Part II: The Top 7 Reasons You Need Effective Retail Promotions

Posted by Fred Lizza, CEO, Dydacomp

#1: Effectively Connect To Your Best Customers

It costs five times more for companies to earn a new customer than to sell to an existing one. If you’re not accurately identifying and effectively marketing to maximize sales from your existing customers, you’re missing one of the biggest opportunities to grow your business. This means that your customer list is one of your most valuable assets, but can you unleash its value?

In order to determine if this is an issue for your business, ask yourself these questions:

  • Do you have visibility into customer preferences and behavior across all of your channels?
  • Can you segment your list for targeted offers that increase response rates?
  • Can you incorporate ‘offline’ buying history in your retargeting campaigns?
  • Are you able to track and evaluate your ad spend to measure response and determine the cost of acquiring a customer, including PPC and online campaigns?

If you are not able to answer “YES” to all of these questions, then you are underutilizing your assets. Instead, you are most likely spending more time and money than you need to in order to increase revenue by focusing all of your efforts on new leads.

You need to have an order management infrastructure in place to handle all the necessary customer information to answer these questions, and more. It should not only process orders, but enable you to

To be continued…

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