Tips on boosting your streams of income from home
May 21, 2020
“Capitalize on charm by continually captivating your customer.”
More often than not, small and medium retail businesses tend to focus just on customer acquisition. Unknown to them gaining new customers is great for business growth but one thing that can be a lot more important is customer retention.
Customer retention is typically cheaper than customer acquisition. One way to retain existing customers is through customer engagement. This is pivotal to the success of your business.
To establish an emotional connection with your customers, it is important to continually engage them.
Even if you ever doubted, the closure of stores and disruption of business activities as a result of the COVID-19 pandemic has further brought to the fore the relevance of quality customer engagement.
How can a business better engage its customers? Let’s get right into it.
Shopping Data Collection
Building a database of customers that curates sales information; purchase history, preferred payment method, and frequency of purchases is becoming a necessity.
Customer profiles, customer management data, customer engagement analytics, and customer activities are some of the customer information businesses may look to collect at the point of sale.
This database gives retailers detailed information about customers’ interactions with their businesses.
Data collection is never enough, it is important to interpret, analyze, and act on data for better decision-making. Available customer information is a good foundation for customer engagement.
It is also important to collect data the right way whilst obeying data privacy laws and ensuring data protection.
Customized In-Store Experience
Pricing and quality of products are two major factors that could influence sales numbers. However, customer experience is becoming increasingly more important.
Selling experiences is fast becoming more important than selling products. These days, one size no longer fits all. Customized experiences have become a way to distinguish your business from others.
Understanding what customers want from their shopping experience and curating a bespoke in-store experience for each customer is the way to go.
By combining online and offline customer data, every shoppers’ experience can be improved.
Customer Loyalty Programs
It is important to identify and reward loyal customers with special promotions. This unlocks great value for your business, increases sales, and boosts customer loyalty.
You may choose to offer your best customers with discount offers or even points that can be redeemed as gifts. In some other cases, you may want to offer cashback, airtime rewards, or birthday surprises to loyal customers. Such customers can also have access to exclusive events and offers.
This will only be possible when you have access to customers’ data and after proper analysis.
Retail businesses often send out news about product updates, feedback requests, and new offerings to customers.
Whether you are sending emails or text messages to your customers, it must be delivered with a personalized touch. You may want to include the customer’s first name or other personal information in the communication.
Customers also need to have the option of disengaging from such communications if they choose not to engage with such content. An example is making sure a customer can unsubscribe from receiving your newsletters.
To keep your hearts and ears close to customer demands, it’s important to occasionally request feedback from customers by reaching out to them.
All of these can only be achieved if customers’ data had been collected previously.
Targeted promotional campaigns
You can’t launch and run a successful marketing campaign without a set and defined target audience.
When running a campaign on a niche product, customer experience has to be a core consideration of such a campaign.
Your marketing campaign doesn’t need to be aimed at your entire customer base. Imagine how annoying it could be for a bachelor to receive emails about a women’s wear promotional campaign. What about a customer who wears only bright coloured tees being targeted in a promotional campaign for dark-coloured tees? Do you catch the drift?
It is important to take advantage of insights into customer behaviour and purchase pattern from available data. This is vital in running very targeted promotional campaigns.
Finally, the perfect tool for boosting customer engagements
Is that a broad grin on your face? We guessed as much!
You can join, hundreds of retail businesses in Nigeria that are making concerted efforts to boost customer engagement with the use of the Eyowo Retail solution.
Eyowo Retail helps you organize your business so you can sell more and grow your business; just one tool to manage everything.
From orders, payments, inventory, customers, settlements, to reports, Eyowo Retail does it all and more.