Retail Strategies That Include Personalization Will Bring in More Customers
Consumers have 24/7 access to goods and services today. They can still go to a brick and mortar shop, but they can also jump online at home and make a purchase on their computer, or they can shop on their smartphones or tablet computers while commuting to work. With so many ways to shop, retail strategies have to be robust.
To reach out to more prospective customers, you have to personalize your retail strategies. Marketers in just about every industry have embraced this as a fact of life now, and their strategies are proof of it. In fact, Gartner reports that companies that use personalization tactics will see their revenues increase up to 15 percent by 2018. So, how can you personalize the shopping experience for your customers?
In some ways, the best personalization comes via predicting what your target market wants. You start by finding out their preferences, and this involves digging into your data. By keeping track of their history with you, the path to what they’ll do in the future becomes clearer. Fortunately, when you lay out all the characteristics of your target audience, you can also predict the behaviors of that demographic, even if they haven’t shopped with you yet.
You can use software such as Microsoft Dynamics 35 or Adobe’s Marketing Cloud solution to assist in tracking the preferences of your customers. You can also get a better insight into customer behavior by doing your own research, such as mailing (snail mail or email) surveys to your customers to find out how they found out about you, how they researched your products, where you’re doing your best and where you could use some improvement.
Another way to personalize is to give your customers options, and not just options in your products. Consumes today want more flexibility in how they spend their money, which is why offering consumer financing is such a popular marketing tactic today. Consumers want to feel empowered, and consumer financing gives them that sense of buying power they might not have otherwise.
Another reason financing has become popular is that when you work with the right financier, you get paid up front and your financing company handles all the paperwork and billing.
Order size also tends to increase when you offer financing. If you want to reach a larger audience, choose a third party that will work with people who have A, B, and C level credit ratings.
At The HELPcard, we’ve built custom consumer financing programs for organizations in a number of industries, and we can do the same for you. If you’re ready to start offering a more personalized approach to doing business, then you need to include us in your retail strategies today.