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Top 2022 Marketing Strategy Trends: Retaining and Acquiring Customers

We’re sharing the top takeaways from 2023, as well as tips on how to implement the most effective trends in 2022 to acquire and retain valuable customers while rapidly growing your business.

Many companies predicted record sales in 2023. The outbreak of COVID-19, on the other hand, quickly threw everyone for a loop when the majority of the country was ordered to shut down, and many businesses were forced to close their doors. With most Americans forced to stay at home, with the exception of essentials, businesses needed to quickly expand their online marketing efforts to stay afloat. The last eight months have been spent adjusting to a new normal and devising new ways to connect with current customers and reach new ones.

Despite the fact that it has been a difficult year, it is clear that there is still hope for businesses that are willing and able to adapt. To assist, we’ve shared some key insights that your company can use to move forward, including:

Important information gathered from US businesses
Top 2023 business takeaways to help you make future business decisions
Positive trends are expected in 2023.
The critical role that data hygiene plays in your company
With accurate data, learn how to acquire and retain your ideal customers.

Important Takeaways From 2021

Over half of Americans believe that their lives will be significantly altered even after the pandemic is over. This includes the vast majority of business owners who were left reeling because they had little time to comprehend the changes they were forced to make to their company. A startling 34% of senior finance leaders reported furloughing employees across all business functions, and 65% reported having to impose hiring freezes in March due to the pandemic. While business is slow, management is under pressure to cut labor and cut costs wherever possible. Businesses must balance protecting employees and customers while also finding creative ways to make up for lost revenue as they work to recover their losses.

There are a few key findings from 2021 that will help you make the best business decisions in the coming year.

Unexpected Growth in the Moving Industry

Every year, over 31 million people in the United States relocate.

Nearly 20% of Americans have moved or know someone who has in the last six months. With an estimated 328.2 million people in the United States, this translates to 65.6 million people moving—nearly double the yearly average. Why the sudden increase?
Many people have had to relocate after being laid off.
Students are returning home to feel more secure.
Families are looking for more affordable housing as they wait out the pandemic.

Strategy consulting stays current on these changing trends and quickly acquires new addresses, providing accurate mailing lists with results-driven consumer contacts for your upcoming marketing campaigns.

A Look at How COVID-19 Has Affected Small Businesses

At the beginning of March, the entire country was forced to shut down. Businesses (except those deemed essential) were forced to close their doors, and the majority of people were asked to stay at home. According to the Department of Labor, 6.6 million U.S. workers applied for unemployment benefits for the first time in the week ending March 28th. This is more than 3,000% of the pre-pandemic level. Over 30 million people filed for unemployment benefits in the six weeks following March 14th, when COVID-19 hit full force in the United States. Prior to the pandemic, businesses with 500 or fewer employees provided nearly half of all private-sector jobs in the United States. They now account for 54% of the 30 million people who filed for unemployment benefits. Even though many small businesses have been allowed to reopen to 50% or more capacity, they have struggled to re-enter customers, re-hire

Over 70% of business owners are concerned about their long-term financial difficulties as a result of the prolonged closures they have experienced this year.
More than half believe it will take six months to a year before the small business climate returns to normal.
7% believe it will never return to its previous state.

In fact, 2% of all small businesses in the United States have gone out of business since March, with the restaurant industry suffering the most, with over 3% closing their doors permanently. With over 30 million small businesses in the United States, this means that over 600,000 businesses have permanently closed and many more are expected to close in the near future.

6 Important Trends to Implement in 2023

Despite the fact that 2021 was a difficult year, there are six key trends to look forward to in the coming year for businesses of all sizes.

