Top tips to monetise customers who don’t shop with you anymore
While it's a given that customers come and go, the real game-changer lies in reaffirming relationships with those customers who've drifted away. Let's dive into some of my top tips for re-engaging lapsed customers and unlocking a potential goldmine of revenue.
Why Bother? The Revenue Ripple Effect
You might be wondering, "Why should I bother winning back customers who've moved on?" The answer lies in the hidden revenue potential. Shopify statistics show that repeat customers, despite constituting just over 20% of a typical brand's customer pool, wield significant power, contributing to a staggering 44% of total revenue and accounting for 46% of all orders. Clearly, these aren't just numbers; they represent a substantial revenue ripple effect waiting to be tapped.
Ask Them Why
The first step in winning back lapsed customers is understanding why they left in the first place. Implement a well-crafted win-back campaign that entices customers to share their reasons for leaving. This isn't just about data collection; it's about building rapport again. Offer an incentive such as a gift card, free shipping, exclusive gifts, or product samples on their next purchase in exchange for their feedback. By understanding their pain points, you gain valuable insights to inform your strategies and minimise customer churn in the future.
Discounts Aren't a Cure-All
While the allure of discounts is undeniable, it's not a solution in every case. It's pivotal to rebuild a genuine connection with your lapsed customers, acknowledging past missteps and showcasing the actions you've taken to enhance their experience. Authenticity and empathy go a long way in fostering a renewed sense of trust and brand loyalty. The goal is to attract customers who will not only return but also stay for the long haul.
Catch Them Before They Go
Timing is everything. Ideally, you want to get in touch with a customer just before they slip away completely. Identify that crucial turning point—the moment when they're most likely to abandon your brand—and set up automated re-engagement triggers to catch them. Utilise email marketing or SMS to showcase new products, reaffirm your brand's values, and offer a gentle nudge in the form of an incentive. By proactively addressing their needs, you demonstrate that your brand is attuned to their preferences.
Where and How to Deploy Your Win-Back Campaign
Now that you have some of my top tips, it's time to deploy them effectively across various platforms:
Do you have their email data? For customers whose email data you possess, craft personalised emails that speak directly to their interests and purchase history. Integrate Google Shopping to showcase tailored product suggestions that align with their past purchases.
Do you have their phone number? If you have their phone number, seize the direct and intimate nature of SMS to reach them with succinct yet compelling messaging to re-engage them.
Do you have their email data and they use social media? Leverage the power of Facebook and Instagram to rekindle connections. Craft eye-catching campaigns that captivate and remind this cohort of customers of your brand's USPs.
Have an app? If your brand has an app, utilise push notifications as a gentle reminder and invitation to explore what they've been missing out on.
In Summary
By adopting strategic win-back campaigns and embracing a customer-centric approach, you not only reignite past relationships but also unlock a sustainable stream of revenue. Remember, loyalty isn't just a virtue; it's a treasure trove waiting to be discovered.
Need a win-back strategy but don’t know where to start?
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