Turn Non-Buyers Into Buyers
If you’ve got a prospect and customer database full of customers who have not bought anything from you in awhile, you’re in luck. Your inactive customers are one of the most valuable assets you have.
Too often, businesses focus all their efforts on getting new customers — a strategy that is expensive and inefficient. Even your past customers who have stopped buying from you are more profitable than continually trying to replace them.
Why are your past or inactive customers so valuable?
Here are five reasons:
- They know you – because they already know you, they don’t require additional advertising dollars to reach
- They probably like you – unless they had a bad experience with you the last time they made a purchase, chances are they stopped buying for personal reasons
- They understand your products and services – if they wanted or needed your products and services before, they may want or need them again
- They understand the value you provide – if you’ve provided value in the past, there should be little resistance towards buying from you again
- They have paid you money in the past – the hardest time to get money from a customer is the first time and gets easier each additional time
As you can see, your inactive customers are some of the best potential customers you could ever hope for. All you need is a plan of action and a brand new stream of income is awaiting.
Try this simple I.S.I.T. roadmap to get you started.
4 Steps For Reactivating Your Past Customers
- Identify – The first thing you’ll need to do is identify your past customers. You’ll want to identify all customers in your database who have been inactive for longer than usual periods of time. You’ll also want to identify any problem customers on your inactive list that you’d prefer remain that way. As we’ll discuss in a later lesson, not all customers are created equal.
- Segment – It’s unlikely that all of your inactive customers are going to be interested in the same offer, so the next thing you’ll want to do is segment your list into different categories. Mine your database for useful buyer information to assist you.
- Incentivize – Now that you’re armed with the proper buyer data, develop some new offers specifically for each category you came up with. Include incentives that add value to their previous purchase, provide larger quantities of what they previously bought or make it virtually impossible to say no to getting back into your sales funnel.
- Track – One of the common threads in all marketing is tracking the performance of your activities. Whether you decide to use email, direct mail or by phone, be sure to include tracking codes to help you measure results to compare with future activities.
Another thing you can do is ask inactive customers why they stopped buying from you. Even if you don’t have a special offer or new products and services, the information you learn from them can help you keep your current customers from becoming inactive in the future.