Your Hidden Assets – Email Retention

March 17, 2010 by
Filed under: Direct Marketing Lists 

Many direct marketers discovered…

that the best  assets they own are already on their database!
Marketers are now forced to try new approaches to maximize the reach to lapsed customers.
In any direct marketing business, it’s a problem when previous buyers stop purchasing with a Website or offline retailer.  It hurts the overall value of the house-file (internal database), for example, and puts added pressure on customer acquisition. Which could cost at least 5 times more to convert to a sale. Lapsed customers for email programs are no different.
Strategies for engaging and reactivating lapsed customers:

Define Lapsed Customers.

The first step is to define your best  customers with attributes such as buying trends, purchasing needs and segment into groups as far  never purchased or purchased frequentlyYou don’t just want to let attrition happen without recognizing and dealing with it quickly.
Without appropriate follow-up – email accounts from lead generation programs that generate triggered emails might be considered lapsed with no response or interaction after the initial 30-day or 60-day contact stream.
Track and report performance – Once you define lapsed customers, you want to gain as much visibility and measurement into their performances as possible. In addition to tracking and reporting the typical email metrics deliverability, contacts, opens, clickthroughs, orders and sales value you also want to measure reactivation rates and even lifetime values of reactivated customers.

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Segment your lapsed customers list -and target messages appropriately. As described above, there are different profiles of lapsed customers. Some are long-term customers, while others are new prospects who never converted. Some have been lapsed for years, while others stopped buying or engaging recently.
Vary the headline and copy messaging – and optimize through testing. There are many ways to say that you want customers to renew their relationships with your Website.
Marketers frequently acknowledge that “we haven’t heard from you in a while” and then follow it up with a special offer time limited offer. It’s important to vary and test your messaging to give yourself the best chance of hitting the theme that will drive customers back to you.
It’s important to vary and test your messaging to give yourself the best chance of hitting the theme that will drive customers back to you.Marketers are now forced to try new approaches to maximize the reach to lapsed customers.

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