Of the key statistics shared within the resource featured alongside this post, the most surprising one concerns a retailers likelihood of selling to new customers compared to existing customers. A 5% to 20% chance of selling to the former and a 60% to 70% chance of selling to the latter would surely draw retailers to focus more on providing for their existing customers, right? Except more and more organizations continue to dedicate their marketing budgets toward new customer acquisition. Is this truly the best way to acquire a competitive advantage in the industry?
Much like any organization, retailers often struggle with developing new and innovative ways to increase their dynamic revenue growth. With the help of the resource accompanying this post, however, retailers should be able to get a leg up on the competition. The resource is centered around an omnichannel strategy that connects online and in-stores sales techniques together to create a customized experience for any retailers’ customers. While most customers find that online shopping feels the most personalized as a result of cross-selling, with proper execution, the same tactics used online can be integrated into physical retail locations. Through these tactics and upselling strategies used by sales representatives in store, retailers can gain a competitive advantage.
An omnichannel marketing approach can be difficult to perfect. However, as a result of recent lockdown restrictions, it’s imperative to be able to pull off for the sake of any retailers’ customers. While some long-standing brick-and-mortar stores may be hesitant in adapting this strategy, it is in the best interest of both customer and organization. The ways in which both parties benefit is astounding.
Let’s take the typical physical retail location visit into account first. Not only has this experience been limited as a result of COVID-19, the amount of time customers spend in store was lower than most would expect even before COVID. On average, customers will spend 15 minutes to an hour in a retail location. Without a fully fleshed out online presence, that’s the last time a retailer has a chance to interact with that customer until they return to the store. However, with a fully fleshed out online presence, customers can continue to interact with a retailer long after they leave. Through text offerings, digital alerts or even specific in-store promotions exclusive to digital users retailers can draw in more customers to physical retail locations.
Now let’s consider how the online experience is impacted through these strategies. Most often, the level of personalization that customers receive is much higher online. This strategy only further fortifies that personalization. Through personalized e-mail and text communication, more and more customers will become aware of a retailer’s products or services. Whether that communication be focused on product promotions, upcoming sale information or even specific product recommendations, it’s hard to achieve this level of personalization in store. That’s not to say digital techniques shouldn’t be integrated to retail locations though. On the contrary, some digital techniques in store are quite effective. 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.
The integration of these digital and physical strategies can be difficult to manage. For more help and strategies on how to effectively connect these strategies, consider reviewing the infographic accompanying this post. Courtesy of IDL Displays