As retailers want to deliver optimal business results, they must balance customer acquisition and retention. For the first time, Retail TouchPoints has conducted a survey on 100 retail executives in order to provide insights and analysis about the most popular tools retailers are using both to attract and retain customers, and the methods they use to measure their marketing initiatives’ success.
Key Findings of the Customer Acquisition and Retention Benchmark:
- Digital outreach strategies are the most popular for acquiring customers. Social media leading the list of tools (77%), followed by email (71%), and online display ads (62%).
- Concerning tools that used to retain customers, purchase discounts, free shipping, and loyalty program points ranked the top.
- 58% of retailers have increased their marketing budgets devoted to customer acquisition, compared to 48% of who did so for customer retention.
A Figure Shows the Most Tools That Retailers Use to Acquire Customers in 2018
Content of the “Customer Acquisition and Retention Benchmark” Report:
- Intro: How Investments in Customer Acquisition and Retention Deliver Strong ROI
- Digital Outreach Delivers Results for Customer Acquisition Initiatives
- Referral Marketing Takes Advantage of the Intersection of Acquisition & Retention
- Influencer Marketing Taps the Power of Brand Advocates
- How Storytelling and Referral Spurred the Growth of Genetic Testing Companies, by Matt Roche, CEO, Extole
- Discounts, Shipping offers Lead Customer Retention Tactics
- Are Loyalty Programs an Underused Resource?
- Retailers Struggle to Find Relevant Marketing Metrics
- Achieving the Optimal Balance Between Acquisition and Retention
- About Extole
- About Retail TouchPoints
Number of Pages:
Data in this report is based on a survey of 100 retail executives.