Achieving long term success within the retail space is a challenge few organizations have overcome. Strategies of old would suggest that new customer acquisition is the key to a fruitful set of profits in the retail space. Newer strategies would suggest that finding ways to keep existing customers happy and willing to make additional purchases would be the best course of action. The truth is, each retail organization and their customers are different, which means there isn’t exactly one right answer. However, there is a mixture of strategies that suits both new and existing customers well; this post will serve to detail these strategies in length and help any struggling retailer make the adjustments they need to make to regain success.
The reason so many retailers are struggling to make these changes is because they’re interested in ways to produce more consistent dynamic revenue growth. The most sound way to improve this growth 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.
One thing the infographic emphasizes is how important omnichannel marketing is to achieving both this strategy and finding any success in the retail industry today. A well-established digital presence can be the deciding factor between bringing new customers into physical retail locations that would otherwise never had interacted with a business.
Digital marketing has become increasingly important as the amount of online exposure retailers can receive has skyrocketed. Think about it, most customers don’t spend all that long shopping in physical retail locations. On average, a customer will spend anywhere between fifteen minutes to an hour in a retail store. A strong digital presence allows retailers to continue to engage with their customers long after they exit their physical locations. In fact, a number of the strategies retailers use digitally are meant to attract customers to physical retail locations.
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.
Considering the contrary for a moment, some digital techniques in store are quite effective for the same reason. For example, touch screen monitors or tablets are great for displaying critical information regarding products in store while also allowing customers to interact with these tools and get a more hands-on look at everything a product has to offer.
Understanding now that the number of ways to maintain customer interest and acquire new customers simultaneously are limited, the importance of blending the online and in-store retail experience should become that much more clear. If your organization was interested in learning more about the different strategies some of the retail giants use to maintain customer retention and acquisition rates high, be sure to take a moment to check out the infographic featured alongside this post. Courtesy of IDL Displays.