The Clarity Advisors Show
66 Dan Pfister -- How winning back lost clients beats finding new ones
Nov 07, 2023
Episode 66
Ken Trupke
Every business loses customers. And while every company is actively looking to add new business and grow, few companies go back to revisit lost or forgotten accounts.
Today's guest, Dan Pfister, specializes in helping companies “win back” lost customers. Through his company, Winback Labs, Dan focuses on helping companies recapture lost revenue by targeting the clients who got away.
On this edition of The Clarity Advisors Show, Dan shares with host Ken Trupke, some new ways to approach old customers.
Timestamps
(00:54): What WinBack does
(02:03): WinBack’s typical client
(02:27): What makes WinBack’s approach unique
(03:19): Statistics about recapturing lost clients
(05:08): Why it’s faster to win back a client than finding a new one
(06:15): What’s preventing companies from trying to win back old customers
(08:37): Examples of reluctant management
(11:01): Finding WinBack clients
(13:30): Dan Pfister’s career before WinBack
(17:30): Describing a WinBack campaign
(21:56): Working with a client
(23:47): Changing the client’s mindset
(26:43): Connecting with Dan Pfister
Episode Quotes
“When you win back a past customer, there are all kinds of downstream benefits.”
“If you've got more than 5 percent attrition a year and you've been around for three years or more, you're sitting on a little gold mine there. This is really low-hanging fruit.”
“In the time it takes to win one new customer, you can win back three old customers.”
“The first step is identifying your best WinBack prospects. Then what you do is reach out and try to understand them.”
“You also learn how to increase your win rates because people are coming back right now because you've just given them something that that market wants right now.”
“If you've got significant attrition, if you've got high margins, you've really got to look at an WinBack because there's just so much sitting there.”
Recommended Listening and Reading
Connect with Dan Pfister