As time and time goes on, it has become more and more confusing for retailers to determine which subset of customers is more important to their bottom line. Should they prioritize new customer acquisition and the strategies that follow it? Or would it make more sense to diversify their product offering so their current customer base can be sure to return for additional purchases? Finding the balance that keeps rates between new customer acquisition and existing customer retention high is the challenge every retail organization is faced with throughout their existence. This post and accompanying infographic will look to aid the process of finding the healthiest balance for your retail organization.
Both sets of the customers mentioned above are huge components of what makes up an organization’s dynamic revenue growth. Retailers often look to make adjustments to their strategies in order to facilitate this growth, such as tightly connecting the online and in-store techniques used to garner business. In doing so, any retailer is giving customers the most enhanced shopping experience while they’re in their 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.
An omnichannel marketing approach can be difficult to perfect. However, as a result of recent lockdown restrictions, it’s imperative to be able to pull off for the sake of any retailers’ customers. While some long-standing brick-and-mortar stores may be hesitant in adapting this strategy, it is in the best interest of both customer and organization. The ways in which both parties benefit is astounding.
An omnichannel strategy’s strength is predicated on how long customers spend in retail locations. On average, most customers spend about 15 minutes to an hour in physical retail locations. More often than naught, they enter a store knowing exactly what they’re looking for and as once they purchase it they leave. A strong enough social media presence means that the customer never stops interacting with this business despite leaving their physical location. Text message offerings and different coupon codes sent via e-mail are the perfect ways to drag these customers back into the store.
Strengthened connections with customers is only part of what a strong digital strategy provides. Another strength of retailers’ digital strategies comes in the form of personalization. This is largely seen through a customer’s account on any retailers’ website. With the right amount of sophistication, retailers are capable of tailoring a customer’s entire experience based on their activity on the site, their previous purchases and even their wish lists. Some shoppers may even have an easier time finding the right product for them from home, especially those who are hoping to remain safe amidst lockdown restrictions.
Finally, one of the largest differences these integrated methods make 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.
While this post serves as a great base of knowledge for retailers hoping to find the perfect balance between in-store and online retailing techniques, the truth is every organization has a lot more to learn before they can perfect their strategies. For more information on how to make the most out of these techniques, be sure to review the infographic accompanying this post. Courtesy of IDL Displays
