A Guide To Providing The Most Complete Retail Experience For Customers
When considering which customer group a retailer should focus on, these organizations should remember that they have a 60% to 70% chance of making another sale to a current customer, compared to a mere 5% to 20% chance of selling to a new one. While it’s clear that a number of organizations should prioritize appeasing to their existing customers, they continue to spend immense amounts of their marketing and advertising budgets on improving new customer acquisition. If your organization is currently ignoring it’s most loyal customer base, which also happens to be their best source of return on marketing and advertising investments, it may be time to adjust your retail marketing strategy to one that’s set on your existing customers.
Every retailer is interested in ways to produce more consistent dynamic revenue growth. One of the first steps to increasing this revenue is tightly connecting the online and in-store customer experience. When these two mediums are brought together, customers receive a unforgettable shopping experience when visiting retail locations and can continue their search for their ideal product even after they leave the store. Techniques known as cross-selling and up-selling can occur when customers are thoroughly engaged.
As more and more retail operations transition more heavily into the digital environment, your organization will have to adapt accordingly. Most retailers are already touting an omnichannel marketing strategy, but if your organization is not, it’s time to reconsider. Omnichannel marketing allows synergy between in-store retail and online shopping that can improve customer engagement by a sizeable margin.
For those retailers without an omnichannel strategy, keeping customer engaged can be a challenge. Most customers in a brick-and-mortar retail location will only spend about 15 minute in the location between searching for products and purchasing their products. The retailers with an established digital marketing presence are able to interact with the customers that leave their store through social media pages, text alerts, e-mail offers and the like. Providing ways to digitally interact with your retail operation is a huge benefit to an omnichannel strategy.
Omnichannel strategies also pave the way for increased personalization. With these strategies, customers can receive personalized communication and offerings that would otherwise be considered generic sales in-store. 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 adapting to these strategies can lead to additional sales from returning customers.
While it may seem challenging to adapt to the new way in which retail organizations are operating today, more and more businesses are finding a way to be successful than ever. If you’re having trouble establishing the right balance between digital and physical in your retail organization, consider taking a look at the infographic coupled alongside this post for more helpful information regarding omnichannel marketing strategies and up-selling and cross-selling techniques. Infographic courtesy of IDL Displays.
