Reactivate Inactive Customers
An effective win-back strategy requires a clear understanding of objectives and a careful analysis of data. You need to identify which customers to target, what attrition looks like for your brand, and establish which win-back strategies should be implemented to optimize re-engagement. Typically, a win-back strategy begins with a careful analysis of CRM data, purchase history, and other relevant customer data. A model such as an RFM (recency, frequency, and monetary value) or lifetime value model can determine the past and potential value of a customer or customer group, further fine tuning your win-back resources.
Predict the Future with Predictive Models
Once customer groups have been segmented, a predictive model can be used to determine which lapsed members are most likely to respond to a variety of win-back offers. This further helps optimize audience selection and offer criteria. Data models further analyze past purchase behavior and uncover hidden trends and patterns within customers you’ve lost. Response models identify both cross sell and upsell opportunities in addition to ranking customers based on the likelihood of response to a particular offer.
An RFM model is useful for determining your best customers by examining shopping, spending, and other interactions with your brand. This provides insights to determine win-back strategies that re-engage the customers who are the most valuable to you.
Engage Consumers Where it Matters
Once high-potential prospects have been aligned with impactful messaging strategies, customer records are connected to relevant online and offline channels.
The deployment of a multi-channel, integrated marketing communications program will ensure optimization of both customer response and reactivation.