In truth, customer churn is a reality for any business. While many companies include it in their business model and plan, they should not be complacent and simply let things be. Many customers today are all well-informed, sensitive, and are flooded with choices. They might opt to go for your competitor’s products or services, but you can always win them back.
It is essential to have an experienced accountant by your side to help you gain business insight and make the right decision. This can also be done if you engage in an outsourced firm that offers corporate accounting services, especially when they are armed with years of expertise and experience to guide your company.
However, before you start with the steps to winning back your customers, you should understand who has gone, and the reason as to why they had left.
Find Out Who Has Left And Their Reason For Leaving
It is important to find out which customer or client has stopped using your product or service. If your business model requires customers to subscribe monthly to obtain a product, then you have a better chance of identifying the customers that have left. For regular one-off buyers, such as a walk-in store, you may have to pre-determine the inactivity period before you confirming that a customer is lost.
If you own a large-scale operation, you will need the help of a firm providing professional account services to figure out the connection between financials and customer figures. This is where Ackenting Group can provide your business with a wide range of accounting bookkeeping services to ensure all of your balances and financials are in accordance. We also place top priority for your business in developing the right financial step forward, so that you can continue to be competitive in your market and remain financially viable.
Once you have identified who has left, take the time and learn why they may have decided to opt-out. There is a chance to win your customers back. But if you do not succeed, you will still be able to determine where you went wrong and how you can make the necessary changes to retain existing customers and perform better.
If you’re looking to win back your lost customers, here are a few strategies you can employ.
1. Maintain contact
Not all customers leave simply because they are disappointed or went to your competitors. Sometimes, you may lose customers when a contract has ended, or when they feel that your product is no longer relevant for them. For instance, lawyers part ways with their clients after a legal issue has been settled. In such a case, a business shouldn’t lose their client’s contacts. You should always try to maintain contact when possible.
Every company’s goal is to be able to achieve repeat business from the client in the future, and this can be achieved by using numbers. When you engaging in corporate accounting services, it can help your business distil the cost of acquiring a customer, and use the findings to motivate your team to maintain contact with the client after the contract has ended.
2. Target a Customer with a Personalised Offering
Sometimes, it is inevitable to lose customers to your competition. It is no surprise that in free-market economies like Singapore, customers are likely to change to another company offering a better experience, a cheaper product, or a product that has better value.
To be able to compete, you can outsource to a SME accounting services firm to ensure that you have all the financial data you need. At Ackenting Group, our accounting services fees are affordable so that you can equip yourself with the proper knowledge and financial analysis to compete. We also aim to develop the best cost-effective option and aid you in capturing your target customer.
One way is to target your ideal customer at a personal level with an incentivised offer at the client’s personal preference.
3. Announce Improvements
If you find out that customers have left due to a faulty product or shifted to a superior alternative, you can make amendments and the necessary changes through announcements in the media. You can also hold open discussions about the improved products on social media and gather feedback to fine-tune it even more.
It is vital to consult with accounting firms so that you can continue to keep your business financials in check and help you in testing “what if” scenarios to re-capture your target customers.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
