Customers remain loyal to brands, but willing to visit new retailers
When shoppers find a merchant they like, such as one that offers specific products or one that provides exceptional service, they usually frequent that business often. This helps retailers build loyalty among these customers and turn them into advocates for their brands. However, recent research has revealed that while many shoppers stick with certain companies, many are willing to try out new retailers to see what they are offering. Businesses have tactics to retain consumers and turn them into loyal patrons, but how can brands attract new customers? There are several strategies that companies can follow to draw in potential shoppers and keep them coming back.
Consumers open to new retail experiences
One of the reasons shoppers venture to new merchants could be the improving economy, as individuals have more spending money and are willing to test out various products and services they are not familiar with. A recent study by Market Force found that of the customers visiting new companies, the majority were happy with their experiences and would consider frequenting those merchants again.
The research revealed that of the shoppers who tried out a new retailer recently, 60 percent were pleased with their experience, while 40 percent said they were either neutral about their visit or had negative opinions about that particular merchant. The majority who were satisfied with the new retailer stated they are more likely to return to make future purchases, the study discovered.
"In our findings, consumers who gave a five out of five satisfaction score were six times more likely to recommend the retailer to others than those who gave a four out of five," said Market Force chief marketing officer Janet Eden-Harris. "Focusing on great service and in-store execution is the best investment a retailer can make to grow same-store sales."
Try out daily deals for new customers
To attract new customers, many retailers rely on traditional techniques, such as posting fliers, sending out direct mailings and other strategies. These approaches still work, especially to draw in local shoppers. But another method that is effective is offering daily deals on websites. ZD Net writes that while some customers will only use their coupons once and perhaps never return, others become interested in what companies have to offer and are likely to visit again for additional purchases. Daily deal websites get brands' items in front of consumers, boosting the chances of sales and retention.
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