‘All Business is Personal — Especially in Ecommerce’ – Entrepreneur
Nandini Rathi says, “Traditional marketing has a single focus: getting more sales. But in today’s always-connected world, the consumer’s journey is less linear and more complicated. Your marketing must constantly adapt to customer behavior, which means it can’t revolve around sales and sales alone. In this age of hyper-personalization, the old-school funnel approach won’t cut it. A marketer’s main goal now is to align marketing and the customer lifecycle.
You can expand your marketing philosophy to include meaningful marketing and nurture customer relationships even after clients have spent money with you. Here are three big ideas to lead the way.
1. Retention has colossal impact.
You know the data: 80 percent of your future revenue will come from 20 percent of your current customers. But roughly 81 percent of e-commerce marketing budgets focus on acquisition, and just 19 percent are geared toward retention efforts. According to Forrester Research findings, marketers obsess over getting new business in the door. “Even as the lines between marketing and customer experience blur, our survey respondents prioritize customer acquisition efforts over nurturing and deepening relationships with their most valuable and loyal customers“.
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