You’ve worked hard to build your business, and have invested countless hours and capital in creating a solid customer base. Customer acquisition is a costly affair, and hanging on to those hard-earned customers can be extremely challenging, especially within the intensely competitive iGaming sector.
But what do you do when customers lose interest in your services and stop logging into their accounts and no longer spend their money on your products? While some of your former customers may have left you for ‘greener pastures’, others may have just lost interest for a while.
With focused and specialised customer reacquisition campaigns, you can win back some of those customers that are no longer active on your site, giving your turnover a much needed boost and breathing new life into your business.
Studies have shown that it costs up to five times more to acquire a new customer or sell to a new customer, than it is to retain or even reacquire an existing customer. In other words, it is far more cost effective for businesses to practice healthy customer retention, than it is to launch new customer acquisition campaigns every quarter, or every two quarters and so forth.
However, retaining customers is not always as cut and dried as one might think. Customers will either move on or simply become ‘dormant’ for a number of reasons. These can include finding bigger or better offers elsewhere, becoming dissatisfied with your services, not having issues or ‘pain points’ resolved to their satisfaction, or becoming bored with your range of features or offerings.
Lose enough customers over time, and your business can face serious shut down issues. That said, just because a customer has lost interest in your services, or even tried your competitors’ wares, does not mean that they are lost forever.
Reacquisition specialists can turn customer losses (churn) around through a number of effective reacquisition strategies. This can include email marketing campaigns and direct one-on-one phone calls to establish why the customer left, and offer a variety of incentives to get them back on board. Bottom line: using customer reacquisition is a cost-effective way to breathe new life into your revenue and long term growth.