This video is called, Are you Giving Lapsed Customers Enough Attention? By Mike Pitt. If you want to subscribe to our YouTube channel, you can subscribe to the channel here. Mike Pitt is the Founder of Marketing Fundamentals Ltd, a B2B Content Marketing Agency in London.
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In this video, Mike Pitt discusses, Are you Giving Lapsed Customers Enough Attention? This video will be of interest to business owners, B2B marketing managers, Content Marketing professionals, Social Media Managers and others who use Social Media to promote their businesses.
Many B2B businesses place a lot of emphasis on the need for new customer acquisition and create marketing activity specifically designed to bring new customers into the sales funnel. Although this focus is understandable the result is that not enough attention is given to lapsed customers; acquiring new customers is more expensive than re-establishing a relationship with a lapsed customer.
In this video, I read a quote from the Harvard Business Review about the comparative cost of new customers versus lapsed customers.
Contacting Lapsed Customers
Lapsed customers already have a relationship and a financial history of working with you. If your working relationship ended on good terms, it is not very difficult to re-start working with them. You just need the right opportunity and communications piece. They are a much easier target than someone who has never heard of you or has no idea of your business’s reputation.
Do you have marketing activities designed to re-connect with lapsed customers? If so, how effective have these activities been? Let me know that in the comments section below.
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This is video number 346 and blog post number 554