As you’ll notice from the featured resource, retailers have a much easier time selling to existing customers than they do to new ones. Just how much easier? Well, research indicates that there’s a 60% to 70% chance of reselling to existing customers, versus a 5% to 20% chance of selling to a new customer. What’s particularly interesting is that most organizations are aware of these likelihoods but continue to invest a majority of their marketing budgets into attracting new customers. Why is this?
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.
Another important take away from the featured infographic is that omnichannel marketing is imperative to the success of a retail business today. Having a digital presence strong enough to draw customers into brick-and-mortar stores is one of the many benefits that this form of marketing can have on a retail business. There are plenty of others, though.
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.
Building off a strong communication between customer and business, a sophisticated enough system could provide a sense of personalization to any customer’s account online. If their product suggestions are based on their previous purchases and preferences, they might have more luck finding the right product for them from home. This caters to customers who may prefer the safety of purchasing online while lockdown restrictions are still in place.
Alternatively, for an effective method in store, signaling with digital techniques can be a great tool to catering to the right customer. Let’s say your retail businesses sells appliances. If your customers are looking for the best dishwasher for them, consider including an interactive screen that will allow them to browse and filter all of the dishwashers in the store based on their needs. These digital techniques are crucial in ensuring a customer remains engaged even after leaving the store.
For more information on how to properly integrate these techniques into your retail offerings, be sure to check out the featured infographic accompanying this post. Courtesy of IDL Displays.