The first Retail TouchPoints Customer Acquisition and Retention Benchmark Report, based on a survey of 100 retail executives, offers insights and analysis about the most popular tools retailers are using both to attract and retain customers, as well as the methods they use to measure the success of their marketing initiatives.
Key findings include:
• Marketers credit both acquisition and retention strategies with a number of bottom line benefits, including increasing sales and revenue, boosting social content and growing both email lists and web site traffic;
• Digital outreach strategies, including social networks, email, online ads and paid and organic search, are retailers’ top choices for customer acquisition;
• Referral/advocacy marketing succeeds by combining both acquisition and retention, using satisfied current customers as brand advocates to bring in new shoppers;
• Influencer marketing is growing quickly, but many retailers are still struggling with ways to accurately measure its impact;
• Retailers rely heavily on monetary promotions to drive customer retention, but to improve their bottom line they should explore non-monetary ways to recognize loyal customers; and
• Use of more sophisticated tools for measuring the impact of marketing initiatives, such as CLV and multi-touch attribution, is currently low but on the rise.
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