We’ve all heard it before: acquiring a new customer is usually more costly than getting an already-acquired customer to repurchase. Alright, we know, we get the picture.
But given that we all know how valuable repeat customers are, it’s surprising how little effort many online retailers put into re-activating customers that have dropped off the radar, especially those who have been great customers in the past. Surely getting these guys on board is an easy win, no?
Losing a few customers here and there is part and parcel of running an online store, but by not putting some legwork to win back lapsed customers, online retailers are missing out on an important revenue-making opportunity.