Survey: Retailers need better targeting of new customers

New York – Every retailer wants to acquire new customers, but not every retailer knows how to draw them in. According to new retailer and consumer survey data from loyalty intelligence provider Colloquy and sponsored by Chase Merchant Services, 60% of retailers admitted they lack reliable data to support effective targeting of new customers for acquisition purposes.



In addition, 85% of retailers are in search of ways to add value to their retail offering outside of discounts, promotions and /or loyalty programs. Seventy-six percent of retailers believe a strategic partnership would provide opportunities to enhance their value proposition to customers. However, only 31% reported partnering with a payments provider.



Many retailers fail to reach customers because they have access to limited data that doesn’t paint a full picture. While 50% of retailers reported using spend data outside of their own retail locations, 79% agreed that understanding how customers spend outside their locations/properties would be a tremendous marketing tool. Of the 31% of retailers that partner with banks or credit card issuers, 88% send offers to existing customers and 76% send offers to new customers.



Other findings include:



• 61% of retailers reported using points or benefits through the company’s loyalty program as a means of adding value to the customer relationship

• 83% of retailers said that giving their loyalty members more reward options is important and want to ensure members spend rewards at their stores rather than redeem elsewhere.

• 48% of retailers partner with other brands to deliver discount offers to their customers.

• 76% of retailers agree that strategic partnerships with complementary brands would provide them with more opportunities to enhance their respective value propositions without significant extra cost.