To maximize revenues and achieve growth, businesses need to increase customer lifetime value (CLV). However, aside from the obvious focus on selling more products and services to existing customers, there’s a less obvious – yet potentially more profitable – way to proceed: attempt to win back lost customers.
If losing market share and mind share to the competition is a marketing professional’s #1 worry, then grappling with winning back lapsed customers is a close second.
Lapsed customers can be some of the best prospects for B2C companies. Why? You already know what these former customers are interested in, how much they’re willing to spend, and you can reach out to them directly because you already have their contact information. That's why targeting lapsed customers can be one of the fastest ways B2C companies can grow their bottom line (especially when compared to targeting cold prospects who have never bought your solution and you know very little about).