When people think about increasing sales, the majority will assume looking for new customers is the best way to do this. But recent research from conversion optimisation pioneers Invesp, have found that this may not be the case, and that your best way to double or even triple your sales is through your existing customers.
In fact, the chance of selling to one of your existing customers again is 60-70% which is a lot higher than converting a new lead into a customer, as this sits in at only 5-20%.
Focusing solely on trying to convert new customers into leads means you are seriously running the risk of missing out on connecting with your existing customers to make more sales. Your email list is the main key to retargeting customers. Below are some tips on how to use it to do this.
Segmented Campaign Creation
In the past you may have reached out to your customers with the occasional promotional email along with a follow-up email. Unfortunately, most customers don’t seem to respond well to these types of emails.
The issue with email campaigns is when targeting a large audience with a single promotional email it must be generalised to fit the entirety of that audience. But here lies the problem, as emails work much better when they are personalised to match specific audiences.
Despite this, segmentation is here to help save the day. By using the data collected on your customers you can create segments, from there personalised email campaigns can be created to target these different segments. For example, if you ran a clothes store and have a segment for university students, you could retarget them with an email about the latest winter trends for the upcoming semester. This could be taken further with more data, the gender of the students could be targeted, therefore making the email more personal and in turn providing an increase in sales.
Something that all online retail businesses struggle with is cart abandonment. Statista found that during the first quarter of 2017 over 77% of all online orders in retail were abandoned at the shopping cart.
If you have the data of these abandoning users, retargeting them could give you the second chance that you need to reconnect with these existing customers and generate more sales. A strategy that most retailers currently employ to reach out to abandoning users is to offer a small discount or free shipping to pull customers back in.
Exit-Intent Pop-Ups is a technology that predicts when a visitor on your site is about to leave, and in an attempt to stop them from leaving the website pop-up a message or ad.
This technology is another fantastic way to retain abandoning customers, but it also is an effective way of converting visitors into leads.
For example, you can use the pop-up message technology to present a personalised offer based on what page a customer is currently on or offer a special coupon code to help them save money.
Facebook Ad Retargeting
Facebook is an extremely powerful advertising platform that gives small businesses the chance to access an enterprise level advertising platform at an incredibly affordable cost.
You can upload your email list into your Facebook page and create a custom audience with your existing customers and leads. It can then go onto cross-search the email list with their database to find your customers on Facebook.
This allows you to learn a lot more about your audience, such as their interests, gender, location and much more, allowing you to reach them on a much more personal level by creating highly targeted Facebook Ad campaigns.
By setting up live chat support on your website you are not only providing great customer support for your customers but also setting up an excellent way to retarget returning or existing customer.
Plugins are available that monitor the real-time audience on your website and interact with them via a live chat system. A great example of this is when a customer is looking at a certain product, the chat support system can pop up and ask them if they need any help and even offer them a discount for loyalty.
Selling to an existing customer is far easier than targeting a stranger, and with these tips, hopefully you will be able to do so successfully.