Overview:

Users, even loyal ones, are bound to churn either due to changing preferences or better customer experience elsewhere. Lost customers are categorised as those with high recency(some one who has not translated since long) with high frequency (someone who had done multiple transactions in the defined period) in the past. Lost customers are those were active in the past but have stopped transacting with your business now.
The best strategy to get these lost customers back is by -

1. Identifying them in real time as it happens(tracking users basis their transaction behaviour and auto creating buckets of users that are classified as Lost)
2. Personalising the win-back campaign basis their personal preferences (tracking users wrt their activity on website/mobile app for product browsed etc.) or historical transaction data(pulling CRM data for these users for a historical period).

This Journey shows you how you can reactivate those customers through attractive offers and customer feedbacks, over various channels these users are reachable on. We have taken a sample workflow for BFSI vertical to highlight the benefit of transacting back to make use of their rewards based loyalty program.
 

Industry:

BFSI
 

Use Case:

Lost customer re-activation
 

Segments:

Lost Customers for Personal Loan: Users who have had more than 3 transactions ever and last transaction was more than 2 years before.

Events:

Applied_for_personal_loan

Webengage.Track(‘Applied_for_personal_loan’, {

/*String*/
“First_Name” : Dummy,
“Account_Number” : 12345
“Email” : dummy@dummy.com,
“Contact” : 23456,
“Type_of_Loan” :
“Month” : December,
“Resident_status” : Resident,
“Residential_Address” :
“Occupation” :
“Office_Address” :
“Marital_Status” :

/*Date*/
“Loan_Disbursed_Date” :
“EMI_Due_Date” :
“Loan_Tenure” :
“Date_of_birth” :
“Last_Transaction” :

/*Number*/
“Loan_Amount” :
“EMI_Amount” :
“Age” :

/*Boolean*/
“Eligibility_for_Loan” :

})

Step-by-step Explanation:

1. The Journey is triggered, for each user, when the user enters the segment ‘Lost Customers’.
2. We call an API fetch the last transaction details of the user, from CRM.
3. Fetched transaction details are used to trigger a personalised email with information on 'Loyalty Rewards'.
4. If the Email Bounces (i.e if the user is not reachable on his/her registered email), the workflow attempts sending a personalised SMS with the same message.
5. We then wait for 2 Days for the event ‘Checkout Completed’. ie. Workflow waits for the user to complete a new transaction within next 2 days.
6. On time-out (i.e. If the user doesn't complete a new transaction within next 2 days), workflow triggers an NPS survey email on getting ‘Customer Feedback’.
7. If the Email Bounces (if the user was not reachable on email), we send an SMS with the same message.

Businesses may extend the flow to forward users to 'Call Centre' flow if the user shares a negative NPS feedback in real time.

Need help with activating this journey? Drop a mail at support@webengage.com with your query.