Did you know that retailers have a 60% to 70% chance of selling to a current customer, but only a 5% to 20% chance of selling to a new one? Why then, do organizations spend so much of their marketing and advertising budgets on targeting new customer acquisition instead of focusing on existing customers? It’s hard to pinpoint exactly why organizations do this. However, it’s important for them to understand that the best source of return on investment, comes from developing a retail marketing strategy that focuses on the existing customers.
For organizations that are interested in ways to produce more consistent dynamic revenue growth, the infographic featured alongside this post is the best place to start. The most sound way to do this is by tightly connecting the online and in-store techniques used by your organization to garner business. In doing so, you’re giving customers the most enhanced shopping experience while they’re in your retail locations and maintaining their interest even when they leave the store through personalized offers online. These techniques are typically referred to as cross-selling and up-selling.
In order to be truly successful in such a digital environment, your organization must be willing to adapt to an omnichannel marketing strategy. Techniques from this strategy are able to be implemented in the store, and finding ways to integrate such digital marketing tools into the store is highly effective in terms of customer engagement.
For example, let’s take an average visit from a customer in a brick-and-mortar retail location. Most customers spend about 15 minutes to an hour in store while searching for their products and then purchasing their products. However, with an established digital marketing presence, your brand is able to be continuously interacted with even outside of any retail location. Social media pages, text alerts, e-mail offers, etc., are all ways in which customers can digitally interact with your business. A unique enough offer is the perfect catalyst for bringing customers into the store.
Another way in which these strategies are impactful comes from the need for personalization. Customers are able to feel like they’re not just another number to businesses 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.
Finally, the most integrated way in which these strategies can make a difference comes in the form of digital marketing in retail locations. Let’s take a typical appliance store as an example. If your customers are visiting your store in search of a washer and dryer combo, they’d welcome a way to compare all of your store’s offerings similarly to the way they could online. Providing a means to do this, perhaps through a touch-screen monitor or tablet, gives customers the ability to select the perfect set for them, all while being able to discuss their concerns and ask questions with a specialist in store.
Finding the right balance between digital and physical is difficult, but beneficial when executed correctly. For more information on how to integrate these strategies efficiently, be sure to review the infographic accompanying this post. Courtesy of IDL Displays.