Which channels have high ROI in retail?
We know that marketing in retail consists of many different parameters. But these are the channels where you have the power to connect with your customers and build your brand – with low costs.
When you work with blog posts, short videos, or other kinds of content, you might not see a huge rise in revenue overnight. But these are smart ways to build relationships and set the ground for future purchases!
For example, you can create gift guides for him or her, show your most purchased products in a short video, or write about the latest trends and how you meet them.
When we’re not talking about ads, social media is completely free. And social media is not only necessary, it’s a must. This is where you catch your customer’s attention and engage them to make more purchases! Inspire your followers and get new ones, by doing things like:
– letting them vote for a new color of a popular item
– a contest to take the best picture of a purchase they made and be featured on your Instagram
– Share and get a spread of the guides and videos you’ve created on your website
Don’t make the mistake of thinking loyalty programs is just about stamp cards and bonuses based on the purchase amount. It’s the perfect way for you to get to know your customers, and act on it! Imagine creating segmented lists based on things like recent purchases, age, or location. Then create personalized offers based on these segments. Those kinds of offers will lead to way more revenue than just handing out a standard discount to everyone. Promise.
If you work with these channels, your customers will feel connected to, and like you. It all leads to the magical “word of mouth”, which hands down is the best marketing you can get – that doesn’t cost a penny.
How to increase the ROI of a loyalty program
Yes, we’re biased when it comes to loyalty programs and what a great deal they mean for retailers and their revenue. Since loyalty is a big part of what our platform helps you with! It also means we are sitting on tons of data that tells us what works in a loyalty program! Here are some tips on how you can increase the ROI of your loyalty program:
• Put effort into onboarding new members – Send the new member a welcome email or SMS and give them some kind of offer as thanks for choosing your program! The faster a new member makes a second purchase, the higher the likelihood of them becoming a loyal customer. A great way to do all this automatically is by setting up an automation that works for you 24/7, while you don’t even have to lift a finger.
• A reminder of higher levels and their perks – On the topic of automation, you can use it to set up an email or text that reminds the customer that they are close to reaching a higher level. This is a great way to encourage purchases and secure happy members that get to take part in better rewards.
• Unique rewards – besides discounts and reward vouchers, use your creativity and the knowledge you have on what your customers want. Think outside the box and offer experiences or different events! It could be an hour at your office or in-store with your head stylist, or an exclusive event just for VIP members.
• New customers acquired – How many new customers are you bringing in through your loyalty program? You can use gamification campaigns to get engagement going for your existing members and give them rewards for recruiting new members. In Voyado, you can also use the integration to Facebook to create a lookalike audience. Meaning you will be able to set up a list of customers in Voyado with certain attributes, and then create marketing campaigns towards their “twins” on Facebook.
To get all the tips, read more about what makes a good loyalty program and what to measure when it comes to ROI in retail – download the guide: The ROI of your loyalty program