Have you ever taken a moment to consider just how effective targeting new customer acquisition truly is for your retail business? The disparity may surprise you. With nearly a 60% to 70% chance of reselling to an existing customer, in comparison to a 5% to 20% chance of finalizing a sale with a new customer, it’s hard to say that new customer acquisition should be considered so important. With that being said, even with such a significant difference, organizations around the world continue to prioritize targeting new customers. While it’s possible to remain successful with this strategy, the benefits in comparison fall just a bit short. This post and featured infographic will detail the impact that existing customers have on your retail business in addition to ways to increase your return on marketing and advertising investment.
If retail organizations are hoping to improve their dynamic revenue growth, why not focus on catering more to their most regular customers? Businesses continue to struggle with finding the best approach to satisfy both their existing customers and appealing to new customers. Luckily, the featured resource accompanying this post can provide a few tips and tricks to solving that problem. The first step in accomplishing this is by finding the most fitting way to integrate both online and in-store selling techniques that provide the best shopping experience for your customers. When integrated correctly, strategies like cross-selling and upsetting can be utilized to perfect the customer experience.
The way that these sales techniques work in congruence with one another has become very similar to the nature of the marketing strategies for most retail businesses. Omnichannel marketing has become much more popular as a result of our technological advancements as a society. However, despite this fact, a majority of retail-oriented businesses have failed to adapt to the landscape. A well-integrated digital marketing strategy, in coordination with strong sales tactics in physical locations, is the most ideal combination for retail businesses.
For example, think about how often customers actually spend in your retail locations. Maybe 15 minutes to an hour max, right? But with a strong enough social media presence, in connection with text offerings, your customers could be interacting with your business much more frequently. In addition, digital alerts regarding in-store promotions or additional markdowns with a text code can be a great way to draw more customers into the store.
These omnichannel strategies also increases the feeling of personalization that customers will receive from your businesses’ offerings. Without these methods of communication, customers may feel undervalued or unappreciated despite their loyalty. Personalized e-mail and text communication can truly make all the difference. Whether these messages be focused on promotions of particular products or incoming sales, it’s hard to alert customers of this while they’re shopping in store. One way in which customers can interact with your business digitally in store, however, is through the use of touch screen monitors or tablets. Typically these tools will display information regarding products and allow for customers to pinpoint exactly what features they’re looking for in a product from your business.
Cross-selling and upselling are two techniques sure to improve your retail organization’s processes both in-store and online. For additional information regarding the integration of these techniques, take a moment to review the infographic coupled alongside this post. Courtesy of IDL Displays.