The statistics featured in the infographic coupled with this post indicate some alarming rates when considering selling to new customers versus selling to existing customers. A nearly 60% to 70% chance of reselling to an existing customer, compared to a 5% to 20% chance of finalizing a sale with a new customer. However, even whilst this alarming difference, organizations around the world continue to prioritize targeting new customers rather than focusing on their existing loyal customers with their marketing budgets. If your organization is currently falling into the same trap, no need to worry. This post will detail the how to get the most out of your existing customers and increase your return on investment.
For organizations struggling with developing new and innovative ways to increase their dynamic revenue growth, the accompanying resource is an excellent place to gather some ideas. Utilizing a strategy that interconnects both online and in-store sales techniques is a successful way of creating the most customized shopping experience you can for your loyal customers. Typically, the most personalized shopping experiences come in the form of online shopping, however, when executed correctly, those same tactics can be used in physical retail locations. These tactics, in addition to the up-selling potential of sales representatives in physical retail locations, create the most ideal scenario for both your organization and your customers.
The way that these sales techniques work in congruence with one another has become very similar to the nature of the marketing strategies for most retail businesses. Omnichannel marketing has become much more popular as a result of our technological advancements as a society. However, despite this fact, a majority of retail-oriented businesses have failed to adapt to the landscape. A well-integrated digital marketing strategy, in coordination with strong sales tactics in physical locations, is the most ideal combination for retail businesses.
Why is it some important to have such an established online presence, though? Well, think of it this way. How long does a customer truly spend in a store during their typical retail business visit? On average, each customer will spend between fifteen minutes to an hour in your store. After they leave, they won’t have a chance to interact with your brand until they return for their next purchase. Unless, of course, you have a reinforced social media presence or online marketplace where customers can continue to engage with your business even after they exit the store. Online sales tactics targeted toward these customers who visit physical locations are also great tools for increasing the frequency in which your customers visit your stores. Think of something along the lines of an online only notification for a sale in-store that’s meant to drive more business into retail locations.
These omnichannel strategies also increases the feeling of personalization that customers will receive from your businesses’ offerings. Without these methods of communication, customers may feel undervalued or unappreciated despite their loyalty. Personalized e-mail and text communication can truly make all the difference. Whether these messages be focused on promotions of particular products or incoming sales, it’s hard to alert customers of this while they’re shopping in store. One way in which customers can interact with your business digitally in store, however, is through the use of touch screen monitors or tablets. Typically these tools will display information regarding products and allow for customers to pinpoint exactly what features they’re looking for in a product from your business.
For more information on how to integrate these strategies into your business, be sure to review the infographic coupled with this post. Courtesy of IDL Displays.