A Shopping Reformation Experience in the Modern Era The way we shopped in stores before the pandemic will never be the same again. With the threat of a second COVID-19 outbreak looming, recently installed plastic partitions, socially separated isles, one-way foot traffic indicators, and sanitizer stations have become the new normal for the foreseeable future. These meticulous methods will not only ensure employee and customer safety, but will also provide businesses with peace of mind as they continue to expand their efforts to automate their in-person shopping process in the coming months.
Deliveries and curbside pickup are here to stay Of all the recent trends, curbside pickup has proven to provide consumers with an efficient and safe shopping experience. In fact, 50% of consumers say they shop based on whether they can order online and pick up in-store. ¹² Customers are quickly discovering how simple, convenient, and inexpensive curbside pickup is. In the coming months, 80% of shoppers expect to increase their use of Buy Online and Pay in Store (BOPIS) and curbside pickup. ¹³ This popular trend isn't going away anytime soon. Many stores have even changed their store layouts to accommodate delivery and in-store order pickup shelves. Contact-free curbside pickup has been shown to be an effective and beneficial change for businesses.
A Successful E-commerce Storefront Is Required The way consumers shop has been permanently altered. You'll need to revise your marketing strategy for 2023 to reflect your customers' changing needs and preferences. This means that if you have a physical store, you should think about transitioning and expanding your business to an E-commerce website. Since the pandemic, more than one-third of consumers have shopped online weekly and say they will continue to do so in the foreseeable future. With so many customers looking for BOPIS and curbside pickup options in the new year, having a website for your business will be a valuable asset.
Provide a Personalized Experience for Your Customers In the last year, the definition of "personalization" has taken on an entirely new identity; simply adding a person's name to an email no longer suffices. To provide a personalised experience, your marketing efforts should be tailored to each individual using their specific:

This method is an effective way to reach out to new customers and make a lasting first impression. Because 91% of buyers are actively looking for more interactive content, it’s no surprise that this should be part of your personalization strategy for the coming year. ¹⁵ Begin by creating unique, innovative content that will enhance their shopping experience. Add QR codes to your products, website, social media pages, or direct mail campaigns (linking to a webpage or resource), which should contain interactive content such as polls, quizzes, videos, games, and so on.

M-Rapid commerce's Expansion Mobile phones are used by 51% of internet users to make online purchases. Many consumers discovered the added convenience of shopping from anywhere, with the simple touch of a few buttons on their mobile devices, during the coronavirus pandemic. According to research, two out of every three consumers who shop on their phones use shopping apps. Many businesses, both large and small, are working to implement marketing strategies centered on apps that will provide their customers with a seamless shopping experience.
Adapt User-Generated Content for Future Marketing Campaigns Because of the recent economic downturn, many businesses have had to find ways to stretch their marketing budgets. Although user-generated content (UGC) is not a new trend, it has taken on a whole new meaning, and its popularity among marketers has grown dramatically during a time of quarantine and social distancing. In fact, 86% of companies repurpose content for their followers, influencers, and advocates, making it a cornerstone of many brands' marketing strategies. ¹⁷ It's given consumers and influencers a platform to share products and brands they genuinely care about, making it more appealing to share with others. As a result of this organic sharing, brands can incorporate authenticity into their marketing campaigns and highlight real customers who love their products.

Data Hygiene and Its Importance in Your Business

One-third of business leaders are not confident in the data they use to make key business decisions.

27% of key business decision makers are concerned about the accuracy of their data.

The data you collect from your customers is one of your company’s most valuable assets. It is used to make daily business decisions about sales, marketing strategy, and operational requirements. To avoid wasting valuable resources, your entire team relies on your customer database to be complete, accurate, and up to date. Did you know that bad data costs the economy $3.1 trillion per year? This demonstrates the importance of collaborating with a trusted partner to practice proper data hygiene for effective results.

Exact Data’s Data Hygiene Approach

Data hygiene is the process of refreshing an organization’s database by adding missing or incomplete data, merging duplicate records, and removing outdated information. Exact Data’s email and postal addresses are subjected to a rigorous data hygiene process on a regular basis to ensure that all selects, new movers, new addresses, invalid email addresses, and deaths are accurate and up to date. Proper data enrichment will increase your reach, discoverability, ROI, and save your company money by not wasting valuable resources, allowing you to make better business decisions.

