Getting new customers is all fun & exciting ( & expensive ), but a lot of vendors forget to reactivate their existing customers.
Getting new customer is a lot much more time consuming & expensive & if you can learn to reactivate your existing customer, you will be far better off.
This doesn’t mean you should stop finding new customers. Finding a new customer, new leads is IMPORTANT. Keep it pumping but also focus on existing customer.
Reactivating existing customer simply means cross-selling or upselling to your existing customers.
In order to make sure that your reactivation goes smooth, you have to
make sure that your existing customer is happy with their initial purchase.
Use Customer Lifetime Value (CLV) as a guide for reactivation. CLV is basically the total amount customer has spent with your company & allows you to determine the future worth of the client.
CLV tells you what group of your customer is responsible for X% of revenue & you will notice that your 10-20% of the customer base is usually responsible for 50-70% of the revenue of your company.
So simply try to reactivate a group of clients that have the most impact on your revenue. DirectPay has made it really easy to determine CLV value.
Under REPORT > Customer, you will see CLV listed right beside customer’s name.