When was the last time you spent any time thinking about cancelled or lost customers? If you’re like me, the answer is not very often. I’ve never been one to focus too long on the ones that got away. Instead, I prefer to go out and simply find more new business. But, once or maybe twice a year, I find it can be very wise to spend a little time looking back at the customers who got away and devise a strategy to win them back, because many times, there is gold in those lists.
Customer reactivation campaigns aren’t new, but so few businesses actually use them. That may be the reason I’m attracted to implementing one. I prefer to play in less crowded spaces. When I see everyone going left, I want to head right and see what’s over there.
If you’ve never run a lost customer campaign, they are pretty simple. There isn’t a huge difference between B2C and B2B when creating this campaign. Typically, the main difference between B2B and B2C is volume — B2C is going to have a much higher number of lost customers. The other difference is the amount of money you must spend to get a customer to come back. A B2B customer has a higher annual customer value, which means you can spend more money to win them back.
The Newsletter Pro’s lost customer reactivation campaign
In February of 2017, my team was in the process of marketing a reactivation campaign here at The Newsletter Pro. Our first step was to pull our list of lost customers from the last 24 months. That list was sent to me and two others for review. The…
