Attracting new customers is labor-intensive and expensive. On the road to conversions, you and your salespeople have contact with many people, some of whom will be classified as leads and some will qualify as prospects. Only a few of these actually become customers.
The leads we lose on the way to the end usually fall into oblivion. Of course, hot prospects and existing customers get the full focus of the sellers in the first place. But – and this is a big but – all your forgotten leads actually have value.
Generating new sales from old leads is a common challenge faced by businesses. However, with the right approach, it is possible to turn those leads into valuable customers. In this article, we will discuss several strategies for turning old leads into new sales.
The value of forgotten leads
If you have a CRM system (and you should have it) then you are sitting on a lot of valuable data in the form of old leads. It is people and companies that once became interested in your products and your business.
Your salespeople have spent time finding and contacting them and for some reason have qualified them as leads. Maybe they even got to meetings, even though it then stopped. What happens after this is most often that the contact is lost, perhaps with a fuzzy promise to talk at a later time.
If you go through the notes in the CRM system you will find a plethora of “no budget for this year”, “his / her manager wants to prioritize otherwise”, “lack staff for this”, “will change service, unclear who that replaces “and similar reasons for not buying your service or product right there and then.
Things are changing
There is every reason to remind old leads about your existence. Of course, it is best if you never completely leave their consciousness, because things change. What happened last or last year does not have to apply now. Sometimes it was the timing that was wrong, sometimes, the chemistry might not be right.
But people change jobs, managers move on in their careers and every year a new budget comes around. By resuming and maintaining contact, you can take advantage of the time your salespeople still invest in their leads. All of a sudden there is a need for your product or service and then it is important that you are on their radar, because you have already started to warm them up as leads.
Strategies for taking back the initiative
First and foremost – clear all leads that are really worthless. Once again, you will have a list of interesting contacts that you can process with varying degrees of work. Reconnect, invite their colleagues and become personal.
Reconnect – Marketing automation and newsletter
Send emails to all your leads who do not already receive your newsletter (excluding those who may have unsubscribed) and ask if you can send your newsletter to them.
Put them in a marketing automation spin a so-called. Drip. For example, you can start by offering a relevant case study or a whitepaper and make sure they are invited to relevant seminars and events.
In many cases, you will receive out-of-office replies or notifications that a person has progressed in their career. Save these so you can follow them up later. These people are often open to new proposals to make a difference in their new workplace.
Invite their colleagues – targeted smart advertising
If you can get more people at the company of the lead to know about your brand, then chances are they will choose to contact you when a need arises. Do you want someone around the meeting table to say when your company comes to speak?
LinkedIn is an excellent tool for creating interest in various issues and also for marketing posts to selected companies and individuals. Avoid selling and focus on sharing your experience and skills.
Use targeted advertising as IP targeting to specifically process certain companies. Then your ad will only appear to users with the IP address you have defined and it is unique to the users on a particular network, in a particular building. This tactic actually works on pretty small companies as well.
From 10 employees upwards you can often use IP targeting. If you want to target people to very large companies, you need to be more selective as there may be many people sharing the same external IP address.
Advertise to those who have visited your website. Retargeting can be done as detailed as you want and both in the form of banner ads and paid posts on social media.
Get personal – manual processing and analysis
Find your leads on LinkedIn and connect. Remember that it is personal contacts that matter most and are the easiest to create. Very few B2B customers really want to follow or interact with a brand. The more relevant you can be to your contacts, the better, so remember to contribute tips and content that can be useful, useful, or interesting to them. Do not deliver a sales pitch the first thing you do when you get in touch, but think about how you could genuinely create a small but genuine value directly for them.
Pick up the list of all out-of-office and bounces. Find out where he or she is working now and re-establish contact. The new company may need your goods or services.
Look for a relationship. People who are interested in B may be more likely to need A. Identify cycles and seasons so you can optimize your timing.
For example, companies with many seasonal workers are probably more susceptible to help with recruitment just before the start of the season. In some medium-sized companies, it is difficult to reach decision-makers during their peak season. Instead, concentrate your contacts and advertising on them for periods that are calmer.
If you work for several different industries, you can hopefully find customer groups that complement each other throughout the year.
Don’t give up!
If you have a product or service that you are proud of and passionate about continue to share it with your target prospects. Be relevant and customize content and messages so your leads can easily access the information. Let them be entertained, educated, and challenged without feeling that they have to give anything back. Many will never respond, many will unsubscribe and many will read and remember you when the time is right.
