We’ve all been there. You have a list of customers, and a big part hasn’t bought from you or engaged with your brand in a long time. Instead of confronting the issue head-on and looking to rekindle communications and interacting with them, companies look to acquire new customers in the hope of increasing sales.
Customer acquisition is expensive and time-consuming, and more often than not, it isn’t the answer to increasing your sales. Attracting a new customer costs five times as much as keeping an existing one. The probability of selling to an existing customer is 60 – 70%. The possibility of selling to a new prospect is 5-20%.
Instead of looking for new clients, let’s try to re-engage with your dormant customers by following and putting in place these actions:
Email Marketing Campaigns
Email Marketing is a great way to re-engage dormant customers. By fetching data from previous campaigns, you can create segments within your audience based on their behaviour, and send them emails with content that will resonate with them.
Including personalised subject lines and exclusive offers are also excellent ways to re-engagement. It is also recommended that you use subject lines that demand immediate action. Furthermore, take the timing very seriously and send emails when your customers are actively opening and clicking emails. If you don’t have that information about your database, follow industry insights.
Prevention is better than the cure
The best approach to increasing sales is always preventing your customers from going dormant in the first place. Instead of investing workforce and revenue into reclaiming those sleeping pockets of profit, brands can help themselves hugely by identifying those customers most likely to drop off before they do.
There are specific attributes and patterns of behaviour that all customers exhibit before their interests wane, and they become dormant. Using analytics tools and personalisation platforms can help you identify potentially inactive customers based on these behaviours.
In conclusion, your existing customers are your lifeblood. Remain focused on retaining them, even if it means that you have to devise a plan to wake up those that are sleeping. You will save money and extra costs by doing so.