online, which means an increase of 4% regarding 2014 (The US department of Commerce). This is, therefore, a key date where market competitiveness increase and which could be assumed as a big opportunity for our business or, a big fail if we do not adopt the correct strategies.

How to turn this event into an opportunity? To achieve this goal, we need to adapt our prices to this hostile environment, i.e. we need to develop an appropriate Dynamic Pricing strategy that allows us to adapt our prices to the variations produced in supply and demand and to position us ahead of our competitors. In V-Day, the frequency in changes will be higher, carrying it out each hour or even each minute. It is estimated that 65% of leader retailers have the ability to respond quickly at these variations, such Amazon. For this reason, it acquires great importance the correct use of a software specialised in price motorisation of competitors. Do not miss the time and adapt your business to new adversities.

28/12/2022

Which are the best footwear marketplaces to sell on?

Footwear marketplaces are booming. The last decade has seen the launch of new specialized marketplaces with millions of different users. Among them are Spartoo, Sarenza and Farfetch, portals with international reach. Their main value is that they unite hundreds of footwear brands, as well as offering clothes and accessories. Although each has its own characteristics, they are all vertical marketplaces, i.e., they focus on a specific area, and their sales categories are interrelated. For sellers, these portals provide an opportunity to expand sales channels and drive the globalization of their e-commerce business. We explain how to sell on these footwear marketplaces so that you can assess whether they align with your plans for the future and then start defining a possible pricing strategy.