Customer Relationship Management (CRM) is a marketing strategy for interacting with prospective and current customers and clients. CRM marketing has taken on a whole new appearance with the rise of internet marketing. With so many online businesses saturating every market and industry, companies must be more diligent and creative with their CRM strategy. When it comes to costs, marketing to get persuade current customers to purchase more is much cheaper than seeking out new customers. CRM is all about keeping current customers, rather than finding new people interested in their company’s products or service. So how do banner advertisements play into CRM?
For many years, marketers and researchers thought that banner advertisements were just a tool for finding new customers. Specifically, banner ads were good for raising awareness of a company’s products and for coaxing customers into exploring a new website. While those advantages of banner ads are true, researchers at Chicago Booth discovered that banner advertisements are also a powerful CRM tool, if used correctly.
Remind People to Buy
Window shopping has been raised to a new level with online browsing. It costs a person nothing but a little time to browse through websites without buying anything. While most website owners are happy for the visitors, profits will only come when visitors are converted into paying customers. Banner advertisements increase the chance a person will actually make a purchase. They may not make their purchase the first day they visit a website, but after strategic reminders from banner ads throughout the week while they are online, they are more likely to stop back in and make a purchase than if there were no banner advertisements.
Banner Advertisements are on Par with other Ads
Banner advertisements are inexpensive to make and circulate compared with other popular advertising means such as commercial spots on television or print ads in magazines. The research team from Chicago U discovered that banner ads are pretty consistently successful when compared alongside other advertising options.
The Key is Consistency
While it is tempting to create a ton of different banner advertisement designs to keep things fresh across the web, fewer exposures with more consistent design are actually more likely to bring back repeat customers. A consistent message is a much more effective way to bring customers back to make a purchase.