What will I learn about: why traditional customer retention rates can trick you into a false sense of security and mask the slow bleed of your market share?

Discover why traditional customer retention rates can trick you into a false sense of security and mask the slow bleed of your market share.

What will I learn about: why lost customers are far from dead opportunities, offering a 20 to 40 percent chance of successful resale compared to just 5 to 20 percent for new prospects?

Understand why lost customers are far from dead opportunities, offering a 20 to 40 percent chance of successful resale compared to just 5 to 20 percent for new prospects.

What will I learn about: leverage modern digital tools to protect your limited pool of high-value customers, who deliver six to ten times more profit than your lower-profile segments?

Learn how to leverage modern digital tools to protect your limited pool of high-value customers, who deliver six to ten times more profit than your lower-profile segments.

What will I learn about: the two vital phases of customer retention—termination and revitalization—to successfully intercept canceling clients with targeted alternatives and efficiently re-recruit expired members?

Master the two vital phases of customer retention—termination and revitalization—to successfully intercept canceling clients with targeted alternatives and efficiently re-recruit expired members.

What will I learn about: Implement the 'CPR' method (Comprehend, Propose, and Respond) to identify at-risk customers early, calculate their lifetime value, and proactively resolve their grievances before they leave?

Implement the 'CPR' method (Comprehend, Propose, and Respond) to identify at-risk customers early, calculate their lifetime value, and proactively resolve their grievances before they leave.

Customer WinBack

How to Recapture Lost Customers – And Keep Them Loyal

Jill Griffin and Michael W. Lowenstein

★ 3.9 / 5(19 ratings)

Start ListeningDownload QR code that opens AudiobookHub on the App Store

Try free on iPhoneScan to start in 5 seconds

Categories:

Marketing & Sales

If You're Curious About These Questions...

You should listen to this audiobook

💡Did you know that winning back a lost customer can often be far more profitable—and much cheaper—than hunting for a brand-new one?
💡Have you ever wondered if there are hidden warning signs that reveal exactly when a client is about to jump ship?
💡What if you could use a set of proven, savvy strategies to transform your 'lost' database into your company’s most valuable source of revenue?

Listen to Customer WinBack — Free Audiobook

Loading player...

Key Takeaways from Customer WinBack

✓Discover why traditional customer retention rates can trick you into a false sense of security and mask the slow bleed of your market share.
✓Understand why lost customers are far from dead opportunities, offering a 20 to 40 percent chance of successful resale compared to just 5 to 20 percent for new prospects.
✓Learn how to leverage modern digital tools to protect your limited pool of high-value customers, who deliver six to ten times more profit than your lower-profile segments.
✓Master the two vital phases of customer retention—termination and revitalization—to successfully intercept canceling clients with targeted alternatives and efficiently re-recruit expired members.
✓Implement the 'CPR' method (Comprehend, Propose, and Respond) to identify at-risk customers early, calculate their lifetime value, and proactively resolve their grievances before they leave.

Learning Tools

Reinforce what you learned from Customer WinBack

Mind Map

Customer WinBack

The Value of Lost Customers+

Win-Back Initiatives+

Two Phases of Retention+

The CPR Method+

Identifying At-Risk Customers+

Immediate vs. Long-Term+

Quiz — Test Your Understanding

Question 1 of 8

Why does the book argue that standard customer retention rates can give businesses a false sense of security?

A. They fail to account for the inflation of customer acquisition costs over time.
B. They compound over time, meaning even a seemingly high percentage leads to significant customer loss in the long run.
C. They do not distinguish between high-value customers and low-profile customers.
D. They only measure the satisfaction of active customers rather than the grievances of lost ones.

Question 2 of 8

According to studies cited in the text, how does the probability of successfully selling to a lost customer compare to selling to a brand-new prospect?

A. It is significantly higher to sell to a lost customer (20 to 40 percent) than to a new prospect (5 to 20 percent).
B. It is slightly lower to sell to a lost customer because they already have negative biases against the company.
C. It is roughly the same, making it equally cost-effective to pursue either group.
D. It is impossible to predict, as it depends entirely on the industry and the specific product.

Question 3 of 8

What are the two distinct phases of customer retention strategies discussed in the book?

