Recently, I spoke with a CMO in the retail sector who told me that about 50 percent of his customers buy once and then never buy again. And he knows that slicing that attrition rate by just one or two percentage points would drive millions of dollars to the bottom line.
This is a common challenge, not just for retailers, but for many brands. The long-term payoff of investing in existing customers is beyond dispute. What’s up for debate, however, is how to retain them.
To understand more about how marketers are prioritizing goals such as acquisition and retention, the metrics they’re focusing on, and how they want to move the needle this year, Signal (my employer) surveyed (registration required) a select group of CMOs from leading brands.
Here’s what we learned….
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