Driving Effective Customer Retention Today
The retail industry has undergone major changes and retailers are acknowledging that it’s 6-7 times more costly to acquire a new customer than to retain one. This same research shows that boosting customer retention by as little as 5% can increase profits up to 95%.
With these compelling statistics, offline retailers are urged to leverage eCommerce-like data collection to deliver personalized experiences that will keep customers coming back for more.
Download the whitepaper to learn about:
- The evolution and challenges of loyalty in the era of customer experience
- Leveraging tech to presonalize the retail experience for Generation E(xperience)
- A successful rewards program is within reach – fewer coupons, more sales
- The importance of data-driven, personalized marketing
Your loyalty program should be about more than offering discounts. Your loyalty and rewards program should be engaging and fun in order to keep your customers coming back for more. Here are some ways to enhance your loyalty program to create a culture of customer engagement that’s aimed at truly earning your customers’ loyalty.
Memorial Day is less than two weeks away (Monday, May 29th!) – marking the beginning of summer and a great opportunity to bring customers into your store with special sales and promotions. Street Insider reported in 2015 that nearly half of all consumers were not only planning to shop but willing to spend upwards of $100 on sales over the course of the long weekend. Consider setting up a bonus offer to keep customers engaged and reward them for visiting you over Memorial Day weekend.
Personalized marketing campaigns see higher conversion rates, improve customer experience, and ultimately reduce churn and increase loyalty. The key to personalization is truly knowing your customer and what they’re buying. Digital businesses can easily collect browsing and purchase histories to build customer profiles, and deliver personalized offers and recommendations. So what can brick and mortar businesses learn from digital marketing strategies of online retailers? Stick with me and I’ll explain…
Mother’s day is just around the corner (Sunday, May 14)! Now’s the time to get started planning your Mother’s Day promotions. As the third largest retail holiday of the year in the US (Hint – the others won’t be until winter), you really don’t want to miss it. Offering special rewards for Mother’s Day purchases is a great way to get shoppers through your doors. Read on for some of our top marketing ideas for Mother’s Day!
This article features an interview with Jake Fermanian, Vice President of Super King Markets, a 7 location independent grocer in the LA area.
What to do with all of this data!?
Well isn’t this a great problem to have: I now have a system in place to collect 100% of my transaction data in real time. What should I do with it? Who should have access to it? How do I leverage it to increase my bottom line? Where do I begin?
Data is only as good as what you’re able to do with it. You can collect all of the T-logs you want. You can run as many reports in excel as you want. But let me ask you something; what are you going to do with it?
SMS/Text message marketing can be extremely effective, with open rates of nearly 99% and click through rates of around 20% (compared with 20% open rates and 3 – 6% click through rates on email campaigns.). In order for you to send text messages to your customers, however, you need to get their consent. Without consent, you risk being hit with heavy fines and damaging your reputation. In the long run, acquiring consent to send text marketing to your customers will increase your conversion rates as these customers have expressed that they do indeed want to receive your messages – so these customers are already highly likely to respond to your text marketing offers!