Devising A Retail Strategy Fit For Your Business

Devising A Retail Strategy Fit For Your Business

Every retail organization will struggle at one point or another when it comes to new customer acquisition and existing customer retention. While recent research indicates that retailers are much more effective at continuously reaching their existing customers, no retail organization can survive without the ability to attract new customers. With all of the techniques out there currently that target both new and existing customers, retailers around the world are left with the question: which of these methods is going to be the most successful for their organization? While it’s impossible to say there’s one right way for every retailer, this post will attempt to provide organizations with a sound foundation of methods and techniques to continue tapping into both of these sets of customers.

For businesses hoping to expand their methods of increasing dynamic revenue growth, the double-headed strategy detailed in the infographic featured alongside this post is a great place to start. Utilizing both online and in-store sales tactics, retailers can create the most customized shopping experience for their customers. Online, cross-selling is a very successful sales tactic. This is when product recommendations are offered to users based on elements like previous purchases, favorited items and even items currently in a user’s cart. In store, a traditional sales tactic is known as upselling. This is when sales representatives are able to convince already existing customers to purchase additional or higher quality items from the retailer.

The way that these sales techniques work in connection with one another has become very similar to the nature of the marketing strategies for most retail businesses. Omnichannel marketing has become much more popular as a result of our technological advancements as a society. However, despite this fact, a majority of retail oriented businesses have failed to adapt to the landscape. A well-integrated digital marketing strategy, in coordination with strong sales tactics in physical locations, is the most ideal combination for retail businesses.

What makes having such an established online presence so important, though? Ultimately, retailers want their customers to remain engaged with their business long after they exit their physical locations. As the average customer will spend anywhere between fifteen minutes to an hour in store, a retailers’ possibilities are a bit more limited. Whereas if they’re able to interact with that same retailer online through social media profiles or an online web store, retailers may find more success. This lays credence to the idea that online sales tactics are also quite successful when these customers visit physical retail locations.

These omnichannel strategies also increases the feeling of personalization that customers will receive from your businesses’ offerings. Without these methods of communication, customers may feel undervalued or unappreciated despite their loyalty. Personalized e-mail and text communication can truly make all the difference. Whether these messages be focused on promotions of particular products or incoming sales, it’s hard to alert customers of this while they’re shopping in store. One way in which customers can interact with your business digitally in store, however, is through the use of touch screen monitors or tablets. Typically these tools will display information regarding products and allow for customers to pinpoint exactly what features they’re looking for in a product from your business and whether or not it’s available in the current retail location.

Even though a number of the strategies detailed inside this post can help retail organizations, there is much more to be learned. To keep learning about the different ways your retail organization can continue offering both the most polished in-store and online experience for your customers, take a minute to check out the infographic included alongside this post. Courtesy of IDL Displays