What Should Be Your Win Back Strategy to Make Your Retention Magnet Stronger

Your marketing team spends time attracting potential leads.

In the next stage, sales executives to sales representatives are involved to convert these customers.

Then a team of experts play the role to onboard new customers.

If all these stages are covered successfully, a revenue stream establishes, and you start working on the revenue per customer and compare this revenue with the average revenue per customer. If the flow of this revenue is not satisfactory, then engagement is increased to somehow meet the revenue targets from these customers. Ultimately, things are on the track.

However, all of a sudden, you find that the customer whom you onboarded by investing time and monetary resources (customer acquisition cost) has left or is about to leave. It is pretty concerning. And that is the same point of concern that many SaaS companies face these days in the form of voluntary churn and involuntary churn rates. So, here is the team SubscriptionFlow to help people with their win back campaign.

Also Read: Customer Churn Vs. Revenue Churn

Your Win Back Campaign in 2022-2023

Winning back a customer is just like winning back someone’s heart.

First thing first, you need to see the reason for the churn. You must know what is the reason that your hard-earned customers are cancelling subscriptions. Now, dealing with voluntary churn is easy. You can win back such customers by offering discounts, coupons, and offers.

However, winning customers who leave because of involuntary churn is not easy. So, no matter what type of churn you need to deal with, you need to do the following things:

1. Make Your Inactive Customers Excited

Though you need customer activation, not excitement, we—SubscriptionFlow experts—believe that you cannot make customers active without exciting them. So, how to make your customers excited?

• Call your customers rather than just relying on personalized emails, and get an appointment from the customers who are churned or about to churn. Communicate in detail with these customers. These calls will benefit you in two ways i.e. either you will win the customer back or you will get the core reason for cancellation of the subscription. In both cases, you are at the advantage. If you know the reason that caused the cancellation of the subscription, then you can come up with a better strategy to retain customers.
• You need to curate exclusive offers and programs that can be added to your win back campaign. Make these customers feel that as they are old customers so, you are compensating them for the time they have been with you. Also, at this stage, you need to analyze the average revenue per customer so that you know the amount that you spend to activate the customer and the amount that you are going to have in the revenue stream from that customer.

Such things can help you excite your customers. When customers are excited, their activity boost automatically.

2. Deal with Technical Issues

If you have lost customers because of some technical issues, then you need to do three things

• First, apologize to your customers. Though it can be hard and many companies try till the last point to not say it, we will recommend you apologize to your customers once you realize that the mistake is from your side. It will help you win the customer’s trust.
• Second, show your customer that you are sincere and that you have put yourself in his shoes. Simply, show that you sympathize. If you should understand your customer, then your customer should also understand that you face challenges to provide him with what he expects from you.
• Lastly, you need to fix the problem that you have identified. Fix the technical issues in a way that no other customer would leave because of such issues.

Also Read: How to Control High Customer Churn with SaaS Customer Retention Management – RetentionFlow App

Post-Free-Trial Campaign Vs Post-Cancellation Win Back

There is also point that you need to note the cancellation of subscriptions can be at two points:

• Post-free-trial
• Post-cancellation

Some people do not convert after getting free trials, and you need a campaign or strategy to bring them towards paid subscriptions. So, at this point, you can try out various things:

• Offer extension in the trial period.
• Offer upgrades to those who are not converting.

Coming towards the post-cancellation win back campaigns. Bringing the customer who has already left can be the most tiring thing for SaaS businesses. However, you need to try everything so as to retain your customer base.

• The most important thing is to offer churned customers lucrative incentive that is for sure irresistible.
• Send them personalized emails.
• Communicate with these customers through phone calls.

Also Read: Lessons to Learn from Churned Customers for Improved Customer Retention

So, if you are working on your win back strategy, make sure that you consider the factors that we have mentioned to make your customer retention magnet more powerful. And to do that SubscriptionFlow offers its clients the exemplary feature of retention and business growth. The user will now be able to monitor customer data. Based on the data analysis, the user will be able to identify the customers who can churn. From here, it is easy, you just need to launch your win back strategy and monitor KPIs from SubscriptionFlow that indicate the performance of your campaign.

Contact our experts to schedule a demo