A. The acquisition phase and the loyalty phase
B. The assessment phase and the resolution phase
C. The termination phase and the revitalization phase
D. The comprehension phase and the proposal phase

Question 4 of 8

In the context of saving at-risk customers, what does the acronym 'CPR' stand for?

A. Contact, Persuade, Retain
B. Comprehend, Propose, Respond
C. Calculate, Prioritize, Resolve
D. Communicate, Pacify, Recover

Question 5 of 8

During the 'Comprehend' stage of the CPR method, what is a crucial first step before offering a solution to an at-risk customer?

A. Transferring the customer to a senior manager to demonstrate that their issue is taken seriously.
B. Determining the customer's lifetime value by comparing the revenue they generate against the cost of serving them.
C. Offering an immediate discount to prevent them from finalizing their cancellation.
D. Sending them a customer research survey to formally document their grievances.

Question 6 of 8

How did USAA successfully identify at-risk customers before they voiced a direct complaint?

A. By sending out weekly email surveys to all active customers.
B. By hiring an external consulting firm to analyze their customer churn rate.
C. By using an information collection system (ECHO) that allowed telephone sales and service reps to log customer feedback and market trends.
D. By tracking customer website usage and identifying accounts that had been inactive for more than 30 days.

Question 7 of 8

For an 'immediate win-back' strategy to be successful at the moment a customer tries to cancel, what must a company ensure regarding its customer service representatives?

A. They must stick strictly to a pre-written script to ensure legal compliance.
B. They must require the customer to submit their cancellation request in writing.
C. They must immediately pass the call to a specialized retention manager.
D. They must have the power to act immediately and offer generous resolutions without waiting for manager approval.

Question 8 of 8

When an immediate win-back is impossible (e.g., a customer canceling a golf membership due to arthritis), what is the book's recommended 'Plan B'?

A. Accept the loss gracefully and treat them with respect so they will still recommend your business to others.
B. Continue sending them promotional emails in case their situation changes in the future.
C. Offer them a heavily discounted 'inactive' membership to keep them on the billing cycle.
D. Ask them to provide the contact information of three friends who might want to take over their membership.

Customer WinBack — Full Chapter Overview

1Recommendation
21 — Don’t overlook customer defection or give up on winning customers back.
32 — It’s time for your company to create customer loss and win-back programs.
43 — Customer retention strategies have two stages: termination and revitalization.
54 — Save at-risk customers with CPR: comprehend, propose, and respond.
65 — Use surveys and frontline staff to spot at-risk customers.
76 — When winning back lost customers, separate immediate opportunities from longer-term ones.
87 — Final summary

Customer WinBack Summary & Overview

Maintaining a happy customer base shouldn’t feel like herding cats. Customer WinBack (2001) reveals how companies can identify at-risk clients and win them back before they disappear from their databases. By using these savvy tricks, businesses can also refocus on their existing customers in order to cut costs and drive revenue over the long term.

Who Should Listen to Customer WinBack?

Businesses that are struggling to deal with fluctuating customer bases
Managers, CEOs and customer service teams
Anyone who wants to get more out of their customer relationships

About the Author: Jill Griffin and Michael W. Lowenstein

Michael W. Lowenstein is managing director of Customer Retention Associates and author of a number of books, including Customer Retention and The Customer Loyalty Pyramid.

Jill Griffin is a customer loyalty specialist who has worked with huge names such as Dell, Wells Fargo and Microsoft. In addition, she is also the author of the bestseller Customer Loyalty: How To Earn It, How To Keep It.

© Michael W. Lowenstein, Jill Griffin: Customer WinBack copyright 2001, John Wiley & Sons Inc. Used by permission of John Wiley & Sons Inc. and shall not be made available to any unauthorized third parties.

Customer WinBack

If You're Curious About These Questions...

Listen to Customer WinBack — Free Audiobook

Key Takeaways from Customer WinBack

Learning Tools

Mind Map

Quiz — Test Your Understanding

Customer WinBack — Full Chapter Overview

Customer WinBack Summary & Overview

Who Should Listen to Customer WinBack?

About the Author: Jill Griffin and Michael W. Lowenstein

Books Similar to Customer WinBack