With the explosion of smartphones and the never-ending connectivity we face in our modern world, few businesses are truly “the only game in town,” these days. There are tons of sites popping up online that offer the same (or more attractive deals) on products we can get locally, and this makes attracting and retaining customers infinitely more challenging – from both a local, and online standpoint – respectively. By understanding that today’s consumers are smarter, more empowered, and better connected than ever before; businesses can understand the importance of attracting and retaining new customers with mobile technology.
Focus on Retention, Not Just Acquisition
One of the hardest things for a business to do is go out and drum up new customers, as compared to retaining the current one’s they already have. According to Flowtown, its 6 times more costly. This is one way to look at loyalty programs differently as a way to boost profits. In 2011, loyalty programs generated $300 million, and they’re projected to generate $1.7 billion in 2015. There’s also a sizable opportunity for business owners who have yet to implement or fully realize their own loyalty programs, as identified by Forbes.
Make it Easy for Customers to Buy
Its almost unfathomable to comprehend that there are still many businesses in 2013 that still don’t accept credit card payments. This non-acceptance of credit cards results in $100 billion in lost revenue annually. Another way businesses can cash in is by accepting NFC payments. 95% of smartphones released in the latter half of 2012 were NFC-enabled. So if your business doesn’t offer NFC coupons, then now is a great time to jump in.
Embrace Mobile Marketing
Just a few years ago, mobile technology was still getting the cobwebs shaken out. But now, mobile has rapidly evolved into the next great marketing channel – as the result of more and more people owning smartphones. Mobile advertising is projected to skyrocket by as much as 400% over the next 4 years, and more than $1 Trillion in purchases from mobile devices are expected to be made by 2017.
In the everlasting battle to find and retain customers, it’s becoming critical to establish a mobile presence and firmly integrate mobile technology into your overall marketing strategy to engage customers on their own terms — threw their smartphones.
via: Merchant Warehouse