She’s one of my partners. She runs our retail strategic consulting practice. And it’s one of our fastest-growing divisions. So, when she talks, I usually listen. Not long ago, over breakfast one morning, she told me she thought there was a pretty significant shift taking place in retail. I was all ears…
“Well,” she said, “For the last few years, retail has been focused almost primarily on getting the most they can from existing customers. Mining CRM data has been the Holy Grail. But it’s maxed out – and now, we’re starting to see a very definitive move back toward new customer acquisition.”
I hadn’t heard that before, so I did some investigation of my own. And sure enough, she was on to something. Everybody I spoke with—including a couple of retailers, a financial service exec, two senior level non-profit directors and a B2B CMO said essentially the same thing: They thought they had gotten about as much productivity as was possible out of their CRM files. And that their focus in 2018 would be on new customer acquisition.
Research backs that up: According to Target Marketing, marketers were planning to increase customer acquisition budgets by 42% in 2016.
And that trend continues. Gartner found that 37% of marketing budgets were allocated to new customer acquisition in 2017.
So now, the question is: Where can you find productive sources of new customers?
Well, here’s a little surprise to start your new your off right: A lot of them are right under your nose. They are the anonymous visitors to your website.
That’s right. Every day, millions and millions of people visit retail websites—demonstrating a genuine intent-to-buy interest in specific brands and products—but coming and going without leaving a trace. For one thing, 96% are anonymous—and they don’t register. And for another, less than 1% have any intention whatsoever of making a purchase on their first visit.
Leaving 99% who are essentially raising their hands and saying, “I may not be quite ready to buy. But that doesn’t mean you should ignore me altogether. Talk to me. Please. I’m interested in you!”
Over the past few years, marketers have learned that display ad retargeting enables them to reconnect with interested website visitors. And while display advertising is OK for brand building and generating some level of awareness, it is notoriously weak at driving actual transactions.
So how do you turn your anonymous website visitors – who have demonstrated an intent to buy – into new customers?
That’s where cutting-edge remarketing comes in.
New technologies like Remarketable enable you target high value new prospects by mapping previously unidentified website visitors to known postal, email, and IP addresses with strict adherence to privacy compliance standards.
But that’s not all. Remarketable also integrates a comprehensive universe of 3rd party data with your 1st party web browsing behavioral data to (1) identify the most productive and high-performing new customer segments; and (2) personalize your content in order to break through the noise in the marketplace and maximize campaign performance.
The 3rd party data deployed to both target and inform your campaigns includes:
- CRM Data
- Demographics (age, income, gender, martial status)
- Psychographics (lifestyle, interests, political affiliation)
- Affinity (propensity to donate, support of the arts, dog or cat lover, etc.)
- Milestone (new homeowner, newly married, etc.)
What does that look like?
- A B2B marketer driving 600,000 visitors to its site each day; identifying the 200,000 or so (on average) who turn out to already have an existing account with their complete purchase history; the 150,000 or so each day who are B2B customers with size and location of their company; and the balance of 250,000 or so who are B2C prospects with location and income data attributes.
- One of the country’s leading home furnishing retailers; matching up their website visitors with new home owners, and recently applied for home renovation permits.
- A national weight loss program; segregating by gender, so male visitors receive a promo from a former football Hall-of-Famer, and female visitors hear from a well-known country singer.
The bottom line is this: Remarketable enables marketers to identify their best new prospects, speak to them “in a language they understand,” about the things they care about, via the channels they prefer, at the moment they are most likely to take action.
And if that’s not a recipe for you to ensure that 2018 is a year of successful new customer acquisition, I don’t know what is.