It can be easy as a retail organization to want to default to the customer acquisition strategies of old, those that say prioritizing new customer acquisition is more important than maintaining current customer retention. According to the featured information included alongside the infographic featured with this post, new findings suggest there’s a 5% to 20% chance of selling to a newly acquired customer compared to a 60% to 70% chance of selling to a retailer’s current customers. Adapting to these findings has been the priority of most organizations, with the focus shifting to prioritizing their existing customers. However, isn’t it worth considering how a retailer could find a way to cater to both segments simultaneously? This post will detail the ways to do exactly that.
These strategies mentioned above have always been predicated on developing new ways to produce revenue and thus improve profit margins for retailers. What readers may also find through the information shared within the resource accompanying this post is an omnichannel strategy that connects online and in-stores sales techniques together to create a customized experience for any customer is what has made the most difference in the industry lately.
No retailer is expected to perfect their omnichannel offerings immediately, because it is so challenging. That being said, there are immediate changes that can be made to improve this strategy for many retailers. For example, this is why so many long-standing brick-and-mortar stores have failed in years prior, failure to adapt means ignoring both the best interest of customer and organization.
From the perspective of the customer, the amount of personalization received is immense compared to those retailers failing to adjust to this strategy. Customers are able to feel a more genuine connection between them and the retailer as a result of personalized communication and offerings. Customized texts alerting specific customers of a new shipment of a product they were looking for, or a deal that is exclusive to customers on an e-mail list are some ways in which personalization can make all the difference.
Alternatively, from the perspective of the retailer, it’s no surprise at how important digital marketing has become. Most retailers see customers come into their stores for less than fifteen minutes at a time, gently browsing the racks and quickly leaving. A strong digital presence allows retailers to continue to engage with their customers long after they exit their physical locations. In fact, a number of the strategies retailers use digitally are meant to attract customers to physical retail locations.
Interested in learning more about these types of tactics that can improve the rate of customers returning to your physical retail locations? Perhaps you’re more interested in learning about the different types of ways that your online sales techniques can improve? All of that information and more can be found within the infographic coupled alongside this post Courtesy of IDL Displays