Whether you’re just starting out or have been in business for decades, getting new clients and maintaining the ones you are already serving are crucial. However, you don’t have to worry because there are multiple effective techniques to successfully market your company.
In this article, we’ll go over the fundamentals of retail marketing and provide insights into the numerous techniques you can apply to your brand.
What exactly is retail marketing?
Retail marketing refers to the techniques and methods used by stores to draw in customers and boost sales. Retail marketing consists of four major components, sometimes known as the “four Ps” – product, price, place, and promotion.
- Product – the first element is the product, which refers to the tangible item being offered.
- Price – the second element is price, which pertains to the retail prices strategies developed by the seller in order to sell the goods. (Examples are “daily low prices,” employing pricing strategies such as “$9.99,” and so on.)
- Place – the third term is the place, which pertains to the venue or platform where things are sold.
- Promotion – and finally, promotion is what the store uses to spread the news and encourage purchases.
To successfully execute your retail marketing plans, you must first master the four Ps. Keeping track of these components and making sure that they all work together is critical to any marketing campaign.
Choose a POS and store management program that enables you to easily manage the four Ps for the greatest results. By discovering the best platforms, you can put all of the things in order and focus on bringing your retail marketing concepts to life.
That being stated, here are some pointers on how to promote your retail store and reach the proper customers.
1. Be there where your clients are
Successful retail marketing is more than just the promotions you conduct; the platforms and channels you use to carry out your activities are also crucial. Even the cleverest advertising strategies and the best custom designs on your marketing materials will fail if you don’t connect with your clients wherever they are.
Thus, before you come up with your next tagline or campaign, consider where your target market is and where they’re arriving from.
These are some things to think about:
The sources that are bringing customers into your physical store
Determine the methods, strategies, and endeavors that are bringing customers into your retail establishments. Typical examples include:
- Retail displays and in-store campaigns – Do your store’s colorful windows draw customers in? Are your appealing merchandise or big signage custom designs attracting their attention? You should invest more in these in-store initiatives if they are producing results.
- Online listings – Consumers are increasingly using search engines like Google and Yelp to find and learn about local companies. Make sure to use them heavily in your retail marketing strategy if this applies to your business.
- Digital marketing – Your online activities may influence in-store visitors, from Facebook advertisements and Instagram posts to AdWords and a strong e-commerce presence. Make sure you’re tracking your progress in terms of digital marketing.
- Word-of-mouth – Do your clients recommend your company to others? Make sure to use word of mouth in your retail marketing if it serves as a significant traffic generator for you.
The devices your clients are using to browse your website
Consider the devices that customers use to browse your website if you run an online store. Do the majority of your visitors use computers, or are they mostly using mobile devices now? What does your website’s device split look like?
Your design and marketing efforts will be informed by the insights you gather.
The effectiveness of your brand across numerous networks and platforms
Compare the performance and presence of your brand on various platforms. It’s important to gauge and compare your fanbase and involvement across several social media platforms if you have them, for instance, in order to determine your strengths and limitations.
Are you, for instance, receiving more engagement on one social media platform than another? Are some advertisements receiving more clicks than others? Discover the causes of these issues, then utilize the knowledge you gain to guide your retail marketing plan.
2. Utilize your existing store assets
Begin by utilizing the things you already have before considering advanced retail marketing strategies. If your business is functional and operating, you most certainly have a plethora of materials at your disposal for marketing purposes.
Among these assets are:
1. Your products and fixtures
The best strategy to draw in and acquire new customers is to impress them with your outstanding products. Make sure you always have the proper products on hand. Once you’ve found the proper item, come up with unique layouts and presentations to make it stand out.
2. Your front window and the curbside
Make the best out of your window and curbside. They offer a lot of advertising opportunities to entice new clients. Let’s begin with your windows…
Window displays – Remember to keep things fresh by changing some of your displays at least once every month. For busy shopping periods, such as Christmas and new year, you should go through this every few weeks, if possible.
Because each retail store is unique, several design tips may perform more effectively for some than others. The “best” style or aesthetic is determined by your customers, so focus on the audience you’re trying to reach and tailor your displays to them.
Another clever idea is to tell stories using your displays. You can accomplish this by choosing a subject and looking for stories that match it.
Curbside – Don’t forget about your curbside. Think about adding “curbside extras” in as well as maintaining this place neat and tidy.
3. Key partnerships can assist you in promoting your company
Collaboration with a local company or organization is an excellent approach to spreading your brand’s name out to those who can purchase in person rather than simply online. There are several options for accomplishing this:
Collaborate with businesses in your area – If you’re in a mall or downtown vicinity, you can encourage the shops around to provide your discount coupons to their shoppers (in return, you’ll also do the same for them). The advantage here is the fact that you’ll be directly connecting with people who are currently in the right position to drop by. The disadvantage is that your neighboring clients may not be your clients.
Collaborate with nearby stores whose customers are your customers – If you have surrounding establishments that serve the same audience as you, you may also urge them to accept your discount coupons. If you are concerned that nobody will be compelled to come to you despite the coupons, you may always introduce your company to the community and establish a pop-up shop for a single day.
Attracting new consumers can be difficult for small businesses, but these techniques have shown to be effective for many stores. You’ll be likely to determine what works for your business by experimenting with different things and assessing your results.
However, keep in mind that all these retail marketing strategies are only some of the many effective ones. There are numerous other methods for acquiring new clients. Among other things, you may try promos, mobile marketing, or even conferences. The key is to experiment, discover what works, and then proceed from there.