Most businesses I speak to don’t realize that there’s a gold mine of profits hidden within their business, which they can quickly harvest by employing some simple strategies consistently.
When it comes to harvesting more profits I’m often asked “What is the quickest path to more profits?” Although every business is different, one strategy I often share is REACTIVATING PAST CLIENTS/CUSTOMERS that are no longer doing business with you.
Have you ever wondered why these clients/customers are no longer doing business with you? In a surprising survey on this topic, it was found that customers left their current supplier because of a perceived attitude of indifference. In fact, this ONE REASON accounted for 68% of inactive customers!
That means, by simply showing you care, you can get customers back doing business with you providing a constant stream of new revenue. And the great part is this marketing strategy costs you almost nothing!
Here are 3 steps you can take to reactivate lost customers:
- Pull together a list of past customers who you haven’t bought from you in the last year. You can find this list from a customer database if you have one or from other sources such as paper invoice records.
- Craft “we want you back” communications. The letter or email:
- Explains that you are puzzled why they haven’t done business with you.
- Explains how you value them and their past business, and would like to serve them again.
- Provides them with an incentive to do business with you again.
- Follow up with additional forms of communication, messages such as a follow up phone call.
Get started today and watch the profits roll in from this simple, proven highly effective strategy. There is “gold” in your inactive customer list.
