How Seasoned Business Owners can Grow their Businesses in a Superior Way Revenues

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How Seasoned Business Owners can Grow their Businesses in a Superior Way
Revenues

Reactivating customers is a great way to increase your business’s profitability quickly, even though it is often overlooked.

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How would you get new customers and more revenue in the first month of your business?

This will always happen, regardless of how established your business is. How would you react if you had several clients suddenly leave? You might also find yourself in a difficult position if you discover that not all of your clients are paying you at the same time. What happens to your sales leads and pipeline if they dry up?

You must correct any of these situations quickly to avoid your business from going too far.

This is a proven strategy, but it’s often overlooked. It brings you revenue.

A variety of options are available to help small business owners increase revenue immediately. There are many options that can help business owners increase their revenue. These include optimizing pricing strategies, increasing advertising spending and running promotional campaigns during the seasonal season.

Reactivating customers is another highly efficient strategy. Reactivating customers is a great way for business owners to increase revenues quickly without spending a lot of money.

Reactivation of customers can seem confusing and may vary by industry. Let’s get it out. This article refers to customers as anyone who purchases a product/service from you company. This customer is not qualified leads, prospects, referral partners, or any other stakeholder. This is a paying customer. A customer may also be called a patient, client or member depending on what profession you are in.

What type of customers should you reactivate and why? It has absolutely nothing to do the your existing customers. It is all about your past customers. Reactivation outreach is designed to get your former customers back to paying for products and services. You want to resurrect client relationships from the past and win them back.

Related: Four Ways To Boost Customer Experience (And Thus Hold Onto Your Clients)

Reactivation campaigns offer many benefits

Former customers are sometimes referred to as “lost, dormant”, “lapsed”, previous, or inactive” by some organizations. No matter what you do, don’t call your former clients “dead customers”. Although you may want to “return some inactive customers from the dead”, what happens if some clients are actually deceased? This has been a problem in my client meetings and can be very awkward.

No matter what name you prefer for an ex-customer, having a customer reactivation plan that is well managed and defined will bring many benefits.

  1. More revenue in the short-term as well as the long-term. The aim is not to have former customers disappear completely. While quick win-backs can lead to short-term increases in revenue, consistent and timely communication with former customers will increase reactivations as well as help reach longer-term revenue goals.

  2. Lower customer acquisition costs. These are technically not new customers. They are available to be acquired again. These customers are familiar with your company and have had positive experiences with you. The majority likely left because of reasons unrelated to your products or services or the staff at your company. It is worth noting that finding and retaining a customer or keeping an existing one costs five times as much.

  3. Enhance your customer experience. By learning why customers have left, you can apply that information to create new processes and systems that will better meet the needs of customers. This will make them more loyal and happier.

  4. Lower customer churn. Having more information about customer preferences, past customer behavior and their purchasing history will help to create a seamless customer experience. This should result in higher customer loyalty and lower customer turn-over.

Related: The Real ROI Of Being Customer-Centric

How to launch a successful reactivation campaign

Here are some key steps you can follow in order to launch your next customer reactivation project profitably.

  1. You can determine your campaign audience. – Determine who you are trying to reach first. What was their last purchase from you? What made them leave? You should consider that customers who have sent referrals to you will be more likely to be reactivated if their past queries and escalations were promptly resolved.

  2. Set your campaign goals and success criteria. Are you looking for sales from former customers? Or are they also interested in introducing them to new products or upgrading them to new releases or packages?

  3. Make your own compelling, personalized content to win them back. Based on the buyer’s purchase history, and the reasons they left, prepare the messaging and enhancements that will be highlighted in their unique offers.

  4. You can test different offers. Many times, the old customer will simply be drawn back by a new service or product offering.

  5. Continue to follow up via various channels. In case you notice that your email is going to spam or junk mail, make sure you use the phone to do a follow-up. It is highly advised to keep your customer in touch via different channels.

  6. Track your campaign performance. Find out which outreach techniques work best. Discover which segments of your customer base return to you with the highest likelihood. Also, find out which rivals are easier to do business from.

  7. Maintain accurate records Industry leaders use a central and integrated CRM system for all customers’ activities, purchase history, and sales opportunities. Instilling an offboarding procedure for clients is a good idea so all the reasons why customers leave can be captured as soon as possible. This data can be used to plan for an even more successful reactivation outreach campaign.

The customer reactivation strategy is a great option for business owners with a client base that needs a revenue boost. Why shouldn’t your company be committed to maintaining a balance between new client acquisition and customer reactivation outreach strategies? It will be amazing how fast you can win some board wins. My clients who need a quick revenue increase in the month or quarter before end of the quarter often reach out to former customers. One of my clients shared with me that he had brought in more revenue than he usually does in two years in just two weeks.

It’s easier to sell because your customers know you well. You have nothing to lose.

Related: How to Really Hear and Use Customer Feedback

Publiated at Sun, 15 August 2021 21:15.45 +0000

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