Is your sales team eager to win back customers who haven’t ordered your product or service in a while? The likelihood of selling to those customers you have a history with is greater than “cold calls”. According to Valgeisler, you’ve got a 5-20% probability of converting new prospects; when you sell to past customers, the conversion probability rate jumps to 40%. Why? These customers have already proven to you that they need your service or product, they have built relationships with you and your team already, and thus they make your targeted marketing easier because you basic ally already know them and their needs.
Maybe you dropped the ball in retaining them, but it’s never too late. Here are three ways to get their business back:
· What has evolved since your last experience with them? Has their industry changed? Are they in need of a re-approach to their marketing plans? Has their budget been cut? Do they have more or less people on their team? These are all questions that you need answers to before you can offer your service. Send them a card, ask them to accompany you to lunch, re-establish the relationship. The goal is to get answers to these questions without being “sales-y”.
· Why did they leave? Was it pricing that caused them to leave? There is an easier solution to this reasoning than one if they had gotten turned off by one of your staff members. However, neither are lost causes. If it is pricing, offer a grand incentive to prove that you can work with their budget. If it was not pricing, have someone new reach out to them to mend the broken relationship.
· A “We Fixed It Campaign”. Consumers love transparency and brands that own up to past failures. Running a campaign that highlights where you went wrong in losing their business and ways you’ve fixed it will help bridge the gap of trust. Also, a little coupon or bonus never hurt anyone!
While we hope this never happens, let L & D Mail Masters draw up potential ways to stay in contact with lost customers as well as pitch a new marketing campaign to win those valuable customers back.