Retail CMOs are in a unique position, steering a ship that’s being asked to innovate, iterate, and produce at the drop of a hat. So, what’s the main goal of all this innovation? Revenue. How do you create more revenue? Sell to more people or sell more to your existing customers. Depending on the tools your marketing team has at its disposal, you might be more inclined to focus on acquisition leaving the retention question for another day, or maybe you focus 90% of your efforts on retention and hope your website is ranked high enough to draw in new customers. Regardless of the bucket that you may fall into, the most effective way to create a sustainable and profitable stream of revenue is to create a balance between acquisition and retention. You can’t have one without the other. If you focus solely on acquisition, what happens to all of those new customers? How many actually come back to make a second purchase?
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