I’m curious: is there ever a time when it makes sense to reach out to closed lost opportunities? Our team just launched some new features, and it seems like a waste to not reach out to people that we’ve engaged with in the past. What do you think?
Ivan, you hit the nail on the head.
Your marketing and sales teams put a lot of effort into acquiring leads and their contact information across various channels, and this isn’t an inexpensive process. Collecting all of that information, categorizing it, and maintaining those records takes time and resources. Ignoring a large segment of that data—even if they are closed leads—puts a big dent on the return on that investment.
The main thing you have to remember when it comes to closed lost opportunities is that just because a prospect isn’t interested today, doesn’t mean they won’t need your product down the line. With that in mind, here are some processes and methodologies that you can build into your marketing operations that might help you make the most of these leads.
Categorize your closed lost opportunities
There are a number of different reasons for why a prospect might drop out of the sales process. They may not need your product or service yet, they may be limited by their budget, or they may want a feature that you haven’t built yet. A good practice here is to sort these closed lost leads based on the constraint that’s stopping them from making a purchase.
This way, once you have your subcategories, you create a customized re-engagement approach for each one. With more focused communications and programming, you’ll be able to reach your prospects in a more meaningful way—and that can go a long way towards closing the deal.
Recycle your leads thoughtfully and proactively
Another thing to think about as you bring these leads back into the fold is that you want them to have a net new experience with your brand. Basically, you don’t want them to end up in the same campaigns, reading the same materials and the same sales pitches that they didn’t respond to the first time around. Instead, make sure that the content and information they’re receiving is fresh and new (to them).
On the marketing side, make sure the team knows how to treat these returning leads—they should have distinct nurture campaigns with content that’s focused on a recent product feature or the low-cost nature of the product. For sales, they need to know that a lead has been there before, why they dropped off, and what brought them back. This is all information that should be available to them on your CRM system.
Choose your re-engagement channels wisely
Today, your best bet for re-engaging a closed lost lead is via email. It’s way less intrusive than a phone call—does anyone even pick up the phone anymore?—and it will be familiar to someone who’s seen your name in their inbox before. The other good thing about email is that you can take a customized approach, incorporating insights from past engagements with this particular individual.
On a more superficial level, you can also pair this with a paid media strategy, running social ads or search ads that reach people who have engaged with your brand without converting.
These are all things that will take some time to set up properly, but once you have them in place, you’ll be setting up your team to be both proactive and targeted as they reach out to old new leads.
You’ve got this,