Fill the top of the funnel. We spend just huge time there in the equipment finance business. But how big is the hole in the bucket? You know, the existing customers that have a deal expiring and end up doing the refinance with a competitor. These guys already know you and have bought something from you, yet most people in the business spend minimal time marketing to this audience. Why?
Maybe it’s a distant relationship through a vendor, rep turnover, customer only makes one big acquisition every few years and you lose track of them, management turnover, portfolio acquisitions, bad data….we could go on and on. It all adds up to lost revenue falling out of your bucket for no good reason. So how can you fix it? Here’s one idea:
End of Term Marketing
- 12 months out your customer gets a message reminding them the big day is coming (and to keep us in mind for the refi or new equipment) along with a prompt for a meeting
- Then at 9 months, 6 months, 3 months and 1 month they get similar messages
- You can even throw in incentives (early upgrade with no or little fee is a great way to hamstring the competition)
- But the wiz bang marketing technology is the magic really happens
- Measure opens, clicks and other general interactivity to measure each customer’s “digital body language”
- Those that are super-geeked about these messages, we’ll know who they are without them having to do a thing.
- Get lead reports of those folks out to your salespeople after each email
- Then, voila, more and deeper sales conversations with people that already know you about how you can do more business.
- And you make more money.
If you wanna talk about how to deploy this kind of strategy, give us a hollar. It’s pretty cheap and the potential ROI is huge.