There is more competition for every sale in today’s shopping environment.
The squeeze on after-tax wages for the youth, middle class and family demographics has continued to depress consumer spending. Add to this the fact that online retailers such as Amazon provide highly competitive pricing, fully stocked inventory and convenient delivery and it is evident that making that sale is getting harder and harder.
To address this your organization probably has a deep understanding of your customers’ demographics. The impulse to know your brand’s customer, their gender, geographic location, marital status etc to understand how to target and market to them is the right one.
But there is another factor your marketing department need to consider to really understand your customers. That is psychographics.
According to Harvard Business School, increasing customer retention rates by 5% increases profits by 25% to 95%.
Remember W. Edwards Deming’s assertion that, “Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them”.
In fact most of a brand’s revenue comes from its loyal, repeat customers. This is as your loyal top 10% customers spend 3x more per order than the lower 90%. Also note that if you can get a customer to come back and make a second and third purchase they have a 54% chance of making subsequent purchases.
As such customer retention is important and necessary. But how should your company keep your customers?
Here we go over key points your brand should be checking off;
Many big businesses owners are now moving to cloud POS to simplify their business operations, get better data and increase efficiencies. In fact 35% of operators named it as a priority for their next POS upgrade.
Here we go over why and how cloud POS can work for you.
Ready, set, go!
You’re almost ready to enter the world of social media. Or you may be revamping your existing social media presence. You have dreams of the droves of people eagerly lining up for a table outside your locations and fantasies about the food fans you’ll amass through your social media marketing efforts.
This is a good idea as even the perfect locations, well-trained staff and carefully curated menu can let you down without the proper marketing plan. More fundamentally, think of social media as another key way to reinforce any overall marketing message you have.