By Connie Hill, Founder and President, VeraCentra
Lack of relevancy advances customer defection. A recent study revealed that 63% of consumers have abandoned, or are considering abandoning a brand altogether because of irrelevant emails and junk mail. Failure to master relevancy can have a devastating effect on a retailer’s ability to acquire, serve and retain customers.
Executed well, relevancy can prevent customer defection, improve customer satisfaction and increase customer spending while reducing marketing cost. Retail marketers must understand the relationship between relevancy and customer defection and offer prescriptive recommendations for defying defection.
What is Relevancy?
Relevancy in marketing communications is commonly referred to as creating personalization or customization for potential customers. But relevancy also includes presenting customers with unique offerings, identifying channel preference and coordinating precision timing for marketing communications. In a nutshell, for both strategic and tactical application, Adam Sarner, CRM analyst at Gartner Group defines relevancy as: “basic demonstration of customer memory.”
Continue reading “Defy Customer Defection: 3 Steps to More Relevant Customer Communication”
As 2010 comes to a close, we wanted to thank you for your continued support and interest in Retail TouchPoints. 2010 was a telling year for the retail industry. The economy has begun a recovery, albeit a slow one. Mobile and social channels remain front and center, as new applications and technologies emerged to empower customers and give retailers an additional touch point through which to engage loyal shoppers. Facebook storefronts came to life for stores like JCPenney and Steve Madden. To top off the year, U.S. shopping expenditures grew approximately 3.3%, close to reaching the record numbers of 2007, according to the National Retail Federation.
As always, we welcome your feedback on our content and encourage suggestions for editorial topics in 2011. In order to keep pace with the changing environment, we are committed to reporting on the latest trends, solutions and technologies to provide cutting edge content to our readers.
For the final week of 2010, we have compiled a special edition of the top 10 most-read Retail TouchPoints stories of 2010. If you’re attending NRF’s Big Show in January in New York City, we encourage you to stop by booth #3122 to meet the Retail TouchPoints team and share your feedback with us. We’re also co-hosting a unique evening networking event for retail executives at Hudson Terrace on Mon. Jan. 10. Click here to learn more and RSVP.
Continue reading “Top Stories of 2010”
Social media possesses tremendous potential to drive incremental revenue for retailers. With the help of advanced analytics, retail organizations are gaining insights that allow them to more effectively promote their products to individual consumers. With access to close to 700 million combined Facebook and Twitter users, retailers are not only learning about shopping preferences and offering promotions to consumers, they are using social sites as a new shopping channel. Fill out the form below to download this whitepaper to explore advances in social media analytics and how retailers are tapping into the fast-growing segment of shoppers that get buying advice from friends and peers.
Continue reading “Improving Revenue and Customer Engagement With Social Media Analytics”
Supply chain consultant Tompkins Associates has released its Top 11 Priorities for Profitable Growth in 2011 report, citing three key strategies retailers should focus on in the coming year: a renewed focus on supply chain best practices, a continued need to keep inventories in check and a push to reach more online customers.
The complete list of Tompkins’ Top 11 Priorities is below:
Retail Best Practices: Best practices can have significant impact on a retailer’s bottom line, as well as their customer service. Leading practices in sourcing, transportation, inventory policies and distribution will provide significant value and increase competitive advantage.
Speed to Market: Retailers around the world are striving to reduce the amount of time between product design and placement on a store’s shelf. Competition, consumer taste and trends all increase need for speed to market. To improve speed to market, design effective and efficient supply chains – from planning through transportation to the destination. Continue reading “Top 11 Supply Chain Priorities For Retail Companies in 2011”
By Patrick Simon Bouaziz, Chief Visionary Officer, ILoveVelvet
In recent years, we’ve seen the Internet move from a communications medium in our side view to the forefront of everyday life, becoming the most heavily used means of information sharing. A recent Forrester report stated that for the first time, time spent on the Internet now equals time spent watching television. As 2010 comes to a close, it is clear that the social web, in particular, has fundamentally changed the way individuals seemingly do everything — from how people talk with their friends and family, to everyday business activities, to buying clothes and music. And now that social outlets have expanded themselves to include mobile-specific elements, consumers are increasingly surrounding their entire days with social connectivity.
The Social Aspects
Retailers have not been blind to these changes, adding embedded sharable elements to their web sites, but does this web site-only functionality lead to true, valuable word-of-mouth (WOM) marketing via the social web? Currently, online consumers are finding products on their own. The impetus to use social media to tell their friends and family about the products is largely contingent upon the product itself, or how active that person is within social channels. So how can retailers keep the conversation moving for more people over these evermore-important social channels? The answer is integration.
Continue reading “The Changing Face of Retailer-Customer Engagement”
As competitive differentiation has become more important than ever, retailers are challenged with “bridging the gap” between online and offline shopping channels. This white paper analyzes the results of the recently published Customer Experience Benchmark Survey conducted by Retail TouchPoints, tekservePOS and IBM. The research uncovered the tools, technologies and techniques retailers are utilizing to enhance the in-store shopping experience. Download now to learn more about retailers’ priorities for automating the in-store shopping experience in 2011, as well as some of the limitations in “digitizing” the store to make it comparable to the web experience.
To access this whitepaper, please fill the form below.
Continue reading “Bridging the Gap Between the Web and Store to Improve the Physical Shopping Experience”