How much does it cost to acquire a new customer? While this cost can very depending on the product or service you are selling, some online research includes claims that it can cost 5-7 times the amount to acquire a new customer as to retaining a current customer. Instead of always reaching OUT to find new customers, there are most likely some unused pockets of customers on your database who you can try to re-engage.
For media companies, there are often current and previous customers that fall into a variety of data silos. Possibly housed on separate databases. This list can include customers from a variety of sources:
Corporate databases are expensive to maintain. And aging. Companies are paying to maintain names they may not be currently using in any efforts. Mine these pockets, find some hidden gold as the cliche goes. These customers were interested in your company in the past. Can you tell what they purchased, when they last engaged? Do you have demographic information you can use as a carrot to send them an offer for a targeted campaign for a magazine, an event?
Here are a couple general ideas other B2B marketers have used to engage older names that you can try. This first one shows an embedded message in a segment of an enewsletter.
This was an actual “last issue alert” email for an enewsletter.
Both of these efforts give the list owner an opportunity to see that there is a real person behind that email address. Also, the link can be an great place to try and capture optional demographic data about the subscriber.
I think re-engagement going to be one of the hot marketing topics for the next 2-3 years, with overburdened inboxes, smaller workforces, and scattered attention spans. Marketers need to figure how we can keep our current customers active and re-engage with previous customers. I expect to write often about this, I think it is so critical to improving a business’ bottom line.
The journey continues.
P.S. I will be expanding on this topic at next week’s Midwest Circulation Association meeting, in Schaumburg IL. Details for signing up found at http://www.midwestcirc.org/