Old leads can be converted into customers
As we have seen, there are many ways to process old leads that just lie around and are not processed. No machining can be done entirely without labor, but quite a lot can still be done with relatively small means. In addition, starting to process old leads requires a lot less work than looking up brand new leads with everything it entails in the form of cold calls and more.
Don’t forget that there was a reason why your salesperson qualified all of these contacts as leads. The chance of finding future customers in that group is probably much greater than in other groups of people.
Revisit Your Lead Database
The first step in generating new sales from old leads is to revisit your lead database. This means taking a closer look at the leads that you have collected in the past but have not yet converted into customers. Identify the leads that are most likely to be interested in your products or services and prioritize them for follow-up.
Re-Engage with Old Leads
Once you have identified the leads that are most likely to be interested in your products or services, it’s time to re-engage with them. This can be done through a variety of methods such as email, phone, or social media. The key is to make sure that your message is personalized and relevant to the lead’s interests.
Offer New or Improved Products or Services
If your leads have not yet converted into customers, it may be because they were not interested in the products or services that you were offering at the time. By offering new or improved products or services, you can rekindle their interest and generate new sales.
Use Retargeting Ads
Retargeting ads are a powerful way to re-engage with old leads. These ads are displayed to users who have previously visited your website or interacted with your brand. By using retargeting ads, you can remind old leads about your products or services and generate new sales.
Leverage Referral Marketing
Referral marketing is another effective way to generate new sales from old leads. Encourage your current customers to refer their friends and colleagues to your business. Not only will this generate new sales, but it will also increase brand awareness and trust.
Host a Webinar or Event
Hosting a webinar or event is a great way to generate new sales from old leads. This can be a great opportunity to showcase your products or services and provide valuable information to your leads. Additionally, it allows you to interact with your leads in real time, which can be a powerful way to build relationships and generate new sales.
Leverage Influencer Marketing
Influencer marketing is a powerful way to generate new sales from old leads. By partnering with influencers in your industry, you can reach a new audience and generate new sales. Influencers can help to promote your products or services and increase brand awareness.
Offer a Special Promotion
Offering a special promotion is a great way to generate new sales from old leads. This can be a discount, a free trial, or bundled package. By offering a special promotion, you can rekindle interest in your products or services and generate new sales.
Personalize Your Follow-up
One of the most important things to remember when trying to generate new sales from old leads is to personalize your follow-up. This means tailoring your message and approach to the specific needs and interests of each lead. Personalization can include using the lead’s name, referencing past interactions, or highlighting how your products or services align with their specific needs.
Keep Your Follow-up Consistent
Another key to success when trying to generate new sales from old leads is to keep your follow-up consistent. This means making sure that you are regularly reaching out to your leads and maintaining a steady flow of communication. Consistency helps to keep your brand top of mind and increases the likelihood that the lead will eventually convert into a customer.
Utilize Lead Scoring
Lead scoring is a process of assigning a numerical value to each lead based on their behavior and engagement with your brand. This can help you to identify which leads are most likely to convert into customers, and prioritize them for follow-up. By utilizing lead scoring, you can maximize your efforts and generate new sales from old leads more effectively.
Always Be Prepared to Close the Sale
Lastly, it is important to always be prepared to close the sale. This means having a clear and compelling call to action in your follow-up and making sure that you are ready to answer any questions or objections that may arise. By being prepared to close the sale, you increase the chances of converting old leads into new customers.
Commonly asked questions
How do you revive a dead sales lead?
Reviving a dead sales lead can be a challenging task, but there are several strategies that can be implemented to try and re-engage the lead and potentially convert them into a customer. Here are a few tips for reviving a dead sales lead:
- Revisit Your Lead Database: Take a look at your lead database and try to identify any leads that have gone dormant. These leads may have shown initial interest in your products or services but have not moved forward in the sales process.
- Re-engage with Old Leads: Reach out to the dormant leads and try to re-engage them by providing them with new or updated information about your products or services. This could be through an email, phone call, or even a personal visit.
- Offer New or Improved Products or Services: If your company has recently launched new products or services, reach out to your old leads and let them know about them. This could be a new feature that was added to your product or service, a new package deal, or a discount.
- Leverage Referral Marketing: Reach out to your current customers and ask them to refer your products or services to their friends, family or colleagues. If a lead was referred by someone they know they would be more likely to listen.
