What is the secret strategy that keeps customers coming back into your retail store? In this article you discover the secret strategy to effectively scale your retail stores’ ROI. The global retail market had sales of approximately 24 trillion U.S. dollars in 2018. So there’s a lot of opportunity in this industry. So, whether you’re just starting out or you’ve been in business for sometime, here are 6 retail marketing strategies to increase your ROI.
Make Use of Digital Loyalty Platforms
Studies have show that about 70% of first-time customers do not return to make another purchase. In another survey, it was discovered that an increase in customer retention rate by just 5 percent increases profits by 25% to 90% and also that it costs more to acquire customers than to retain customers. Hence the need to find a means to retain customers and keep them coming back to purchase more.
Additionally, consumer purchasing behavior changes overtime, hence the need to gather relevant consumer data in order to offer your customers personalized experiences. The best use case for digital loyalty cards is one that offers rewards and points. If customers know that they’re getting something back for every dollar spent they would be more motivated to make another purchase.
Additionally, digital loyalty cards improve your communication with your customers. You will be able to send them personalized messages and email, they would be the first to get notified of your offers, and discounts. All these create more engaging shopping experience. The data from digital loyalty cards can even give you details of your top 20% customers (that is, the twenty percent of your customers driving 80% of your revenue.
Leverage Social Media Marketing
Social media marketing is a must for every business that is ready to grow their brand awareness, engagement and ultimately revenue in 2020 and beyond. Social Media allows you to position your brand right in front of your customers and get immediate customer feedback. With social media marketing, you are more empowered to build a conversation around your brand and grow your reach.
Additionally, social media platforms even have a feature that allows you to run sponsored ads to reach new markets. Millions of businesses worldwide run Facebook ads and they’ve seen an increase in revenue through with social advertisements. To succeed with social media marketing, we advise that you create a social media content strategy that will involve posts, videos and live appearance. Also ensure to monitor and optimize your engagement for more opportunities.
Create Impressive storefronts and Proper in-store merchandise
The appearance of your storefront and displays will influence customers purchasing behavior. Your storefront should be impressive enough to grab passersby attention that they’d even want to take a look and see what you have. This could ultimately lead to their making a purchase. And in fact get then enrolled into your digital loyalty platform to keep them coming back as loyal customers. Properly arranged merchandise would also create a visual effect to enable them make more purchase.
Get on E-commerce
E-commerce is not as difficult as it seems. Sometimes shoppers do not want to leave their homes. Some even prefer shopping online. How do you serve these types of customers? A lot of businesses have taken their stores online and they’ve seen increase profits. You’re also more empowered to run Facebook ads, Google ads to your online store to boost your retail sales.
Success with e-commerce depends on fast delivery times, proper fulfilment in terms of packaging and shipping. Ensure to factor these in your strategy so you can deliver the best online shopping experience
Deliver Top-notch Customer Engagement
A good customer engagement enables you to be able to easily upsell and cross-sell to your customers. You cannot upsell/cross-sell to a customer that is not satisfied with your level of engagement. Ensure to train your staff on how to engage customers and deliver top-notch customer experience. Shoppers should be comfortable within your environment so ensure to create a lively experience that makes them feel at home within your retail store.
Deliver Top-notch Customer Service With a Call Analytics Solution
Customers are always happy if they can speak with you on the phone before coming to your store to make a purchase. How do you track these calls coming to your business? A call analytics solution ensures that calls coming to your retail store are tracked and you get a detailed report of where these calls are coming from. With this approach, you’re able to identify potential market and also deliver quality customer experience.
You can effectively scale your retail marketing ROI if you find a way to keep customers coming back and also a way to win more new customers. Social Media marketing, e-commerce, call tracking and digital loyalty cards are methods used by successful retail companies today to increase their revenue.