While we scramble data for prospective customers, the one category that we often forget to consider is lost leads. We consider them dead and choose not to apply our sales and marketing efforts towards them. However, a gold mine of prospective customers lies in the database of lost leads. Your business may not have been relevant in the past for them. However, over time when your business variables change to adapt to the market, you, suddenly, could be the best fit for solving their needs.
Why do you lose customers/ leads and why they may be relevant now?
1. Loss to competition
A competitor outperformed you in the past. However, you may have a better product or price offering now that could suit the lost customer better.
2. Client’s budget low
Budget issues occur in two scenarios. First, if the client’s budget is low. If your client has grown from the time you talked to them in the past, this objection is automatically resolved. The second scenario could be if your product price was too high for the client budget. If you have managed to reduce the price of your product to suit the client’s requirement, you have a relevant live lead.
3. Your product lacks the features the client needs
If the customer needed some extra features that your product did not provide in the past, it is inevitable that you lost them. If you have reinvented your product to provide the relevant features, it is time to get in touch with that customer.
4. Lack of awareness about your product
You probably lost a customer because they were not fully aware of the benefits and features of your product. Once you have structured demo, training and trial programs in place, you may connect with this lost lead again and revive them.
5. Sub-par customer service
If you were still building your customer service team and putting processes in place, it is very much possible that you lost a couple of leads and customers during the transition. If you have been able to scale up and improve your customer service, it is time to convince lost leads that once they come back to you, they will enjoy superior customer service than any of the competitors in the market.
How to reconnect?
1. Track the lost leads
Your lost lead could be a business or an individual. If the lost lead is a business, track their growth or check if they are expanding. Using this data, you can figure out of the lead company and your product have evolved and grown to fulfil the lead’s requirement. For example, if the company has grown by 2X to 5X, they probably have more budget and need for scalable solutions. Reconnect with such leads again. If the lead is an individual, they may have grown in the organization to be a decision-maker or they may have changes companies for better opportunities. In both the cases, you have a window of opportunity to pitch your product again. Use social media, LinkedIn, Crunchbase data, etc., to find this information.
2. Refresh the awareness
Create targeted ads and emails for your lost leads. Create campaign emails to educate them about the new features of your product. Include a survey link to understand the current needs of your client.
Run free challenges where the leads have to use a subset of your product in a competitive space. For example, you could run a challenge for sales representatives to maintain the ideal talk/listen ratio while having sales meetings on remote meeting tools like Gong or GoodMeetings. The lead with the ratio most close to the ideal value wins. Immediately post this win, you could share an irresistible discounted offer to all the participants of the challenge.
Client testimonials are one of the best ways to build trust in lost customers. Share them over email or on your website for maximum visibility. Last but not least, use humor to connect with your lost leads. Nothing makes a more lasting impression than humorous content.
3. Nurture the lost leads
Enroll the lost leads in a nurturing program where you understand why they prefer the competition and then offer them the first access to your beta products, offers, and promotions. Make them feel valued and offer personalized discounts, free add-ons, extended warranties, and customized packages to such leads. They will get converted from lost leads to promoters of your products.
4. Share your product roadmap
Let the lost leads have a look at your product roadmap. This roadmap will help them in understanding if your products will meet their business requirements in the future. Take their input in tweaking the roadmap to suit their requirements. This practice will build trust and a long-standing relationship with the leads. Sharing your product roadmap may convert a lost lead to one of your most loyal customers.