An alarming statistic related to customer acquisition in retail organizations may surprise you. With a 60% to 70% chance of selling to a current customer, but only a 5% to 20% chance of selling to a new one, how are these retail organizations surviving despite focusing so much attention on new customers? This industry-wide trend still isn’t enough to convince organizations to spend less of their marketing and advertising budgets on targeting new customers instead of focusing on existing customers. While it’s true that a new customer can also become a returning one, focusing on developing strategies that appeal to all existing customers is much more sustainable.
This sort of focus is what allows organizations to produce additional dynamic revenue growth over time, as mentioned within the infographic featured alongside this post. This is accomplished through the tight connection of online and in-store sales techniques by any retail organization. Through online cross-selling and in-store upselling, retail organizations are able to provide their customers with some of the most personalized experiences in the industry. As the digital atmosphere continues to change, failure to adapt also means imminent failure in the retail industry. These organizations must be capable of integrating these omnichannel marketing strategies in order to be truly successful.
Without an omnichannel strategy, most retail organizations are unable to make a meaningful connection with their customers. Taking a look at an average visit from a customer in a brick-and-mortar retail location, a majority of customers will spend only 15 minutes in store while searching for their products. Not much time to make a lasting impact on any customer. However, with more of an emphasis on a digital marketing presence, any retailer is capable of remaining connected with their customers long after they exit their physical stores. Various social media platform interactions, text alerts or notifications, e-mail offers, and more are all ways in which retailers can target their customers online. All it takes is finding a unique enough spark to draw customers into physical retail locations.
As effective as these strategies are for improving the connection between retailer and customer, they’re also just as effective for providing a more personalized experience. Each and every customer receives uniquely personalized care through these omnichannel strategies. Through personalized communications such as customized texts or e-mails, customers can be alerted of specific products they were looking for or can be informed of a deal exclusive to these e-mail lists. Providing additional levels of personalization can truly transform the customer experience.
An omnichannel approach can also make for a huge difference in retail stores as well. For example, digital marketing tools in retail stores are often some of the best ways to attract customers to specific products. Consider an electronics store that offers appliances. Now let’s say a set of customers are visiting this store in search of a washer and dryer combo. Wouldn’t they benefit greatly from a way to compare all of the store’s offerings similarly to the way they do online? Providing a means to do this, typically done through a touchscreen monitor or tablet set up close to these appliances, can grant customers the ability to select and view the perfect set for them while in-store so they’re able to discuss their needs any questions with a specialist in store.
It can be challenging for any retail organization to leverage these omnichannel strategies effectively. For additional information on how to do so, be sure to review the infographic accompanying this post. Courtesy of IDL Displays.
