Retail Merchandiser - November/December 2017 - 117
TOUCHCR SOLUTION PROVIDER
and what they're purchasing, marketers
can send more personalized discounts
to attract and re-engage customers. For
example, if a customer has repeatedly
purchased the same product on Black
Friday/Cyber Monday in the past, or
has been viewing that product frequently without purchasing it, retailers
can offer a more attractive discount to
encourage the purchase.
"More than 154 milion
people shopped over
Thanksgiving weekend in 2016."
Like with acquiring new users, targeting existing customers with attractive
discounts for a holiday transaction is
also a balancing act. It drives retention
by pushing additional transactions, but
with an added risk.
Providing deep discounts all the time
to existing customers teaches them to
only make a purchase when presented with a sale or discount, which can
Once a customer has been captured, the margin
available for selling additional products to the
existing client is higher.
By leveraging deep customer insights, marketers
can send more personalized discounts to attract
and re-engage customers.
impact a retailer negatively from a profit
and loss perspective. Marketers can
balance this by recognizing that once a
client has been acquired, and the cost
of marketing to pay for that client is recovered, the margin available for selling
additional products to the existing client
With this, retailers can offer those
deep discounts to existing clients and
provide a profitable transaction, whereas
the same discount offered to a new client would create a loss-making transaction. It's this balance that is critical
to understand when driving marketing
efforts. Each part of the campaign needs
to reflect this, as well as the CRM or
marketing system being utilized. The
CRM must be able to surface this type
of data to know which clients to target
and to help marketers manage those
clients in the above way.
This move into the digital world
marks a significant opportunity for retailers as e-commerce continues to grow
each year. Marketers can use these above
strategies as pinpoints when developing
their holiday marketing to not only
increase sales now, but also yearlong. O
Ritchie Hale is the chief technology innovation officer and developer of TouchCR,
an advanced e-commerce platform used
by B2C companies to develop deep buyer
insights and market with significant relevance. Hale is a seasoned veteran in the IT
world, and has more than 25 years of experience in Internet marketing, e-commerce,
cloud computing and business intelligence.