Say you’ve signed up 3 million customers, but only 2 million are actively betting with you, leaving the other 1 million sitting there, dormant, providing no value to your business… sound familiar?
Chances are – these consumers aren’t all ‘dead’, they could even be very active with another provider. Consider the additional value you would get from reactivating even 2% of these dormant customers… So how can you do this?
1)Change the channel of communication
You’ve probably tried email marketing to this dormant database with not much luck, so why not consider a channel change – being unresponsive on email does not necessarily mean that that consumer wouldn’t respond via social media, for example.
With the right tools (like our Discovery platform), you can identify who out of your consumer base is on Twitter and what their handle is. With this information you can then target these individuals on Twitter via pay-per-click advertising in a bid to get them back onto your website.
This can be tricky to get right though, as it can be expensive and the click rate can be low… so now I am going to tell you how to form the most effective campaign to maximise the likelihood of reactivating those consumers.
2) Discover their interests
Once you have their Twitter handles, you can then discover their interests in order to make your ads more relevant and hence click-throughs to your website more likely. Don’t assume most of these consumers will engage with ads for Football bets just because its popular with your current active use-base, you might be surprised that the top interest of your dormant audience is actually boxing, or that 10% of them are really passionate about cricket. Not only that, you can identify the teams that they support – maybe they are more likely to place a bet against Liverpool because they support their direct rival Everton.
3) Segment and target
Now you know their interests, it is time to segment your audience and target them with relevant content. Here is a key thing to take note of when utilising social advertising such as Twitter Ads – they will make decisions depending on the quality of your advert (the quality including how relevant it is to the chosen audience and what proportion of that audience engages with it). The Twitter ads platform effectively works as an auction process in that your ad is competing with other ads that have defined a similar audience – the more relevant your ad is to the audience (so whether it matches their interests), the more likely it is to be shown. Equally – the more relevant the ad is to the audience, the cheaper your cost-per-click will be due to the huge discounts that Twitter give.
The average click-through-rate (CTR) for social ads stands at a mere 0.5% – increasing relevance will increase CTR. Standard keyword targeting can result in a CTR as low as 0.13%, yet tailored audiences targeted based on specific interests show a huge improvement, with a CTR 11x greater.
There you have it. Follow these steps and you can reap the benefits of reactivating those customers that were once interested.
How? Book a demo or have a chat with one of our team to find out how Discovery can work for you.