Reports suggest the Olympics is set give the UK’s floundering wider economy a much-needed shot of revenue. Merchants in the retail vertical shouldn’t be sitting and waiting for the sales spike, though. Instead they should be actively seeking a share of the increased profit the Olympics will likely bring.
The main challenges for retail advertisers will not only be to build long-term loyalty with new and existing customers, but also ensure they remain engaged with the brand long after the closing ceremony. Chris Gates, director of retail at Hitachi Consulting UK, is well aware of how important long-term loyalty can be to a brand and has shared some of the factors advertisers should be consider below.
1. Get to know your customer
It's a well-known fact that it costs more to win new customers than it does to keep existing ones. With the Olympics putting the spotlight on London and bringing thousands of visitors in to the capital, retailers can use this as an opportunity to acquire new customers and continue driving the conversation using a multi-channel approach. Smart retailers will aim to understand which of their customers during the Olympics are existing contacts, new prospects from home markets, or travelling from overseas, and which channels they are shopping through.
2. Adopt a multi-channel approach
Over the Olympics, it is imperative that retailers optimise back office processes in order to target savvy customers with relevant information, across the right channel and at the right time. By adopting this approach, retailers can get to know their customers better and engage them in dynamic ways that foster lasting relationships. Those with strong integrated multi-channel operations will also be able to provide exceptional customer service through deploying mechanisms, such as order in-store and deliver to home, to help visiting customers with their tight baggage restrictions. In addition, those with leading customer service tools, such as assisted selling mobile applications, will be able to engage a whole new army of brand evangelists.
3. Monitor market intelligence
By having real-time access to market intelligence, retailers can monitor key factors such as supply chains, demand patterns, market differences and lead-time to navigate the complex purchasing landscape and keep up with changes to the pace and scale of retailing.
4. Engage customers after the Olympics
To continue building brand advocacy and encourage customers to make future purchases, retailers need to maintain a single view of the customer even after the Olympics. By monitoring the products that customers are purchasing, the channels that they are using and how they interact with the brand on an on-going basis, retailers can leverage the power of the Olympics for long-term gain and adapt retail strategies so that customers are targeted with timely, targeted and relevant campaigns that boost engagement and increase sales.