Episode C3.010 Customer Recovery
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Introduction- Segment 1
Today we are going to talk about customer recovery or how to reactivate lost customers.
Most companies think of a customer as an opportunity to earn revenue.
The most successful companies think of the customer transaction as an opportunity to earn a life-long customer.
Two Phases of Marketing That Are Often Overlooked
1. Customer Service –
- Under Promise and Overdeliver
- Customer complaints as an Opportunity
o Customer is giving you an opportunity to create a loyal customer
o Customer Service can differentiate your business from competitors
2. Fulfillment –
If you sell a product or service, how long does it take you to deliver on the promises you made.
o Quality Product, Level of Service, and Price – needs to be communicated in your marketing material promoting the product.
Segment 2 - Key Issues
Amazon – Print on Demand Books – Small Businesses Selling on Amazon – Controlling The Distribution from their warehouse.
Infomercials on Late night TV to selling in Retail Stores – Flashlight Example
Segment 3 - What You Need to Know
Reactivating Lost Customers
The third easiest type of customers to sell to are lost customers.
The only two types of customers that are easier to sell products and services to are:
1) Current Customers
So how do you reactivate a lost customer?
Reactivating a lost customer is not necessarily easy, and it can take time.
How much is the customer worth to your business? - This number tells you how much you can spend to reactivate the customer.
The more the customer is worth to your business than the more money you can spend to reactivate the customer.
Segment 4- What You Need to Do
5 Ways to Reactivate Old Customers
1. Direct Mail
Direct mail offers several advantages that few other channels provide.
Components of a classic direct mail package
1) Less competition than most other marketing channels.
2) You can be as creative as you want with direct mail -post cards, bulk mail and FedEx.
3) It’s measurable
4) It’s one of the most profitable marketing channels.
5) Sequence Campaigns -
2. Autoresponders -
Autoresponders reactivation campaigns can be triggered and run automatically. For instance, if your CRM integrates with your email provider, if someone hasn’t purchased from you in a certain amount of time. For instance, if you are l
3. Facebook retargeting ads
You can export a list of inactive customers from you CRM and upload it Facebook .
4. Send a gift -
5. Have a conversation – We want to build long-lasting relationships
Create a Multi-Channel Marketing Campaign -
Previous: Episode C3.009 Balance Between Selling to the New and Servicing the Old
Next: Episode C3.011 Sales Metrics & Earn Rate
Written by Charles George
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