Are retailers doing themselves a disservice when they decide on devoting all of their resources into attracting new customers? The statistics shared alongside the infographic included alongside this post would argue yes. When comparing new customer sales to existing customer sales, retailers have anywhere from a 60% to 70% chance of selling their products to their existing customers compared to a range of 5% to 20% when attempting to sell to customers for the first time. Understanding this, it’s hard to see why many businesses would continue investing so much of their marketing and advertising budgets into developing new customer acquisition strategies.

Wouldn’t it be more profitable for these businesses to spend more time focusing on their existing customers seeing as though they’re more likely to continue selling to them?

While this strategy may seem effective for profits, businesses are often on the hunt for fresh strategies that produce new and dynamic revenue growth. There is a chance that focusing on existing customer retention won’t amount to new revenue being discovered. One way that many businesses have seen success when it comes to attracting new customers and retaining existing ones is through the weaving of online and in-store techniques known as upselling and cross-selling.

These techniques are nothing without a steady customer base for businesses to use them on. In order to attract these customers, businesses must be willing to adapt to the omnichannel marketing strategies seen in the industry. Omnichannel marketing has become immensely successful and the infographic details a number of ways in it can benefit any business. Digital marketing is not only effective at drawing new customers in, it’s also an effective method of selling to customers in store.

It’s important to understand that many online operations will outperform physical retail locations. Which makes sense, as most customers visiting these stores only stay for 15 minutes to an hour on average. An omnichannel strategy ensures that when customers leave a store they remain able to interact with the business through online means. Social media profiles, a website that supports online shopping, text message notifications for sales in store and even e-mail coupons are just some of the extensions provided through this strategy. Digital alerts are the perfect way to bring customers into the store again.

Not only do these digital methods prove to keep customers coming back, they’re also much more personalized then experiences in store. It can be challenging for businesses to make a genuine connection within the fifteen minutes a customer visits their store. Whereas online, these businesses know everything about the customer, including their previous purchases. This is what makes offering personalized product recommendations online so much easier for the business.

Finding the right strategy to get the most out of your businesses’ customers is vital to the success of your business. For more help in identifying which strategy is right for your business, spend some time reviewing the infographic accompanying this post. Courtesy of IDL Displays.