Many retail businesses are tasked with identifying whether or not new customer acquisition will be more beneficial than existing customer retentionIt may seem easy considering one set of these customers is already loyal enough to return to the business and purchase again, but many retail businesses often disregard their existing customers in hopes to attract new ones at any costRecent research indicates that, despite their best efforts, retail businesses find little to no success in reaching new customers when compared to their existing customers with most methodsThis post will detail the ways in which a retail business can adopt their strategy in such a way that both these sets of customers can be properly cared for.
Before getting into how both these sets of customers can be tapped into, it’s important to consider that many organizations making these decisions are doing so in attempts to improve their dynamic revenue growth year over yearWouldn’t focusing more on their loyal and regular customers be better suited for those goals? It can be a challenge for these retailers to identify ways to satisfy both their existing customers while simultaneously appealing to new customersWith some help from the infographic accompanying this post, retailers may have an easier time solving that challengeA first step for the retailers struggling with this is finding the most optimal way to incorporate online and in-store selling techniques that improve the customer shopping experienceStrategies such as cross-selling and upselling are great at targeting both new and existing customers.
In order to be truly successful in such a digital environment, your organization must be willing to adapt to an omnichannel marketing strategyTechniques 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.
Consider this, about how often do 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 frequentlyIn 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.
An omnichannel strategy’s strength is predicated on how long customers spend in retail locationsOn average, most customers spend about 15 minutes to an hour in physical retail locationsMore often than naught, they enter a store knowing exactly what they’re looking for and as once they purchase it they leaveA strong enough social media presence means that the customer never stops interacting with this business despite leaving their physical locationText message offerings and different coupon codes sent via e-mail are the perfect ways to drag these customers back into the store.
How can a strong digital strategy impact the in-store experience though? Well, one method that has become fairly standard in most retail locations is digital signageWhether that be an interactive tablet that allows customers to browse the items in-stock in a particular retail location or signage meant to display important details about a particular set of productsDigital techniques are capable of simplifying the customer’s process in-store when utilized correctly.
As it’s been laid out throughout this post, it’s clear that finding the ideal mixture between digital and physical presence is a real challenge for a number of retail organizationsFinding the right strategy that blends these two methods together to ensure each customer is getting exactly what they deserve from your organization will take time and some adjustments along the wayTo learn more about the ways your organization can continue to improve the customer experience, be sure to read on to the infographic featured alongside this postCourtesy of IDL Displays.