INSIDERS SAY THIS ONE RULE SEPARATES RETAIL WINNERS FROM LOSERS
As human beings, we are constantly seeking connection. We want to belong, we long to be part of something, and brand loyalty is no different. Fostering a culture of both inclusivity and exclusivity means your customers begin to feel a sense of kinship, like they have some skin in the game.
That raw emotion can, ironically, be most effectively captured using data. Not only should you hone in on and cater to your top 20% customers, your brand should continue to zoom. Within that top 20% are additional tiers of boosters, and their revenue thrust is exponential. The importance of these buyers cannot be overstated: They are ride-or-die, they are committed, and they’ve proven their loyalty with increasing average order values. Reward them.
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Personal shopping, curated collections, and hyper-targeted advertising are requirements for brands that want to stay connected to their customers. This is particularly crucial for the luxury market, as outfitters continue to search for ways to deepen emotional bonds with their stans. Social media marketing is made for this niche.
“Accenture forecasts that the social commerce industry is expected to grow three times as fast as traditional e-commerce, topping $1.2 trillion globally by 2025.” - Vogue Business
It is more important than ever that brands refocus their attention on the customers they have already enchanted. Statistically, a new customer is worth a fraction of the LTV of an existing, satisfied shopper.
