I previously worked at a company with a growing list of lapsed customers.
The assumption was that those customers were gone for good. Churned, done, not worth chasing.
I wasn't so sure.
Before we did anything, we dug into the data to answer 3 critical questions:
When did the customer leave?
Why did they leave?
What’s changed with the product since then?
The answers weren't what we expected. The top churn reasons were specific. More importantly, they were addressable.
So we built a win-back campaign around it. Not a generic "we miss you" email. Not a discount. A campaign that spoke directly to the reason they'd left, and showed them, specifically, why that reason no longer applied.
The campaign generated over $300K in revenue in about 4 days.
Importantly, the lesson isn't "run a win-back campaign."
It's that closed-lost prospects and lapsed customers are a messaging opportunity, not a dead end. Too many companies don't re-engage them because they don't know what to say. And they don't know what to say because they've never asked why those people left in the first place.
Your CRM is full of people who were interested once. Some of them still are.
'Til next week,
Carolyn