How Do I Win Back Lost Accounts?

Winning back lost accounts is a common problem I am asked to fix for sales teams. There are many ways to drive explosive growth in revenues and profits. We can sell more to current customers, sell new customers, sell new products, and sell current products to new markets, but often, teams overlook winning back customers we have lost.

Several companies struggled to meet orders due to supply chain constraints over the last few years, and customers were disappointed. In severe situations, companies had to decide the accounts they would ship and accounts they would not due to limited raw materials or components. Accounts that were once loyal were forced to shop for other suppliers to keep their businesses running, and they found them.

Today most businesses have normalized their supply chains and are back to shipping when they promised. Lead times have normalized, and businesses want to win back lost customers. Several businesses, as of late, have asked for my help re-engaging with the clients they lost due to being unable to ship or not being able to ship in the time their customers required.

Winning back lost accounts is a crucial task for any business aiming to maximize its customer base and ensure long-term growth. Successfully re-engaging former clients requires strategic planning, personalized tactics, and a commitment to understanding and addressing the reasons for their departure. Here are several strategies and tactics to help win back lost accounts:

1. Analyze the Reasons for Departure

Conduct Voice of Customer Research:

Here we call and interview a statistically significant number of current customers, customers you once had and lost, and prospects you quoted but have yet to win. We gather the real why’s customers buy from you, quit buying from you and never chose to buy from you. With actionable insights, we can design our re-engagement strategy.

Conduct Exit Surveys:

Reach out to former clients to understand why they left. Use surveys, phone calls, or emails to gather detailed feedback. Face-to-face interviews are best for large clients, phone interviews and Zoom meetings are a close second, and if you struggle to book a meeting, you can send surveys,

Identify Patterns:

Look for common reasons behind customer churn, such as product issues, pricing concerns, or service quality. We never write strategy based on assumptions or how it has always been.

I recently met with a very large account one of my clients lost during the pandemic, and the CRM note said: “Lost because we could not meet the customer ship date.” In the meeting, the past client shared that they left because they asked; we work with them and send partial shipments and better communicate what we could do…and no one followed up.

The good news is that if you had strong relationships with clients who left due to supply chain constraints, you could win them back.

2. Segment and Prioritize Accounts

Value Assessment:

Determine the value of lost accounts based on past revenue, potential future value, and strategic importance. We recommend that our clients run a Net Profit by Customer Analysis report, and this data will help us target and win back the most profitable accounts and not the profit leakers.

Prioritize Efforts:

Focus on high-value accounts first, where the return on investment (ROI) of re-engagement efforts will be most significant.

Reengagement Plan:

Develop your customer re-engagement strategy and plans by customer. Share the plan with salespeople and assign targeted accounts we desire to win back to each salesperson.

3. Personalize Outreach

Tailored Communication:

Please customize your messages to address the specific reasons why each account left. Personalize emails, calls, or direct mail campaigns.

Showcase Improvements:

Highlight any changes or improvements made since their departure that address their concerns.

Apologize:

Your customers trusted your company, and you broke that trust. Trust is the foundation of any relationship. We must humbly and authentically apologize.

My advice to my clients is the more significant the account’s sales and the longer your relationship was with that account, the higher up you go in your organizational structure to speak with the customers.

One of my client’s CEOs called the larger accounts they lost and those mid-sized accounts that had been customers for over 10 years. She called the accounts they lost, genuinely apologized, shared the improvements they had made, and asked the customers to give them another try today. Several of those phone calls turned into small test orders to confirm the company did indeed fix its shipping problems.

4. Offer Incentives

Discounts and Promotions:

Provide special offers, discounts, or promotional deals to entice former clients to return. Offering incentives and promotions is expensive, and that is why we encourage clients to have us conduct voice-of-customer research at least once per year. It is much cheaper to win back customers before they leave and find another supplier.

Exclusive Benefits:

Offer exclusive benefits or access to new features that weren’t available before.

5. Rebuild Relationships

Dedicated Account Managers:

Assign dedicated account managers to re-engage high-value lost clients, providing a personal touch. People buy based on trust and competency. We must rebuild the relationships we once treasured with the accounts we lost. It will take time and diligence, but it is possible.

Regular Check-Ins:

Schedule regular check-ins to maintain ongoing communication and make sure they are satisfied. In each check-in, give the other person something of value.

6. Improve Customer Experience

Enhanced Support:

Strengthen your customer support team and processes to ensure quick and effective resolution of issues.

User-Friendly Interfaces: Invest in improving the user experience of your product or service to make it more intuitive and satisfying.

Today it’s about the buying experience and how you sell more than what you sell.

7. Leverage Social Proof

Testimonials and Case Studies:

Share success stories from clients who returned and benefited from the improvements made.

Client Referrals:

You can encourage current satisfied clients to refer or endorse your business to former clients.

Authentic Video Testimonials:

Ask some of your current customers who have felt the improvements you have made to share their experience in videos.

One of the best videos one of my clients did in the HVAC industry came from an HVAC contractor in his van on the way to his next job. The video will not win awards in Hollywood, it was a bit shaky, road noise in the background and this contractor’s choice of language and how he expressed himself would not have passed HR but the authenticity of this customer sharing the value my client delivers and why he gave them a second chance was powerful and priceless.

8. Continuous Improvement

Feedback Loops:

You can set up continuous feedback loops with clients to proactively understand their needs and concerns. We encourage our salespeople to use value scorecards to track our service and share the improvements in each customer interaction.

Innovation and Adaptation:

Regularly update and innovate your offerings based on customer feedback and market trends.

9. Strategic Partnerships

Collaborate with Influencers:

Partner with industry influencers or thought leaders to endorse your brand and reach former clients.

Cross-Promotions:

Engage in cross-promotional activities with complementary businesses to provide added value to former clients.

10. Monitor and Measure Success

Track Re-Engagement Metrics:

Use metrics like reactivation rates, customer lifetime value (CLV), and net promoter score (NPS) to measure the success of your win-back strategies. Interview the clients you win back quarterly and listen for ways you can better serve them and impact their bottom line.

Adjust Strategies:

Continuously refine and adjust your tactics based on what works and what doesn’t. As my clients are aware I refer to this as creating learnings. Capture data and share what is working and what is not.

If we have solid relationships and a trained sales and customer service team we should never lose accounts we do not want to lose.

The pandemic changed the game, and companies were forced to identify strategic accounts they would continue to supply and those that may not receive the service they once valued.

We can win back and reengage with lost accounts we strategically want back. Since I often participate in these discussions, we often find the supplier they are using now is inferior to the service you once provided, and they were waiting for you to apologize and win them back.

Some accounts may never come back, but we must try.

Time heals many wounds. Buyers change and retire. The person who responded emotionally to the breach of trust may no longer be at the customer. If they are still there it may be a waiting game. Waiting for the person to leave…waiting for the current new supplier to let the customer down.

Winning back lost accounts is a multifaceted process that requires a deep understanding of customer needs and a commitment to continuous improvement. By combining personalized outreach, strategic incentives, and a focus on enhancing customer experience, businesses can successfully re-engage former clients and foster long-term loyalty. I’d like to point out that regularly analyzing and adapting your strategies will ensure ongoing success in reclaiming lost accounts.

Does your team want to win back and reengage with clients you lost?

Does your team know how to win back lost clients?

Does your team have the skills to win back your lost clients?

Let’s chat about whether you would like to develop your sales plan to win back clients you lost during supply chain constraints.