CRM Retargeting: Remarketing to Existing Customers
The success rate for selling to existing customers is significantly higher than new customers. Here’s how to use customer information stored in your CRM to retarget customers and increase sales.
Many digital marketers focus on one thing and one thing only: bringing in new customers. In doing so, they neglect two of their biggest assets for growth — existing customers and previous buyers.
In fact, you’re more likely to sell to an existing customer than you are to a new customer. According to recent estimations, the success rate of selling to a new customer is only around 5–20%, while the success rate for existing customers is about 60–70%.
Consequently, retargeting existing customers can have a massive impact on your bottom line.
When remarketing, your customer relationship management (CRM) system can be a valuable asset because it stores information about your customers and can include data such as:
- Contact name
- Contact information
- Social profiles
- Contact history
- Lead scoring information
- Order history
- Personality traits
This data can be extremely useful and can help drive sales. You just need to know how to use it. Here are three benefits of using your CRM to retarget existing customers:
- Personalize messaging
- Cross-sell and upsell based on their interests
- Improve targeting
Get the most out of your CRM’s data by engaging with customers on a personal level. You can use the information stored in your CRM to develop personalized messaging in your digital direct marketing efforts that make your customers feel special. As a result, you’ll keep customers engaged and foster brand loyalty.
Companies that invest in personalization report a 20% increase in overall sales and a 44% increase in repeat purchases. At the same time, they usually see a 50% decrease in customer acquisition costs.
So how do you personalize your retargeting efforts?
One simple way to grab your customers’ attention is by addressing them by their names and including their company information in the emails you send them. CRMs such as HubSpot or Salesforce allow companies to create templates with auto-generated fields so all of your email content is personalized.
Cross-Sell and Upsell Based on User Interests
Repeat customers may spend up to 67% more than new customers. Your company can benefit from this by cross-selling or upselling your customers when you remarket to them.
Cross-selling is when a company sells an additional product to an existing customer, while upselling encourages customers to purchase more expensive items, add-ons, or upgrades.
You’ll often see e-commerce companies use these tactics by adding “suggested for you” “add to cart,” or “other customers also bought” prompts because they are a great way to get customers to spend just a little more money on their site.
Embark, a canine genomics and biotechnology company that provides Dog DNA tests, does a great job of upselling their existing customers by sending follow-up emails.
Embark has two products: a simple DNA test that breaks down a dog’s individual breed ancestry and another that identifies a dog’s ancestry but also identifies their health risks and physical traits. Because the second product provides more value, it costs about $70 more.
Often, when a customer buys the cheaper DNA test, Embark follows up via email with more information about the more expensive health kit. Here, they explained that this health kit can help dog owners recognize health issues and begin preventative treatment.
They’ve also followed up with deals offering the exclusive health information for 50% of the original price, further enticing dog owners. In each email, they provide a bright, eye-catching call-to-action, making it easy for customers to click “UPGRADE NOW.” They even personalized it by including the dog’s name — Pippa!
You can easily cross-sell or upsell your customers too. With a record of all the items they’ve purchased and have been interested in stored in your CRM, you have a basic understanding of what their interests are and what their budget is.
Your CRM can help you define audience segments based on lifecycle stage, company, job title, and more. By segmenting your current customers into groups with similar interests and buying behaviors, you can build better relationships with customers and encourage responsiveness.
Not only will you be able to showcase the products and services that most interest your customers, you’ll also be able to focus on high-value prospects and the leads most likely to convert. In doing so, your campaigns will be more effective.
Using the data in your CRM, you can identify high-value prospects by scoring leads. Before you begin, identify the attributes that are indicative of a positive outcome by recognizing patterns exhibited by your best customers. This could be based on characteristics such as industry, company size, title, online behavior, or email engagement.
Then assign points for every attribute they exhibit. A higher score indicates a well-qualified lead that your company should target.
A high-value prospect might require your business to be more hands-on as they move through the marketing funnel. Stay involved by pinpointing how they’re interacting with your business and how you can improve their customer experience.
Using your CRM to Retarget Existing Customers
Your CRM holds a wealth of information about your customers from basic contact information to preferences and buying habits. By utilizing this information to retarget your customers, you can increase sales and revenue.
Using this data to personalize content can increase brand loyalty and keep customers engaged. Companies that invest in personalization report a significant increase in sales and repeat purchases.
You’re also able to cross-sell and upsell existing customers. Knowing what your customers are interested in and what their budget is can help you determine which products and services they’re most likely to purchase.
Finally, use demographic information to target customers appropriately and pinpoint high-value leads.
Need some guidance on how to utilize your CRM to retarget customers? Connect with a digital marketing company to see what they can do for your business.