Today’s consumers are stepping out on the brands they once loved. A survey of over 10,000 consumers found that brand loyalty in the U.S. dropped from 79% to 68% last year. You likely recognize that consumers will want to try something new. There are concrete ways to woo back your lapsed customers. Read on to learn how.
Re-engaging with lapsed customer audiences is a sure thing
You’ve heard stories about high school sweethearts finding each other again via Facebook Messenger and going on to rekindle their romances. All that shared history and knowing each other’s preferences can make for a better connection than throwing money away on dates with strangers that go nowhere.
Re-engaging lapsed customers works similarly.
Customer acquisition costs are rising across industries. Retaining lapsed customers, however, can be up to 25 times more efficient than acquiring new ones. Their familiarity with you provides a golden opportunity for re-engagement, often resulting in increased loyalty and revenue. Existing customers are also more likely to grow your profit:
- 50% are likelier to try a new product.
- They are likely to spend 31% more than new customers.
- Lapsed customer campaigns can boost customer retention levels by 10%.
- They can increase the value of your customer base by 30%.
It’s also easier to upsell or cross-sell to current customers than new ones. You have insight into their past purchase history, life stage, location, preferences, and more. Because you know these customers so well, you know how to incentivize them. You can make personalized messaging and offers which are known to stimulate loyalty. Loyalty customers become brand advocates, helping you keep current customers and engage potential new ones.
But lapsed customers can play hard to get
Like the romantic interest that got away, lapsed customers are not always easy to charm back. When they ghost your brand, it can be hard to know when, where, and with what message to reach them. Flowers, chocolate, jewelry, a dozen mini-cupcakes?
Part of the struggle is that customer relationship management data quickly becomes as stale as month-old cupcakes. On average, CRM data stays fresh for only 90 days. Creating buyer personas and gleaning current insights for outreach efforts is only possible with correct customer information, purchase history, and preferences. In many ways, old data is worse than no data. In addition, engaging all lapsed customers can be expensive, partly because 95% of marketers need help managing a fragmented customer journey. When you can’t engage them all, how do you know which ones will drive positive outcomes for your business?
Call in PebblePost, the lapsed customer love doctor
To avoid the loves-me-love-me-not syndrome, let PebblePost be your matchmaker. We can help you bring lapsed customers back into your arms—and in a cost-efficient and personalized way to boot (never mistake Lori for Linda again!).
Our Lapsed Customer Optimization (LCO) solution connects lapsed customer data to billions of identity, intent, and transaction signals across hundreds of brands to identify those likely to convert and engage with a piece of personalized mail. As a result, you can focus on results, not margins, or send volume. PebblePost’s LCO solution achieved
- 156X ROAS for a national menswear retailer
- 81% lift in win-back rate vs. the holdout group for a premium meal kit brand
- 28X iROAS for a national furniture retailer
Here’s how it works.
Right Customer, Right House, Right Time
The PebblePost Graph uses high-quality shared first-party data to validate and merge stale CRM files, identifying the best household address to engage lapsed customers with better accuracy, reach, and deliverability.
Drive Long-Term, Cost-Efficient Outcomes
We know you don’t want to swipe right on every lapsed customer. So, we connect your CRM data to billions of intent and transaction signals to go beyond basic triggers and engage lapsed customers based on recent shopping and purchase behaviors across 500+ brands.
Engage Lapsed Customers Faster with Easier Execution
The PebblePost unified platform allows you to go from onboarding your lapsed customer list to reaching households with a personalized postcard in just a few days by easily integrating first-party data, no matter where it’s stored, using direct CRM and Secure File Transfer Protocol integrations.
Uncover Actionable Analytics and Insights
Because you want to know if that lapsed customer really loves you, we let you measure incrementality and topline performance across all points of sale and use custom labels and segmentation to determine whether promotional offers or the length since the last purchase date impact transactions.
Find your long-lost (lapsed customer) love with PebblePostPDM
You can cry into your sweetheart pillow…or you can let PebblePost hold your hand through our lapsed customer re-engagement process. Get in touch today to get started.