First, the nitty-gritty: while marketers sometimes use the terms ‘win back’ and ‘reactivation’ interchangeably, a win back strategy targets recent lapsed buyers and aims to propel them to buy again. Reactivation strategies aim to re-engage recent and long-term lapsed buyers, as well as recent and long-term inactive subscribers. This means that win back campaigns are a components of an overarching reactivation strategy.
Now, let’s talk win back efforts.
Marketers should harness the major benefits of creating a cross-channel win back strategy in advance of the upcoming holiday season. Often brands place more emphasis on acquisition efforts than customer retention, even though it can cost 7x more to acquire a new customer. An automated cross-channel win back strategy can re-engage lapsed customers by leveraging relevant and timely offers peppered across multiple channels. Incorporating smart and targeted retention touch points can drive incremental revenue, lift customer lifetime value, and decrease churn.
Garner these big wins by crafting a robust cross-channel win back strategy that utilizes the following framework: