Business Can No Longer Afford Traditional Customer Acquisition Strategies
“It’s no longer a game of what brand a retailer can grow fastest, but who can keep their existing customer happiest” explains digital loyalty expert Sarah Judd Welch in PSFK’s recently released Future of Retail 2016 Research Report (which you can find here).
Welch is is CEO and Head of Community Design at consultancy; Loyal, and as she explains; “Part of the reason is because it’s really expensive to acquire customers, particularly when they don’t stick around. For traditional marketing channels the cost or the ROI for other channels are declining year over year, which means that marketers are having to constantly seek out new marketing channels, like Snapchat, which is really exhausting and has a very unclear ROI.
Because of all this, marketers are basically being forced to focus more on loyalty, retention, customer satisfaction, and the relationship as opposed to pure acquisition plays”.