Utilizing Upselling and Cross-Selling Strategies To Your Advantage
Information shared within the accompanying infographic with this post indicates that retailers have between a 60% to 70% chance of selling to an existing customer, but only between a 5% to 20% chance of selling to a new one. Knowing the vast difference between success rates of selling to existing versus new customers, you’d think most businesses would prioritize maintaining the current customer base. However, a majority of retail businesses dedicate their marketing budgets to attracting new customers. Is your organization’s current marketing strategy disregarding the best source of return on investment as well?
If your business is looking for new and innovative ways to increase its dynamic revenue growth, the infographic featured with this post is a great start. With a double-headed strategy that utilizes both online and in-store sales tactics, you can create a customized shopping experience for your customers. This is typically done through cross-selling online, seen through product recommendations based on previous purchases or what’s currently in a user’s cart; in addition to upselling in physical retail locations, where sales representatives are able to promote higher quality products to customers.
Recent social and technological changes have also made an omnichannel marketing strategy much more appealing for retail businesses. Most existing brick-and-mortar stores may feel hesitant regarding this strategy, but the accompanying infographic details a number of the benefits that can come as a result of a well integrated digital marketing strategy in a physical location.
One of the primary benefits is the additional exposure your business receives as a result of a well-established online presence. A majority of the time, customers don’t spend all that long in physical store locations. Typically the range of time a customer spends in your store is between fifteen minutes to an hour. However, with a few fully fleshed out social media pages and an online marketplace, customers are able to engage with your business long after they leave the physical store location. With some specific strategies you could also attract more customers to the physical location as well. For example, posting about an in-store exclusive sale on any social media platform could bring the online-only shoppers into the store.
Another benefit of this strategy is the personalization that each customer receives. Through the use of email and text communication, customers can receive personalized messages that detail recommendations based on their previous purchases or upcoming sales related to their recent purchases. This is a bit more difficult to accomplish in store, but still possible! Rather than targeting specific customers based on their purchases, efforts done in store can attract potential customers through digital means based on the proximity of products in store. For example, if your business specializes in appliances, having digital material such as customer reviews displaying on a monitor nearest these appliances can be an excellent driving force for customers to purchases these appliances.
Lastly, utilizing more advanced digital techniques while in-store guarantees that the brand experience doesn’t end when the customer departs the store. For example, handing out samples of products that are only available online during the customer’s check out in-store. If a customer becomes interested in this product, they’ll be able to return to your businesses’ online portal and purchase it. One way this technique has evolved is through a buy online, pick-up in store technique. This is commonly seen through deals or savings that are exclusive to online but providing an inclusive environment for customers to pick-up their products also provides the opportunity for them to revisit the physical store location and perhaps find additional products they may be interested in purchasing. This is how omnichannel marketing works, and it is very successful.
For more information on these tactics, please check out the infographic featured with this post. Courtesy of IDL Displays
