A lapsed customer isn’t waiting for 20% off. They’re waiting for a reason. Show what changed before you show what’s off.
The standard winback flow is three emails at 60, 90 and 120 days with escalating discounts. It recovers some customers, gives the largest discount to the least loyal, and teaches the whole file that the way to get the best price is to disappear for four months.
From my work, the same jewelry plan had to wake up customers who had lapsed as far as a year back. Waking a whole file at once is how a sender reputation gets damaged, so the plan sent in waves, warmest first: recently active on the site and still opening email; then active but not opening; then older buyers; then older non-buyers who had engaged. Each wave kept a random tenth as a holdout that received nothing, so the result could be measured instead of claimed.
Between waves the plan had stop rules, written in advance: spam complaints under 0.1%, bounces under 1.5%, unsubscribes under 0.6%. Breach one, and the next wave pauses and shrinks. Google’s bulk sender guidance asks senders to keep spam complaints below 0.1% and never reach 0.3%, which is why the first threshold sits where it does.
A winback without a holdout is a guess about who would have come back anyway.
This is one chapter of The First Offer, which is free and readable in full on a single page with no form in front of it.