As the accompanying resource points out, retailers have a 60% to 70% chance of selling to a current customer, but only a 5% to 20% chance of selling to a new one. Yet despite a multitude of statistics that show this, and the gut instincts of experienced retailers that confirm it, the majority of most retail marketing budgets are devoted to customer acquisition.
Is your retail marketing strategy overlooking the best source of ROI, the existing current customer?
If you are looking for creative ways to produce dynamic revenue growth, the accompanying resource is the perfect place to start your search. By weaving online and in-store techniques, you can give customers an enhanced shopping experience in the store and online by promoting personalized, relevant and appealing offers for related products (cross-selling) and better ones (upselling).
If “omnichannel marketing” is an abstract idea you can’t quite get your head around, the resource contains several real-world examples of how omnichannel marketing can play out in the brick-and-mortar retail store.
Bringing digital marketing into the store is a powerful and highly effective tool for several reasons.
First, customers are in your store for perhaps 15 minutes to an hour. That said, customers can interact with your brand much more frequently and for a longer total period by visiting your social media pages and your online store, and by engaging with your email and text communication. Alerting customers digitally to an in-store sale of a product related to one they have already purchased stands an excellent chance of bringing them into the store now — and then purchasing that related item.
Second, as just touched on, customers of all stripes love personalization. Not only does a personalized message make them feel special, but perhaps more important, the message is highly relevant because it is based on their purchases. In the store, personalization is difficult to accomplish, but online, it can be done with relative ease.
Third, digital techniques used in the store can put the marketing message in the closest possible proximity to the action you want the customer to take. For example, if you have a screen displaying positive customer reviews of a refrigerator at the end of the refrigerator aisle, you’re virtually guaranteed of reaching the right customer at the right time.
Fourth, using digital techniques in-store assures that when the customer departs, he or she is still engaged and further purchases are on the table. An excellent example of how this works is giving the customer a sample of a product at the checkout counter that he or she can purchase online. Taking that a step further, with BOPIS (buy online, pick-up in-store), you may gain an opportunity to have that customer visit your brick-and-mortar store again after that online purchase. This is omnichannel marketing in action — and it works.
For more insights on upselling and cross-selling, please continue reading the infographic coupled with this post. Courtesy of IDL Displays.
