Has your business ever considered its effectiveness in how it sells to both new and existing customers? If your business is anything like a number of retailers across the United States, you may also be having trouble attracting new customers. As seen in the infographic coupled with this post, retailers have almost a 55% higher chance of selling to an existing customer compared to a new customer. Unfortunately, the mistake that many of these businesses make, and perhaps your business makes the same mistake too, is dedicating marketing and advertising budgets toward new customer acquisition methods.
Rather than prioritizing these customers, wouldn’t it be more beneficial for these businesses to find additional ways to continue making repeat sales to their existing customers?
Many businesses would argue that these campaigns dedicated to new customers is a way to improve their dynamic revenue growth. While it’s true that these methods may be successful, there are two sales strategies known to have a much larger impact on both new customers and existing customers alike: cross-selling and upselling. The impact that these methods have can be seen through the infographic coupled alongside this post.
In order to make these two strategies work in tandem with one another, the online and in-store experience must be tied together through an omnichannel marketing strategy. While it’s been a driver of the industry for some time, countless businesses fail to see how it can benefit their operations. The infographic provides a couple examples of how it can enhance an in-store retail experience.
Without this integration, many businesses would only have about 15 minutes on average to captivate one of their in-store customers. As this is the average time most shoppers spend in a store, businesses without an online presence would fail to ever connect with the customer after they leave their brick-and-mortar retail location. However, digital marketing strategies allows these customers to remain in contact with an 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.
These digital marketing means also allow a business to provide a level of personalization that would be hard to provide in-store. Personalized experiences for customers are much easier to achieve when a businesses’ algorithms understand a customer much more than a sales representative can within a brief fifteen-minute visit.
Though, it’s also worth mentioning, 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.
Omnichannel strategies are what allow businesses to get the most out of their existing customers while simultaneously working to build up a sense of staying power when attracting new customers. For additional information on how an omnichannel strategy could work for your business, please spend some time reviewing the infographic featured alongside this post. Courtesy of IDL Displays.
