The Canadian retail industry is booming, and so many people are looking to create a profitable business. However, with competition increasing in the market and changing consumer preferences, it can be hard to stay at the top of your game. So let’s discuss some different strategies that will help you increase your lifetime value per customer by creating more loyal customers.
How Can A Retailer Increase Lifetime Value?
Retailers can increase lifetime value by providing an exceptional customer experience. As every business wants to succeed, having the right people to be part of your growing company is vital. For instance, if you thought about hiring an accountant, you might think, “how can a cpa near me help my retail business grow and establish itself above the competition.” But, will it be beneficial in the long run?
Planning is essential, and some strategies to do this include:
- Offering a loyalty program that’s rewarding for the customer and profitable for the company, such as rewards or discounts on future purchases based on how much you spend in one visit (or within specific periods)
- Providing personalized service, so customers feel valued
- Delivering fast, accurate order fulfillment with no mistakes and returning any defective products quickly, hassle-free
- Earning your new customers’ trust by giving them access to exclusive content they won’t find anywhere else
This could be coupons or special offers only available through membership of their preferred retailer. Giving these members early notification about upcoming sales events will also help them feel special while providing the retailer a chance to build new customer loyalty.
The critical thing here is you must continue to offer incentives even after purchase. Retailers who have been around for decades know how important it is not just to get a customer to buy their product but also to continue to offer incentives for them to purchase from your company in the future.
You want people talking about how much fun shopping is at your store rather than just moaning about overcrowding and long queues! Make sure there’s enough space around each item, too – easier said than done if a significant event like Black Friday was only recently over. It may seem counterintuitive since more floor space often means lower profits due to higher rental rates, but it’s worth the investment.
You could also consider opening on Sundays so shoppers can get a break from their busy workweek and enjoy some time with friends and family! However, you’ll need to be careful not to fall into the trap of “always having something new in stock” – that will only lead you down an expensive rabbit hole as your store becomes cluttered and hard-to-navigate for customers.
To avoid this problem, make sure there are designated sections where items change regularly while other store areas remain more static. This is one way retail stores keep both frequent buyers satisfied by offering them new products every week, without driving away repeat visitors who want easy access to go-to staples like milk and eggs.
When it comes to pricing, the most important thing is that you’re confident in your prices and don’t second-guess yourself constantly. If customers point out an item, they like but think it’s overpriced, apologize for any confusion and offer them something similar at a better price.
Your goal as a retailer should be to create lifetime customers who trust what you have to say about every product–not one-time purchasers looking for deals.
What Are The Best Promotional Strategies Used In Retailing?
Canadian retail strategies are uniquely positioned depending on where you live because of our diverse population with different needs. To succeed in this cutthroat industry, retailers need to know their demographic inside and out – from children’s clothing sizes up through adult clothes – and understand their customers’ wants.
- Social Media
- Loyalty Programs
The best promotional strategies in retail are those that speak to the targeted demographic. For example, if you’re a children’s clothing retailer, free toys or unique coloring books would be an ideal promotion since these will go home with your target audience and reinforce your brand.
Another great strategy is offering discounts on items like school supplies during the back-to-school season. This can help build customer loyalty before they head off into the rest of their lives.
Furthermore, retailers should always be on the lookout for trends to stay competitive. You can do this by paying attention to fashion blogs, product reviews, and social media outlets like Pinterest or Instagram – it’s not just about what you’re selling but also how your customers find out about you.
Finally, loyalty programs are a great way of keeping people coming back to your store. Gather contact information when you make sales so that customers have an easy avenue for future purchases at their favorite stores.
It might seem counterintuitive at first glance but think of yourself as someone who provides good customer service rather than only selling products. If they come away feeling satisfied with the experience, then chances are they’ll buy again soon.
Regardless of which industry you’re in, it’s essential to have a robust online presence. If you can’t find the time or resources to create an effective social media campaign on your own, seek help from someone who knows what they are doing and is familiar with your industry.
However, don’t forget that even something as simple as reading through customer comments on Facebook posts will tell you plenty about what people like and dislike, so take this opportunity while you can.
Interesting Related Article: “The Dying Art of Customer Service“