Looking to leverage your business once the holiday season is over? New year sales can still be profitable for businesses, but you need to be targeting the right customers at the right time. To have a truly successful post-holiday season, proactive management and analysis of your existing database must take top priority.
Analyse your holiday data
With the influx of new prospects added to your database from the holiday season, it’s crucial to analyse and segment this to help you understand what opportunities present themselves.
The number one rule for data is to follow the story it is telling you.
Data are just summaries of thousands of stories – tell a few of those stories to help make the data meaningful.
The new year presents a chance to remain close to your customers. At the heart of any customer retention strategy, you should be building a picture of your customer. Segmenting by behaviour and trends you can start to measure and analyse better ways to build engagement with your brand and offer your customers something that your more idle competitors will not.
Determine unique marketing strategies
Shoppers are most likely sick of being bombarded with traditional holiday ads. Create a unique, attention-grabbing promotion that will keep your customers engaged and wanting more. Big discounts at the start and end of any promo video or ad are always eye-catching. Establish a strong call to action, and make sure it’s extremely easy for customers to click through your ad. Businesses may benefit from promoting many different styles of marketing campaigns that are aimed at different target audiences.
Engage, engage, engage!
Even after so many years, email is still going strong as one of the best ways to market your business, and its versatility is unmatched. You can use it to build trust, get important feedback, announce new features, keep customers coming back, prevent churn, and so much more.
Loyalty marketing is the process of nurturing your existing customer base to drive repeat purchases and retention. While acquisition focuses on bringing new customers into the fold, this strategy prioritises keeping current customers satisfied, engaged, and coming back for more.
According to data from Forrest Research, it costs five times as much to acquire new customers than it does to keep current ones.
Cart abandonment emails are a valuable tactic for online retailers, helping them to recover sales from the 79% of visitors who leave without completing a purchase. The average open rate in 2020 was 38.5% whereas in 2019 the average cart abandonment email open rate was 42.17%.
Leverage your data to work for you
For retailers and manufacturers, it’s important to leverage your pre-holiday data to inform your post-holiday marketing activities. Having an informed data strategy is the best way to reliably contact the right consumers with the right deals. Helping you to increase your sales over the new year slump and migrate those single purchases into loyal customers.