It’s time to be proactive about data hygiene and turn bits of information (like an email address or phone number) into a complete customer profile. Make use of proper data hygiene and enrichment to:

Recognize the Connection Between Acquisition and Retention

Acquisition and retention have a delicate yet mutually beneficial relationship that must be nurtured. The one cannot exist without the other.

Acquisition is the process of acquiring new customers by attracting new prospects to your company and converting them into paying customers. It’s a great way to grow and expand your current customer base.

Retention is the process of increasing your customer’s lifetime value (LTV) and instilling brand loyalty in them. Repeat customers are critical to the growth of your brand, so make every effort to keep the customers you already have.

Don’t Underestimate the Effectiveness of Your Retention Efforts.

It can cost up to five times as much to acquire a new customer as it does to retain an existing one. When compared to new customers, existing customers are 50% more likely to try new products and spend 31% more. As a result, it makes sense to begin focusing your efforts on building brand loyalty before devoting precious resources to.

On average, 20% of a company’s customers account for 80% of its revenue. In general, reactivating inactive or lost customers is significantly less expensive than acquiring new customers. Take advantage of this low-hanging fruit by converting one-time purchases into long-term customers who will promote your brand.

Retention and proper data hygiene go hand in hand to ensure that you reach the right people while avoiding wasting valuable resources on the wrong people. Here are a few easy and inexpensive ways to boost your retention rates while leaving a lasting impression on your customers.

7 Ways to Improve Retention Rates

Sending regular emails has a low cost and a high ROI for businesses. Send weekly or biweekly communications to your list, including updates on new products, promotions, supplemental resources, and so on.

Offer Exclusive Promotions – There is no better way to increase your retention rates than to show your current customers how much you appreciate their business. If you want to take it a step further, consider offering a promotion or discount on products or services they’ve previously purchased from you.

Build Trust Through Cohesive Branding – Any marketing collateral you send out, including content on your website, social media posts, email campaigns, and so on, should be on brand. When customers are ready to make a purchase, a consistent brand makes it easy for them to identify your company and gives them peace of mind.

Implement a Personalized Marketing Campaign – As previously stated, it is critical to create personalized content in order to engage your customers and make them eager to receive additional content from your brand.

Encourage Customers to Refer Friends and Family – 92% of consumers prefer a referral from a family member, friend, or acquaintance to any form of corporate advertising.

Examine Your Inactive Customer List Again – Reactivating past customers is much less expensive than acquiring new ones. Create a campaign centered on inactive customers and offer a special promotion or incentive to buy. Make sure to highlight any new products or services that they may have missed since their last visit to your establishment.

Continue Providing Beneficial Content and Resources – One of the most effective ways to keep customers is to continue to provide value after they’ve made a purchase. Every piece of content you send out should offer something of value to your customers. You might also think about including a clever manual, guide, or tip sheet with your products.

The key is to consider what value you can provide your customers in relation to your industry and why they purchased from your brand. The goal is to remain top-of-mind so that when they require your product or service, they come to you without hesitation.

Effective Acquisition Efforts Can Help Your Business Grow

As previously stated, retention and acquisition have a symbiotic relationship and must work in tandem for maximum success. If you want to expand and grow your business, you can’t do it without. This is accomplished by looking for prospects who share similar characteristics as your current customers or by expanding to a completely new market or audience. Acquiring new customers can be a double-edged sword that can quickly become costly if you don’t have a solid retention strategy in place. Your efforts will be well rewarded as long as you have a clear strategy for bringing in new business and keeping customers once you’ve acquired them.

Begin 2023 With the Best Data Resource Available

As an industry leader with an A+ rating from the Better Business Bureau, is proud to offer consumer and business data tailored to your specific marketing needs, while making it simple to target the right customers. We use our 20 years of experience to provide exceptional service and data on which you can rely. We also provide a suite of data hygiene services, making it simple to refresh your list and optimize your current database.

Our services will significantly improve the deliver ability rates of your campaigns, marketing efforts, ROI, and will assist you in retaining valuable customers. Exact Data’s data experts look forward to assisting you as you embark on a new year of growth and success.