Lead gen hacks for growth marketers [part 4]
You win some, you lose some.
But what if you could win back some of the ones you lose?
If you’ve been wondering if there was a way to help lost customers and cold prospects find their way back to you, keep reading!
What if that ship hasn’t sailed?
In part 1 of this series, we shared how businesses get stuck and how to hop off the new lead treadmill.
Next, we covered the top 4 fintech marketing obstacles and how to overcome them.
In part 3, we discussed 5 digital media tools at your disposal and bets ways to put them to work.
Now, we’re going to dive even more deeply into how you can help cold prospects and lost customers to find their way back to you.
Reactivation magic
Let’s say you have 100 customers, and you have a 90% retention rate (meaning you lose 10 customers each year). Five years from today, you’ll have said good-bye to roughly half your current client count.
The real numbers are worse. Research shows B2B data decays at a rate of 2.1% per month, or 22.5% annually. (MarketingSherpa)
Most businesses just let go and stay on the new lead treadmill. Suffering through the ‘feast or famine’ of sales cycles.
But not you, Smarty, you don’t leave any money on the table!
Considering where they were in your sales funnel, lost customers have a higher probability of converting. They once thought about, or already bought something, but they’ve gone cold.
Maybe they just weren’t ready or didn’t have the budget. Maybe you weren’t as prepared back then to see them through to conversion. Maybe you’ve got a better system now, and everyone, including you, deserves a second chance.
No need to guess! Start an email re-engagement campaign to win them back.
Before we get to an actual email that can do this, let’s dive a little deeper into re-engagement campaigns.
Why Bother? 45% of recipients who receive re-engagement emails read them. (Stats) Increasing customer retention rates by just 5% increases profits between 25% to 95%. (Bain & Company)
Segmentation Strategy. Divide your lost customers into groups based on their behavior and preferences. Tailor your re-engagement campaigns to these segments for a more personal touch and increased effectiveness. For instance, customers who left due to pricing might respond well to discount offers.
Financial brands sometimes think sending random emails now and then is enough to keep customers loyal and interested. When it doesn’t go the way they imagined, then think email marketing doesn’t work.
The email experts who know how to use the channel most effectively always practice the art of segmentation.
Personalization Techniques. Beyond using the customer’s name, employ their past purchase history and interactions to craft messages that resonate. Personalization can significantly enhance the customer’s experience and likelihood to re-engage.
5 ways to personalize a re-engagement campaign
1. Ask for feedback about what type of content they prefer and how often they want it.
2. Send targeted or personalized product offers.
3. Offer a special discount or a limited-time offer.
4. Feature a poll, quiz, or surveys that help you get more data.
5. Send success stories! A targeted and highly relevant case study can capture lots of interest. Our case study sample pack can help.
Automation Tool Time. Leverage automation tools to send timely, relevant re-engagement emails. Tools like CRM and email marketing platforms, covered in our previous issue, can help schedule and track the performance of these campaigns, making the process efficient and scalable.
Content Writing Strategy. Develop a content strategy that provides value and relevance to the customer. Engaging subject lines, compelling calls-to-action (CTAs), and content that addresses the customer’s needs and interests are key to re-engaging effectively.
Follow-Up and Feedback. The initial re-engagement email is just the start. Plan a follow-up strategy to keep the conversation going and collect feedback to improve future campaigns. This ongoing dialogue can strengthen the relationship and increase the chances of re-conversion.
Ps and Qs. Adhering to compliance and ethics will ensure your re-engagement campaigns comply with legal standards and respect customer preferences. Honoring ppt-out requests and maintaining data privacy is crucial to upholding trust and integrity in your marketing efforts, especially for financial brands.
Unsubscribes are effective for a single email address so it would not be advisable to attempt reactivating them to your newsletter if they have opted out. BUT for client-facing businesses like RIAs and financial advisories, a personalized follow-up email isn’t considered spam.
5 key steps to run an effective re-engagement campaign
1. Segment. This will help you discover your most inactive subscribers. See our article above.
2. Find commonalities. Look for data points that can help you write the campaign such as a common acquisition source or the last email they opened.
3. Determine approach: Should you send a single, highly personalized email or create a sequence? This can depend on the type of business and level of personal contact you had with the customer in the past. If you’ve had one-to-one contact, reach out personally!
4: Launch it! Create and mail the content that attracts inactive subscribers back to you.
5: Track it! Track key metrics (opens, click-throughs, unsubscribes, and re-engagement rates) and plan improvements around data.
Don’t underestimate the power of this process. Your re-engagement efforts may just end up being the right message, sent to the right person, at just the right time.