Don’t press ‘DELETE’ on lapsed customers
In their rush to capture hearts and minds of new clients to fill sales targets, company executives may be missing a trick by not balancing efforts in social media with strategies to re capture those of lapsed customers.
It’s worth taking a look at why businesses should consider this a priority.
Attracting new clients can be hugely rewarding but the extra margin so generated should be weighed against the costs of social media, mail shots, and sales follow up for it to make economic sense. Analysing the cost of sales incurred getting new clients is essential and sometimes this can show that re awaking ‘lapsed’ customers is a quicker and less costly strategy. Why is this?
- Existing clients are familiar with, and convinced about, your services (if you have not let them down)
- Re building clients relationships is easier when you know their needs (assuming you have not left the door open for the competition!).
- Satisfied customers will recommend you to others and recommendations are the best route to business acquisition.
Marketing Innovation Ltd suggests different strategies to help businesses re awake lapsed clients or secure new ones. The tactics include a mixture of sales research, CRM, and targeted social media, and correctly used they can significantly improve marketing ROI and bottom line. See our flyer for details of the options and how to improve sales performance.
Did you know for instance that in established B2B businesses nearly 70% of new turnover can come from, or through, existing contacts?
-Companies in B2C who rely heavily on one-off consumer sales often ignore the dynamic potential from repeat selling and customer recommendations.
-Systematic monitoring of lapsed customers through customer surveys produce guaranteed sales returns which many of our clients testify.
Even businesses with fully satisfied customers should not be complacent. For these Marketing Innovation Ltd offers the useful incentive of a ‘Marketing Health Check’. This identifies profitable routes to extra sales and recommends ways to further improve marketing performance. So everyone’s a winner Phone Paul now if you need a fresh look at your marketing 01509 219002