Customer Winback: How to Recapture Lost Customers—And Keep Them Loyal
by Jill Griffin and Michael W. Lowenstein
Here we find 300+ pages dedicated to an unusual approach to the subject of customers and their contribution to your success as an organization. It’s interesting how many companies will spend an enormous amount of money, time, and energy to attract new customers while investing little or, more often, nothing in retention or win-back. That’s baffling when you consider the fact that vigilante customers are leaving in droves every day and they are very expensive to replace. Too many companies consider these customers as a lost cause and therefore make no attempts to discover why they left or to win them back.
With the average company losing 20% to 40% of its customers every year (for Web-based companies defection rates are substantially higher), it’s imperative that firms create focused strategies for retention and win-back in addition to their acquisition efforts. The authors provide you with step-by-step solutions for winning back lost customers, saving customers on the brink of defection, and making your firm defection proof. This pragmatic guide is brimming with savvy methods and detailed case studies that show you in real-world detail how to turn lost customers into gold!
(This book review was originally published in 2001 as one of the Top 10 Books – Edition 8.)