In order to retain customers, businesses have to keep moving. Engagement is a key focal point of any marketing strategy, but did you know it is actually important to implement a re-engagement program when it comes to boosting revenue? This is because the customer already knows you’ve got the goods, they just need a boost in the right direction. The guide below discusses five reasons why a re-engagement program can boost revenue, and why it is one of the most important lines to have a clear policy on for any company.
Re-engagement strategies by staffing companies serve multiple purposes brought together by one common goal: re-engage a customer that has taken a step back from the business. This will lead to a boost in revenue as a direct consequence of re-engaging the customer and increasing loyalty too. The following five reasons support reengagement programs boosting overall revenue:
- Reengagement boosts sales which is a natural profit increaser.
- Loyal customers that are brought back in increase the possibility of regular sales in the future.
- Vouchers and promotions offered through these programs are often enough to elicit a sale.
- Implementing these strategies has fewer demands on the budget compared to engagement ones.
- More space to focus on essential products or projects which will also boost revenue.
Customer Retention: A Far Easier Goal
Once a customer is yours, technically the hard part is done. The engagement part of the B2C funnel takes the most effort, time, and budget but re-engagement marketing is infinitely more accessible and impactful on pre-existing relationships. While some acquisition campaigns see fast results with an initial profit boost, they are often short-lived and do not create long lasting relationships that build a steady profit stream. Once someone engages, the strategy should refocus and redirect into keeping them engaged. As soon as they make that first purchase, they will have an interest in your company and you are on their radar. Keep this motion going and the customer is more likely to come back and make additional purchases in the future.
Activating Customer Data
The benefits of personalizing the experience are phenomenal. This definitely entails some level of insight into your customer’s data. Analyzing purchasing habits, demographics and marketing engagement are three impactful actions that can shape a re-engagement campaign toward boosting the overall revenue. To successfully navigate this stage and therefore give your profits a nice boost, there has to be someone on the team looking into the analytics of the situation. Customer data is legally protected, but there are certain things companies are allowed to look at through awarded consent and so on, such as buying habits, age, location, etc. This also means there is scope for absolute personalization which always makes customers feel important and facilitates further re-engagement.
Targeting Abandoned Carts
It is really common for people to window shop online. Window shopping is looking through the windows of a shop without actually buying anything, and the same theory can be applied easily in virtual shopping arenas. People browse for fun and create fantasy baskets; some people may never have any intention of purchasing, but others might just need a little persuasion. One of the most effective re-engagement approaches is to pop up after a client finishes browsing but leaves their cart abandoned, i.e., they don’t complete a purchase after browsing the site and putting things into their virtual shopping trolley. This could look like any of the following:
- ‘Did you forget something?’
- ‘We’ve saved your basket!’
- Come back! Checkout now with a 5% discount.
- Did you find what you need? You left X in your basket.
What Does Your Re-Engagement Strategy Need?
In order to impact all of this you are going to need a dedicated person on the team overseeing everything. There must be three areas brought forward to successfully bring everything together including data analysis, clever emails, and constant review.
As discussed above, data analysis includes taking a look at where your customer engagement gaps are, who has taken a step back, and where you can reach out. You can only figure this out properly if the data is being accessed at an in-depth level. While this may be the most time consuming part of the equation, it is arguably the one most worth the effort. If due care and attention are injected here, the customers that are fading into the never sphere can be approached with the optimal strategy for their profile. It is when you stop looking at the data that re-engagement fails to boost profits.
Emails are one of the most cost-effective ways to introduce any strategy in this area. Filled with clever titles and content, there is room here for a multi-media engagement approach that can be appreciated by a wide target audience. Emails should be personalized wherever possible to maximize the impact. Customer email addresses are already going to exist in the database, especially for those who have already made a prior purchase with the company. Therefore, not only is this data easy to access, but it is also a rapid way to get moving.
Lastly, there must be an avenue for review across all of the platforms within the strategy. If nothing is reviewed, there can be no real progress because no one knows what is working vs. what isn’t. Revenue has to be monitored, and where there are significant boosts, the company will be able to see on a big scale what is doing well and where there is still space for improvement. Without looking inward, there can be no outward movement and sometimes introspection is an interesting journey that yields the best results.
Re-engagement programs, when executed perfectly, can have a tangible, positive impact on any revenue. Boosting revenue depends on reliable customers, and these customers need support in order to maintain retention rates in the wider subscription base. So, the strategies are often intertwined and coexist competently which is amazing for businesses when it comes to handling budgets and expectations alongside trajectories.