Here, we will explore the reasons why some businesses fail to retain their current customers. Also, this article will also discuss how clever marketing strategies can help these companies increase lost sales and engage with their existing customers better, so keep reading to find out what it is.
1. Recover abandoned shopping carts
Losing a client or customer isn’t just a matter of frustrated business owners but can have dire consequences on your business’s revenue potential. One report gave insight into the number of people who abandon shopping carts during checkout. According to the report, more than 75% of online shoppers were reported to have abandoned a purchase at some point in time, which resulted in a loss of 37 billion dollars due to failed transactions in 2013 alone. In the eCommerce world, this number has only been increasing as more and more shoppers are purchasing their goods online. On average, an online business loses out on 7% of its shopping cart value when a shopper abandons it, showing that it is very important for these companies to implement strategies to recover lost sales. One way they can do so is by initiating contact with abandoned shopping carts through email, text messages, or phone calls, but we will talk about that more in the next paragraphs. So, if you want to get more clients and more revenue, this is the way.
2. Upselling & Cross-Selling For Spreading The Word About Your Products And Services
In the retail business, one of the main goals that businesses want to achieve is to get customers to spend more than what they expected. As a retailer, you can accomplish this by engaging in up-selling and cross-selling activities. The two are commonly used strategies in eCommerce for spurring higher sales among existing clients. Upselling involves persuading shoppers to purchase an upgrade or added product, whilst cross-selling entails suggesting other complementary goods or services alongside the primary item being purchased. Both strategies aim at increasing spending, thus making it possible for stores not only to retain their current customers but also to attract new ones because of the increased credibility generated from having satisfied existing customers recommending products and services through word-of-mouth marketing. Also, businesses tend to stand out from their competitors by employing these strategies, thus increasing sales and revenue.
3. Making Use Of Different Marketing Channels To Communicate
Marketing channels are crucial to the success of any business as it puts the business in touch with potential customers. There are several channels that can be used for this purpose, but a smart marketer will pick those that have the highest audience reach and engagement, multiple touches over a long period of time, and a higher return on investment. For example, email has been found to be one of the best channels for marketing due to its low cost, high returns, and an individual’s ability to control what advertisements they receive from businesses through opting out or adjusting email preferences. Another great channel is a text messaging, since people spend a good part of their day holding their phones, thus making them ripe targets for marketers offering deals, etc. This is a much more direct form of communicating with clients since messages are typically answered immediately or within the next few hours.
4. Personalized Messages Means More Sales
One way to reach out to clients is by personalizing messages. This not only makes clients feel appreciated but also serves as a reminder of your brand or business. Having personalized messages can lead to better engagement with clients, which could potentially result in an increase in sales. This is why it’s important for marketers to create targeted email lists, so they don’t waste time sending messages that won’t get any response. Personalizing content by including the client’s name, brand preferences, or even using emojis has been shown to have better results than not personalizing content at all. It can be used in introductions, quick tips, and reminders. These messages can be sent through emails, texts, and social media platforms. For example, marketers can send a free sample that will remind clients of available deals and promotions.
5. Retargeting For Other Channels
Retargeting is another strategy that can be used to re-engage existing clients. This marketing strategy uses cookies to track online consumer behavior such as the history of pages visited, duration spent on each page, and the like. It then targets those people through other marketing channels such as email, social media, or display ads, thus creating a personalized advertisement for current clients. One way that marketers employ this strategy is by offering visitors coupons if they go back to an abandoned shopping cart and complete their purchase. The idea here is to re-engage original visitors and remind them why they were there in the first place. These strategies have been known to increase conversions and generate more sales among existing customers than cold advertisements sent out randomly without any optimization.
Marketing strategies often focus on gaining new customers and increasing brand awareness. However, regaining lost sales can be challenging since it requires marketers to go back to the drawing board and employ different strategies in order to achieve results. With some hard work and creativity, you can boost your business’s bottom line and be as successful as you can!
Founder Dinis Guarda
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