There's gold buried in your lost customers.
The average customer winback campaign generates $485k for an SMB. Larger organizations generate millions.
Why Does Customer WinBack Generate So Much Revenue?
It boils down to 3 things.
1) A lot of sales opportunities.
Most businesses have a lot of lost customers and most of them represents a pre-qualified sales opportunity.
2) One in four lost customers will come back if they're approached well.
And winning them back is a lot faster and easier than acquiring a new customer.
(The win rate is 5X better and sales cycles are 70% shorter.)
3) Returning customers generate serious revenue.
Returning customers typically generate 120% or more of what a new customer generates.
That’s what I've found after winning back thousands of lost customers.
And a study of 40,000 lost customers in the Harvard Business Review found the same thing.
And that’s why winback generates so much revenue… lots of sales opportunities, high win rates and above average deal size.
There really is gold buried in your lost customers and that’s why winback belongs in every revenue playbook.