(Retain + Acquire) x Engage = Formula for Successful Retailers!

May 2, 2012

Engage, POS, Technology

You can’t be shocked, it’s 2012 and it’s the culture of retail, customers more than ever already know or easily discover everything they want to know about products they are looking to purchase, from review to the price they want to pay.   So SMB retailers need to implement the right formula for a successful business and a major part of that is Customers Customers Customers!

Retain your Customers:  So the first step in the formula is addressing your current customers.  If you are unable to retain these customers you are not getting a return on your investment.  Start with implementing a retail cloud commerce solution where you can build a data base of your customers at the point of purchase, with personal information and information that will start tracking their purchases.  Using the cloud commerce system gives you access to this data at any time not just when you are in front of your POS.  This gives you an opportunity to retain these customers as you now have access to keep in contact with them through marketing channels.

Acquire new Customers:  Acquiring new customers is also an important step in the formula for retail success and can be achieved using the right retail cloud commerce solution.  With 38% of mobile users looking up products on their phones, and 75% of consumer spending taking place within 15 miles of their home, it is opportunity to acquire new relevant customers looking to purchase products you are carrying through shop local marketing.   Advertising in newspapers and magazines can be costly with little or no return on your investment. The chances are you may not necessarily be targeting the customers at the right time that they are looking to purchase.  Online marketing is also an option but unless you are willing to set a daily budget of $50 or more you may not be guaranteed to show up on a high ranking search.  Do you look beyond the 2nd or 3rd page?    When these new customers walk into your store be sure to add them into your data base so you now have a record for them.

Engage your customers:  Once you have built your data base with your customers’ information, a benefit that cloud commerce offers retailers is analytics of your customers.   So what do you do with this information?  Start engaging your customers with relevant information.  I will go into depth on Engage your customers in my next blog!


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