Importance of Creating a Winback Campaign [ RevOps Tip ]

Win back campaigns are important because customer retention is just as important, if not more important than customer acquisition. It's 50% easier to sell to a former client than it is to attract and convert a new one. But why don't you have a win back campaign in your agency? Are you afraid to communicate with customers who have recently left your business? Well, what if I told you that over 60% of emails that are sent to former customers actually get open and have a humongous response rate? Would you be learning more about winning them back now? Well, if so, you're in luck because today we're going to talk about building an effective win back strategy for your agency. If we're meeting for the first time, I'm Mick Hunt, CEO of Premier Strategy Box and lover of all things RevOps, sales ops, producer Development, EBITDA Growth, and of course my North Carolina Tar Heels. Let's dive into winbacks and why it's an important process to to develop within your agency for your business There are three reasons as to why your win back process should be one of the top two processes that you develop within your agency. Number one, it's a high roi. According to Adobe Digital Index Report, conversion rates for returning customers are up to nine times higher than those who've never made a previous purchase within your agency. They account for the most improvements in your ROI, with over 40% of profitability coming from them because they've already had and established a relationship with your agency. That in of itself explains the importance of why you should have a win back campaign. But if you need more. Number two, it's cost effective. It can cost five times more to attract a new client than to retain an existing or former one. That means your sales and marketing team have to bring in five customers equal to the revenue generated by one repeat customer. I don't know about you but but I'd rather focus on those repeat customers still need convincing. Number three, it has high open rates with your email campaigns. Over 60% of subscribers who receive win back messages will read them. 75% of re engaged customers will read a subsequent email over the next 60 and 90 days. So tell me again, why are you afraid to communicate with your previous clients? I know, I know you want to develop a win back strategy, but you don't know where to start. The first thing that you need to do is determine who you want to re engage with. All former clients may not be ideal to bring back to your agency. Did you catch my wordplay there? Clients? Ideal Ideal clients. You need to first look at any ideal clients that may have left your agency and start there. Next, you need to start thinking about your marketing strategy. You should use a blend of email, social, and direct dial strategies to connect with your former clients. Make sure that you're incorporating video in your email and social strategies and that you have your best closers doing the Outbound calling Finally, for your content, make sure that you're short and to the point. These are people who've already done business with you in the past and should know a lot about you and your agency. You also want to make sure that your content is personal. Use tags within your CRM to personalize your content. There you have the ingredients to really develop a great win back process for your agency. If you need help creating and implementing an effective win back campaign, reach out to us and we'd be more than happy to help. See you soon.