You! Yes – you there. Put down that pumpkin and back away from the candy corn. While you may be in a post-thanksgiving turkey coma and loading up on Halloween candy never forget – Winter is coming.
And with Winter comes the holiday season – the most important shopping time in Canada.
According to a survey by Experian, 41% of Canadians start shopping in November, while 33% are already well on their way to checking off their lists by then. That’s only a couple weeks away!
Here’s 4 tips to help target your holiday customers:
1 – FOCUS ON RETENTION, NOT ACQUISITION
All good marketers know 80% of your profits come from 20% of your existing customers. And yet, 44% of companies focus on acquisition over retention (eConsultancy). Try focusing on retaining current customers instead. Need a little more encouragement?
- Increasing customer retention rates by 5% increases profits by 25% – 95%.
- The probability of converting an existing customer is 60% – 70%.
- The probability of converting a new prospect is only 5% – 20%.
- Repeat customers spend 33% more than new customers.
2 – KNOW YOUR TARGET MARKET
The more you know, the better the results. Where do they live? What brands do they prefer? What are their hobbies? Fill in the missing gaps by running a customer profile with CiG.
Find out what your customers really look like. Not what you think they look like.
3 – INCORPORATE YOUR DATA
Use the data you already have – existing customer information, transactional data, purchase data, etc. Then combine it with 3rd party data to fill in your data gaps.
IBM’s State of Marketing 2013 shows nearly 60% of CMOs admitted they’ve fallen short in their usage of analytics to capture customer insights. Don’t be one of them.
4 – SEGMENT YOUR CUSTOMERS
There is no single customer for your products. Your customers have different interests, hobbies, spending patterns, locations, incomes, etc.
Email service provider MailChimp found that email campaigns that segmented their lists had a 14% better open rate and 14% better click-through-rate than those that didn’t.
So, put down the jack-o-lanterns and candy corn and start thinking about tinsel and mistletoe.