Most businesses seek to reduce churn, retaining as many customers as possible, increasing their loyalty and lifetime value (LTV), as its cheaper to retain a customer than gain a new one. Any tools that help us to do that are welcome. Google have recently developed the facility to target specific existing customer segments within Performance Max campaigns and are launching ‘win-back’ mode, specifically designed to target and reactivate lapsed customers.
In order to activate this function (currently in beta format) you need a Performance Max campaign that is optimising toward the NCA goal in New Customer Value mode and includes a Google Merchant Centre (GMC) feed with purchase conversion goals. Only then can you prepare a match list with your targeted lapsed customers (once you’ve defined the criteria and provided accurate values). It’s recommended that to accommodate these campaigns, you should increase your budget by an additional 20%.
The analytics platform of your Performance Max campaign will enable you to view the results of the lapsed customers you’ve won back so that you can iterate your approach and adapt to optimise results.
If you’d like to explore re-engaging your lapsed customers let’s talk.