Seems everyone knows the statistics about customer retention and the associated costs to acquire new customers. Pick a number but it is significantly less expensive to keep your current customers. We all know that but what about re-engaging those that have gone to sleep. Where does that fall into your marketing plan? Wait, you have a marketing plan don’t you?
A recent Ivy League Graduate School study has suggested that companies with a balanced marketing strategy, getting new customers, keeping current customers AND re-engaging those that have been customers, are leading their market segments when growth and profitability are measured. And yes, they are growing. It further states that up to 80% of their sales are coming from repeat customer and word of mouth. Think that is worth some of your marketing attention?
Re-engagement needs to be strategic and tactical just like any of your other marketing efforts. Email, Google adwords, two way social media interaction and direct mail are all tactics (there are more) that can be used to re-engage your past customers and website visitors. Your strategy needs to have campaign specifics, a defined timeline for engagement, the ability to up sell or down sell from their past purchase, and the timeline to acknowledge that they are not coming back and to move on. Some will be won back but some are really just one time buyers.
Your Hey Remember Me campaign needs to focus on the life time value of your customers, not just their one time purchase. Maybe a tickler campaign, maybe a call to action based upon a really attractive offer or maybe something informative that will bring them back.
We can help; let’s talk about your business.