As a growing business, converting prospects into customers should be the most important goal. While there is no guarantee that when a prospect enters the sales funnel they will end up becoming a new customer, it’s important to understand why they didn’t convert. In fact, most of the time they don’t convert as the conversion rate of prospects to customers is somewhere between 2% to 5%. So how can you reengage with these individuals who were once in your company’s pipeline and have now gone cold?
There are numerous reasons for a prospect not to close whether it be price, customer service, product inadequacies, competition, or some other variable. The fact that a person was once active in your sales funnel shows intent and it’s up to you to identify where you fell short. These people already know you, your business, and your product, so why give up on them and move to cold leads who have never heard of your company before?
The following three strategies can help you win back customers that didn't close:
We Fixed It Campaign
It’s crucial to understand why your customers left in the first place. This identifies the problem for future leads and helps you win back the individuals that your company has lost. Understanding your downfalls can be tricky, but through a few simple steps you can begin winning back those hard-fought customers.
It can be as simple as asking the customer where your company fell short. Once you learn about your shortcomings, you can begin to correct them. This can be done through an email, survey, text message, phone call, or other form of communication.
Once a solution has been put into place by your company, be sure to inform the prospect about the fix. Showing that you took the time to mend an issue that they had with your product adds value to your company and could convince the individual to finally close.
Incentives are powerful marketing tools that help you win back customers that did not close. Your company can offer discounts or coupons to sweeten the pot and make your product seem like a better deal. One example would be to send a promotional email with an offer such as, “We don’t want you to go. Come in this week for 10% off your order.”
This will make customers feel valued, and indicates that you company cares about earning their business. It’s wise to note, however, that offering too big of a discount may devalue your product or service. For this reason, it’s important to choose the customers who will receive promotional incentives wisely. Only target individuals who were close to closing in the past, but need that extra “boost” to help them across the finish line to becoming an official customer.
We Hear You Campaign
No business can please everyone. There will be times that your products or services simply don’t fit the requirements of the customer. In such cases, you cannot force them to use your product, but you are able to gather feedback and implement suggestions into new products.
During your next product launch, you can think about the customers who were looking for something slightly different than what you offer. Tailor new products to their needs to drive those customers back to your business.
It can be frustrating and disappointing to see quality prospects walk away. Finding the reasons a sale didn’t happen or where your business fell short is wonning back those customers who didn’t end up converting. Using the right strategy and techniques, winning back customers who know your business is usually easier than starting fresh with cold leads.
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