Because we’re so focused on generating new business, recovering old accounts is usually not a priority. But it’s a great revenue strategy to identify recovery targets and develop an action plan to go get them. Here are some steps to get you started:
1. Research your customer database for all customers that have not done business with you for one year or more.
2. Segment the list into groups of one year, two years, three-plus – and then sort by sales territory.
3. Review each list with customer service and the territory sales rep to see if they have any intelligence on why the customer left.
4. Check in with other key personnel who have been with your company for a while and have had customer contact, to see if there is any anecdotal information.
5. Categorize the reasons for leaving and work with marketing to construct tailored messages for the major categories.
6. Create a multi-touch field campaign to start to re-engage – holding out those you know had a service issue. The goal is to get agreement for a preliminary live conversation with a sales rep.
7. Do NOT try to sell them anything in the first live meeting. This is only step one in earning back their business.
8. For service-issue customers, re-engagement requires a personal touch. Determine what the nature of the issue was, and what you can offer them now that might be worth reconsidering you as a vendor.
For this to work, you need patience and consistency. So make Customer Recovery a key aspect of every monthly sales meeting. Track and report on the process of recovery for each of the identified targets and make sure everyone in the company knows what is happening, and when you win them back or why you didn’t.