We’ve crossed the 6-month mark of 2019 and businesses are pulling their socks up to think of ways to close the gaps between their current P&L and the expected P&L. In our last article from the series The Power of Promos: Part I, we discussed the four hurdles that the Sales teams have had to overcome on a frequent basis to close their deals. In this post, we will discuss the different kinds of prospects that you can possibly target with your promos.
1. Your Existing Customers
According to this particular article, the cost of acquiring new customers (on an average) is 5x more than the cost of retaining existing customers. This means that it is absolutely essential that you do not forget to extend your discounts to your existing customer base.
Having said that, it shouldn’t turn into a case of milking your customers to the last drop. Identify customers who are buying products whose features tie into the features of the product that you’re pushing with your promo. Customers tend to accept deals that allow them to couple new products with the ones they already have, and enjoy the combined value of both.
A good way to reach out to your existing customers to avail your promo is by sending them an email, sharing a blog post that highlights the value of your promo, put up ad banners on social media, and have the client servicing/account management team to add a banner in their email signatures to ensure maximum awareness.
2. Your Warm Leads
This one is for the Sales team. Your warm leads are the people whom you are already familiar with. You call them by their first names, you know how long have they been working with their current employer, and to an extent, they like you. These are the leads who had shown interest in your product offering sometime in the past and are still very likely to go ahead and make the final purchase.
The fact that they haven’t hit the ‘BUY’ button yet could be a result of a lot of things which the Sales representative may or may not be completely aware of. However, when they are offered a good discount on a product that they have been meaning to buy, their likelihood of hitting that button increases manifold.
These could probably be the easiest targets for your Sales team to close. Depending on which prospecting stage these leads are at, you get your Marketing team to create content that speaks to them clearly and effectively.
3. The Drop-offs
Your Sales team spoke to a bunch of Sales-qualified leads but for some reason, the timing was just not right for them to buy your product. Hence, they dropped off even before you could identify what it was that was holding them back from considering your offer.
Although these may seem like a slightly difficult group to reach out to, you must not underestimate the power of slashed prices. Make a list of the leads that you have spoken to but could never sell anything. Have your Sales team reconnect with them, this time with an offer that helps them save a few bucks. Start with the last conversation you had with them, show them that you remember the details.
Here’s a quick tip – it may if you give them statistical data that represents the usefulness and the value proposition of the product that you are offering. Sometimes, data triumphs discounts.
4. Your Competitors’ Customers
Isn’t this the whole point of your business goals – having everyone use your products, and your products only? These also include customers who are currently buying from another provider. While your competitors’ offerings may be just as good as yours, if not better, it is possible to lure your competitors’ customers into buying your products.
Customers tend to opt for providers that offer the best quality, the best experience (post-sales service), and most importantly, the best pricing. A promo is just the right tool that can help you get your foot in their doors. While getting a hold of your competitors’ customer-base can be a tricky business, you can always get help from data mining services to assemble a list of your target customers basis the criteria you share with them. Once you have this list, you can reach out to them either personally or through a mass email campaign.
5. Your Cold Leads
These are the leads you have made it very clear that they are not interested in your offerings. But but but…interests change and evolve with time. There’s a good chance that what may not have been important for them a few weeks/months ago could be a requirement today.
That said, it is essential for you to not overdo it. Reach out to them once, and that’s that. If they don’t respond, then they don’t respond. All you can hope is that they do, and positively so. After all, the world runs on hope, doesn’t it?
These are the three widely targeted lead groups during the campaigns that are designed to push products with the help of occasional promos. We hope this information has helped you narrow down your lead base for you. If you liked this post, feel free to comment below and let us know if you want us to cover more topics of this nature.
In case you are interested, you can all the active promos that are available at LogicBoxes on our Promos page. Until then, happy selling!