Insight Equity
Here is a powerful marketing strategy that you can use to ramp up sales (and profits) by thousands of dollars. You only need three simple things in order for this strategy to work:
1. An existing business - specifically paying customers, past and present; ideal if you've been in business at least 2 years 2. Basic records of customer purchases 3. A way of contacting your customers - email, phone or mail
Still following? Good!
Most businesses have significant numbers of customers and prospects who could be easily motivated to buy now with the right strategy.
These customers and prospects don’t do as much business with you as they could, mainly because you haven’t invited them to. This is a common issue with nearly all businesses. You get so busy seeking out new business, that you tend to forget to maintain contact with the customers and prospects already on your list. The beauty of the Reactivation Strategy I’d like to show you is that it solves that problem and generates a significant amount of business both with customers and prospects. This unlocks a significant amount of profit that was essentially hiding in your business. I’ve heard of numerous owners boost profits by up to 30% when implementing the strategy properly. But we’ll start small here and test the waters first, shall we?
Follow the 5 simple steps to making $1000's in profit from your inactive customers. Get a copy of this guide.
1. Identify customers who have purchased from you in the past but not recently, as well as prospects who have indicated interest in the past but who have not purchased.
2. Craft an attractive offer designed to trigger an immediate purchase.
3. Present your offer to your past customers and prospects.
4. Measure response rates to your offer.
5. Tweak your offer, repeat and optimize to make the Reactivation Strategy more effective over time.
Pretty simple, isn’t it? It’s deceivingly effective so don’t let the simplicity fool you.
I’m sure you have questions so here are some answers to a few of the more common ones I hear.
Past customers have a proven history of giving you money and are much more likely to do so again in future than your average new lead. Also, it's much less expensive to re-activate a past customer than it is to acquire a new customer.
1. They will buy. (Congrats, you've got a profit windfall you wouldn't have had otherwise!)
2. They will not buy but instead provide a referral to someone who might buy or feedback on your product/service/offer. (Congrats, you're closer to making a future sale and a more successful next campaign!)
3. They will not buy. (This is a downer. But the reality is that this is the default scenario if you hadn't run your campaign and given them the opportunity to buy, so you're no worse off.)
As long as you’re targeting the right people (past customers and prospects who have not spent money with you recently), you have nothing to worry about. Who you choose to target should depend on what type of business you’re in and the normal frequency of customer purchases.
1. What type of communication is best - email, phone or mail?
2. What incentive can I offer - $ off coupon, % off, discounted value bundle, special guarantee, etc.?
1. Make it personal. The message will be much more effective if they see it as you extending a personal invitation rather than a formal marketing message focused on just getting the sale.
2. Put a time constraint on the offer. Human nature is very predictable here and you need to give them a reason to take action now rather than waiting until the time is “right” (the time will never come).
3. Create a truly compelling offer. The more attractive and unique you make the offer, the more likely they will respond.
Make sure to consider CASL (Canada's Anti-Spam Law) and Do Not Call Registry rules before you email or call to make sure you play by the rules and don't open yourself up to stiff monetary fines.
Start small and test everything. Begin with a portion of your past customer list, test what works and keep refining your offer to get the largest boost in sales. Small tweaks can lead to huge differences in response rate.
And remember, your targets for this strategy haven't purchased from you recently. Consider anything you earn a bonus and extra sales that you likely would not have received otherwise. How does that feel? Now invest that money into improved marketing and watch your business grow!
Yay, you made it to the end of the guide! Let us know where we can send you a copy.
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