LIVONIA, Mich.--(BUSINESS WIRE)--Valassis, a leader in intelligent media delivery, today shared best practices to help brands drive long-lasting relationships with customers in advance of Valentine’s Day.
The saying, “you don’t know what you have until it’s gone,” can also be applied to customers. Acquiring new customers is always a main goal for sales and marketing teams; however, retaining existing customers is imperative as it costs five times as much to attract a new customer than to keep an existing one.
“In today’s competitive environment, customer retention is a top challenge for marketers, as shoppers are willing to switch brands over a small misstep or to simply take advantage of a better deal from another brand,” said Curtis Tingle, chief marketing officer, Valassis. “To win, marketers must be on top of their game – basic segmentation is no longer enough. Marketers need to truly understand their customers and successfully tap into relevant data insights to fuel personalized and timely marketing efforts, ultimately reaching and activating consumers throughout their day – at home or away – to influence their purchase decisions.”
In the spirit of the upcoming Valentine’s Day holiday, Valassis has compiled the following top three tips to help marketers strengthen and retain their customer relationships this year:
- Make personalization a priority. Shoppers continue to leave contextual clues behind about their behaviors and preferences. In exchange for providing this personal information, they want a personalized experience. Knowing a consumer’s name is not enough. What channels do they use for researching products and making purchases? What can be learned from their browsing history? How do they move throughout their day and what are their purchase habits? Marketers should be observing these trends and using them to their advantage so that each interaction with a customer is tailored to that individual.
- Offer relevant deals. Unfortunately you can no longer trust that customers will remain loyal, as 82 percent of brand loyal shoppers said they would switch stores to take advantage of weekly specials, according to the 2016 Valassis Coupon Intelligence Report. Not only should brands offer deals, savings and coupons to drive sales, they should ensure these offers are relevant and timely for shoppers, then deliver them via the optimal, digital and print channels. For instance, deploy an email offer for an item a shopper typically purchases, ensuring the discount can be redeemed both online and in-store. Complement this strategy by mailing a print coupon as well, for maximum impact.
- Leverage online and offline data for local targeting. Not only do shoppers respond to offers and opportunities that are pertinent to them, they respond to local promotions that offer deals for nearby retail and restaurant locations. In fact, last year 55 percent of consumers visited a store, restaurant or business after getting an offer on their smartphone/tablet when near the location, according to the 2016 RedPlum Purse String Survey. By tapping into online and offline data, marketers can engage on-the-go shoppers at the right time and place with local, relevant opportunities. As an example, those living in a neighborhood where a new restaurant has just opened would likely respond to a special offer received via direct mail, while shoppers on their lunch break and in close proximity to the new restaurant might respond to an offer sent via mobile. Having and leveraging the right intelligence about consumers can help marketers reach shoppers where they are.
For additional tips on driving brand loyalty for lasting customer relationships, please see our Top 10 Loyalty & Local Marketing Practices.
Valassis is a leader in intelligent media delivery, providing over 58,000 clients with innovative media solutions to influence consumers wherever they plan, shop, buy and share. By integrating online and offline data combined with powerful insights, Valassis precisely targets its clients’ most valuable shoppers, offering unparalleled reach and scale. NCH Marketing Services, Inc. and Clipper Magazine are Valassis subsidiaries, and RedPlum® is its consumer brand. Its signature Have You Seen Me?® program delivers hope to missing children and their families. Valassis is a wholly owned subsidiary of Harland Clarke Holdings.