- Utilize Retargeting Ads: Utilize retargeting ads to reach out to your old leads who have visited your website but did not convert. Retargeting ads allow you to show ads to people who have visited your website but did not convert.
- Host a webinar: Host a webinar that is tailored to the specific needs and interests of your dead leads. This will give them a chance to learn more about your products or services in a low-pressure environment.
- Leverage Influencer Marketing: Partner with influencers in your industry to reach out to your dead leads. Influencer marketing can help to build trust and credibility with your target audience.
- Special Promotion: Create a special promotion that is only available to dead leads. This could be a discount or a free trial.
- Personalize your follow-up: Personalize your follow-up message and approach to the specific needs and interests of each lead. Personalization can include using the lead’s name, referencing past interactions, or highlighting how your products or services align with their specific needs.
- Keep your follow-up consistent: Make sure that you are regularly reaching out to your leads and maintaining a steady flow of communication. Consistency helps to keep your brand top of mind and increases the likelihood that the lead will eventually convert into a customer.
Why are leads not converting to sales?
There can be several reasons why leads are not converting to sales:
- Poor messaging or value proposition
- Lack of trust or credibility
- Unclear or complicated buying process
- Poor follow-up and communication
- Competition or alternative options
- Inadequate pricing or discounts
- Insufficiently addressing customer pain points or objections
- Poor website design or user experience
- Ineffective lead nurturing
- Unqualified or uninterested leads.
How do I reconnect with an old prospect?
Here are steps you can follow to reconnect with an old prospect:
- Research and update your understanding of their current needs and situation.
- Personalize your outreach, referencing past interactions and explaining why it’s relevant to reconnect.
- Offer added value, such as new product developments or industry insights.
- Apologize for any past delays or mistakes and assure them of your commitment.
- Schedule a call or meeting to further discuss their needs and how you can help.
- Stay in touch and follow up regularly to maintain the relationship.
- Continuously offer value and find ways to add value to your relationship over time.
How do you increase the value of old customers?
Increasing the value of old customers is an important task for any business, as it can lead to increased revenue and customer loyalty. Here are a few strategies that can be implemented to increase the value of old customers:
- Understand their needs: Take the time to understand your old customers’ needs and how your products or services can meet those needs. This will help you to identify new opportunities to upsell or cross-sell.
- Offer personalized recommendations: Use data and insights to provide personalized recommendations to your old customers. This could be a new product or service that they are likely to be interested in, or a special offer that is tailored to their needs.
- Create loyalty programs: Create a loyalty program that rewards customers for their repeat business. This could be a points-based program, or one that offers special discounts or perks to loyal customers.
- Communicate regularly: Keep in touch with your old customers by communicating with them regularly. This could be through email, phone, or in-person interactions. This will help to keep your brand top of mind and increase the likelihood that they will continue to do business with you.
- Create exclusive content or offers: Create exclusive content or offers that are only available to your old customers. This could be a VIP event, early access to new products, or special discounts.
- Leverage customer feedback: Ask your old customers for feedback and use it to improve your products or services. Show them that you value their opinion and that you are working to meet their needs.
- Provide exceptional customer service: Ensure that your customer service team is providing an exceptional experience for your old customers. This can include offering quick resolutions to any issues they may have, as well as going above and beyond to meet their needs.
- Show appreciation: Show appreciation to your old customers by sending them thank-you notes, gifts, or other tokens of appreciation.
Why is it important to retain old customers?
It is important to retain old customers because:
- It is less expensive to retain an existing customer than to acquire a new one.
- Repeat customers tend to spend more and generate a higher lifetime value.
- Positive word-of-mouth and customer referrals can be generated by satisfied customers.
- Retaining customers helps build brand loyalty and a positive reputation.
- Long-term customer relationships can lead to new business opportunities and growth.
- Customer feedback and insight can be valuable for improving products and services.
- Old customers are a dependable source of revenue and stability for the business.
In conclusion, generating new sales from old leads is a common challenge faced by businesses, but it can be overcome with the right approach. By revisiting your lead database, re-engaging with old leads, offering new or improved products or services, leveraging referral marketing, and utilizing retargeting ads, webinars, influencer marketing, and special promotion, you can turn those old leads into valuable customers. It’s essential to remember that the key is to make sure that your message is personalized and relevant to the lead’s interests and to be consistent in your efforts.