There is a new customer in town. She hits your website with a vengeance, intent on buying. At first, she seems like the perfect buyer. She didn’t have to be recruited, she found you. She clicks through your site until she finds the perfect item and places her order. Then, she disappears.
Customer Relationships
RFM (recency, frequency, monetary value) is a staple in multichannel marketers’ analytics tools. It has been around for decades because it works. And, when something works, little is done to change it.
Shoppers in the US and UK regularly switch retailers when they move across shopping channels. (46-50 percent) This means that your efforts to drive consumers into becoming multichannel customers may be rewarding your competition. This shouldn’t be a surprise, because while multichannel customers tend to be the most active, they aren’t always the most profitable
If your marketing plan consists of one sales promotion after another, your marketing team* is coasting. They are not being creative and stretching the limits. They are parked in a comfort zone and won’t move until an external force applies pressure.
During this crisis, some station owners saw an opportunity for a quick profit and raised the prices. I’m sure they will cite supply and demand as the reason. Maybe it will even work. But, the management at Sam’s Club took the high road. They developed a plan and dedicated additional staff to make it work. When I asked at the membership desk, the associate said that they had seen a “bump” in new memberships.
