While it is still only the beginning of August, back-to-school shopping is already in full-swing for many consumers. It is important for retailers to stay ahead in order to bring in new customers and keep their existing ones. Since back-to-school shopping is the largest shopping event of the year, this gives retailers an opportunity to hit their revenue targets. By acquiring new customers, and retaining their current ones, they can accomplish their goals given they have a strong back-to-school strategy in place.
Given the amount of students heading back to school each Fall; it should come as no surprise that back-to-school shopping is the second largest revenue generator for the retail industry. The back-to-school season falls just short of the holiday season shopping in December. During the back-to-school season, there is essentially large amounts of revenue up for grabs. Because of this, it is important that retailers know the challenges they face this back-to-school season and how to overcome them.
- Focus on acquisition. With the large amount of foot traffic, marketers are faced with a huge opportunity to capitalize on receiving contact information during check out. One of the biggest challenges facing retailers this shopping season is capturing this information. Creating a successful acquisition strategy is a challenge that marketers must face because in doing so, they create the opportunity to keep customers coming back long after back-to-school shopping is over.
- Promoting the perfect pair. Back-to-school shoppers are most likely to purchase sets, such as outfits or supplies, and a challenge of marketers is recognizing the potential revenue stream of complementary goods. Marketers need to analyze and understand the perfect pair to successful promote product recommendations to the right customer. Which leads us to our next challenge…
- Not all customers are created equally. While many customers are searching for similar back-to-school items, not all customers are the same. There are bargain shoppers, channel specific shoppers and 1x customers just to name a few. Marketers need to understand the different customers in order to create a tailor made marketing plan to best target each customer segment.
- Keeping customers engaged. Long after everyone goes back to school. One of the biggest challenges marketers face is engaging customers long after the back-to-school shopping season is over. While marketers use this period as an opportunity to acquire potential customers, little is done to engage or retain them in the future. Creating a reactivation series to keep customers engaged and repeat purchases is essential for marketers in growing the future value of their customers.
Our eBook on the importance of optimizing your company’s marketing channels is a can’t miss this back-to-school season. To learn how to thwart these challenges and more, download our eBook, "The ABC's Of Back-To-School Marketing."
Be sure to follow our blog as well as we look into additional topics explored by the eBook as well as future topics from Customer Portfolios!