As displayed in the infographic coupled with this post, retailers have a much better chance of selling additional products to existing customers than selling these products to new customers. The difference is actually quite staggering. Within the range of a 60% to 70% chance of selling to an existing customer versus a range of 5% to 20% of selling to a new customer. Despite most retailers being aware of this disparity, they continue to center marketing budgets around new customer acquisition methods.
Is your organization one of the many across the country ignoring the best-known source of return on investment in the existing customer?
Developing new ways to produce dynamic revenue growth can be challenging, but the accompanying infographic has a few known successful strategies businesses can incorporate. One of the most successful to date has been integrating online and in-store techniques to enhance the customer experience. The two techniques are known as cross-selling and upselling.
In order to get customers into retail stores, businesses must be willing to adapt to the omnichannel nature of communication. Omnichannel marketing has become immensely successful and the infographic details a number of ways in it can benefit any business. Digital marketing is not only effective at drawing new customers in, though. It’s also an effective method of selling to customers in store.
Consider this, most customers are in brick-and-mortar retail locations for anywhere between 15 minutes and an hour. Digital marketing allows these customers to remain in contact with your organization long after their visit to a physical location. Social media pages, a web store, e-mail and text communication; the alerts are endless. More and more opportunities to present customers with new products or sales of current products can lead to a competitive advantage.
Online sales techniques also allow for an elevated level of personalization. Providing personalized experiences or suggestions in store can be difficult, but with the right algorithm, personalized product recommendations online can be more precise for the sake of the customer.
Inversely, digital techniques used in store can also enhance the customer experience. For example, digital signage can lead customers to their preferred products based on customer reviews or price. Certain stores also have interactive screens that can be used to browse products exclusively in-stock at their location.
Ultimately developing a strategy that can bring customers back into the store after an initial purchase is imperative. Omnichannel marketing makes this possible. For additional information regarding upselling and cross-selling tactics, be sure to check out the infographic accompanying this post. Courtesy of IDL Displays.