Are you looking for a way to get those customers with dormant store card accounts back in your store? Maybe they made a one-time purchase and haven’t been back in the store. Maybe they used to be frequent customers, but you haven’t seen them lately.
After you have established this core group of dormant accounts, analyze as much internal and external data as you can. Your objective is to gain an understanding of how these customers stand to benefit from the reactivation of their credit cards.
Are they actively using other store credit cards? What has happened to their FICO scores in recent months? Where are they on the customer or life-stage journey?
The answers to these questions help segment cardholders into groups that can be targeted with specific offers.
With a clearer picture of your cardholders’ needs, you can more effectively mine the gold that could be hiding within your dormant account segment. A few ideas:
Implement a rewards campaign – Offering basic card account holders an opportunity to own a rewards card, for instance, can breathe new life into a portfolio (not to mention, customer relationships).
Gift for Visit – Offer a free gift or reward card just for visiting the store during a certain period of time. Once they are in the store, your associates will have the opportunity to speak with them in
person about their dormant store card.