What’s the best way to grow your ecommerce business? Buying more PPC ads? Adding new affiliate networks? Ramping up your PR and marketing efforts?
What about selling more to your existing customers?
Years of research have shown that selling to existing customers is a more lucrative strategy than attracting new ones. All the way back in 2000, Bain & Company published a report on ecommerce showing that “a 5% increase in retention can lead to 25-100% increase in revenue”, and that when it comes to fashion, “a repeat customer buys 67% more than a new one”.
Bringing it back to the present, in 2012 Adobe released a whitepaper showing that you need to bring in 7 new shoppers to equal the value of just 1 repeat purchaser. Seriously, that’s 7 new customers to match the value of each existing one.
USING MOBILE TO RETAIN CUSTOMERS:
We think that a true multichannel strategy is key to retaining your existing customers. The more channels you have, the more chances for contact you have. Mobile marketing means customers can receive your messages wherever they are. And mobile commerce means that customers can take your shop with them wherever they go.
Here’s our top three ways you can take advantage of mobile to sell more to your existing customers.
1. Make your email marketing mobile-friendly
Your email database is one of your biggest assets, but have you thought about where subscribers will be reading your messages? Statistics from Knole indicate that 41% of emails are opened on mobile devices. If your emails aren’t mobile-optimised, you’re missing out!
But it’s not just about making sure they fit onto a phone or tablet screen. You should also consider content. Here’s some tips:
2. Create a community of engaged customers with mobile apps
If you’ve got an existing community of customers, mobile apps can be a great tool to keep them engaged. At Poq, we look for brands with a loyal following of customers on social media and existing mobile traffic of over 20%, as these companies are the most likely to benefit from an app.
A new customer is unlikely to download a mobile app for your brand, but someone’s who’s already bought from you a few times, and loves your product? They’re the perfect demographic for an app. They actively want to be told about special offers and new products.
Here’s some ways you can use a mobile app to encourage existing customers to buy:
3. Use mobile in-store to keep customers engaged
If you’re a brand with bricks-and-mortar assets, this is key. Here’s three tips:
So there you have it – using mobile to keep your customers happy is easy! Any other tips to share?