11 Retail Marketing Strategies to Grow Your Business
Would you like to expand your brand awareness and excel in your sales and marketing efforts? Though investing in advertising is a must for businesses, it is challenging to consistently create successful marketing strategies in a consumer-driven world that is constantly evolving.
However, there are key marketing strategies and tactics you can follow to always remain competitive, and even prosper, despite any adjustments.
So, what retail marketing strategies can you apply to encourage customers to purchase from you?
In this article, we’ll go through a number of tips that can help you improve your strategy, as well as shed light on some of the marketing tools you can use to ensure the success of your efforts. For best results, you should use a retail POS software that allows you to manage the “4 Ps” of retail management with ease. With the right platform, you can focus on bringing your marketing ideas to life.
What Is Retail Marketing?
Retail marketing is the process by which retail marketing professionals promote their goods and services to their target audience in order to build awareness, goodwill, and generate sales. A retailer has many different marketing techniques, all of which are at different costs and can be automated.
Retail marketing is used at all levels, including the e-commerce and traditional retail space. Online channels have become more and more popular with consumers, as search engines are the most common way to research retail products.
The “4 Ps” of retail marketing are product, place, price, promotion.
· Product: The physical item that is being sold.
· Price: Can be used to evaluate your strategy for selling an item. Whether offering everyday low prices or implementing more psychological tricks like “$9.99,” the goal is to get potential customers to buy something.
· Place: Refers to the location or platform where consumers are able to purchase items.
· Promotion: The retailer’s method of generating leads that result in sales.
How do you create a retail marketing strategy?
Below is a list of 11 tips to improve your retail marketing strategies.
1. Analyze Your Target Audience
Want to have an effective retail marketing strategy? Make sure to analyze your target audience so you can engage with them better. Developing a buyer persona will help you to plan campaigns and improve your content. Start by analyzing the demographic of your target audience. Once you understand who they are and what they like, it will be easier to create campaigns and content that will catch their attention.
2. Use the Store Assets You Have
Before trying any new marketing tactics, see what you already have to leverage. If your store is open, there are resources you can use to help build your retail marketing strategy. What are they? These assets include:
· Your merchandise
The best way to engage and delight customers is by showcasing your fantastic merchandise, so it is vital to stock the right goods. But problematically, what’s desired may also differ between demographics so stocking many products could be expensive and time consuming. To solve this issue, you can come up with creative displays and arrangements which will increase your store’s appeal to potential buyers.
· Your window and curbside
The window and curbside offer opportunities to attract your customers, so make the most of them. Window displays – Changing your display at least once a month is best. If you can’t change your window display weekly, do it at minimum every other week to be sure the customer is seeing something they enjoy and might want to purchase. Contrary to popular belief, the most visible and arguably most important part of your store does not lie within it. The “sidewalk” is where you can make a strong impression on potential customers approaching your business from all angles. This space should be kept clean with well-manicured flowers, landscaping, or other artistic items.
· Your staff
Your employees are your best marketer. Ensure they have the resources they need to feel engaged by hiring them well and providing opportunities for growth. Employees who feel respected and happy will actively promote the organization in a more productive way than any marketing campaign you could run!
3. Leverage social media capabilities
Almost all businesses now have social media presences but few of them are fully leveraging these capabilities. You can use social media advertising to get in front of the people most likely to buy your product and make them convert or subscribe. Using social media becomes an asset in marketing your retail business, especially when you use targeted ads to reach consumers who are likely interested in the things you have for sale.
4. Use smart remarketing
You can attract more customers by implementing a remarketing strategy. There have been many analytics studies that point to shoppers being easily distracted and forgetting their positive customer experience, minutes after they’ve left. Successful companies will re-engage shoppers by offering promotions or discounts tailored to their past purchases or current consumer trends.
5. Develop key partnerships that market your business
· Partnering with a local business or charity is one way to get your brand’s name out to potential buyers. Local businesses and charities have an excellent opportunity to build new connections, as well as promote themselves right in the neighborhood they do their good work!
· Partner with nearby stores – You can ask the businesses nearby for your coupons in return for them to offer theirs. Directly reaching potential customers who are often walking by is great, but you may find that many of these people may not be a part of your target market.
· Partner with stores close to you whose customers are the same as your customers – If you have stores nearby that serve the same clientele, then you can ask them to offer your coupons. Alternatively, if you worry no one will come in because of the coupon offer, then set up a pop-up shop for a day with your partners. Partner with a local charity to organize an event – Customers are increasingly socially conscious and like to shop with brands who care.
· Partnering with a local charity allows you to hit two birds with one stone: get your name out to new customers who will be impressed as well as keep your existing customers happy by caring about making a difference in the world.
6. Consider revising your pricing strategy
When it comes to your retail prices, you need to stay in tune with changes in demand. This is because seasonal and market movements as well as competitors and consumer trends can all impact a product’s popularity. To play the game strategically while still meeting costs and making reasonable profit margins, be prepared to change prices frequently.
7. Try Podcast Advertising
With so much time spent in cars, at work, or on leisurely activities it’s no wonder the podcast industry has grown steadily year after year. In fact, 68 million Americans listen to podcasts weekly now which is a 14 percent increase from last year.
A large advantage of podcasting is the seemingly endless variety in niche industries. For instance, with any line of business you are involved in there will be a relevant podcast for you to produce content for and listen to. Once you have found podcasts in your industry that listeners love and listen to frequently, run ads on these shows’ commercial breaks. This works because listeners are typically driving during the commercials, so skipping them for a better show is really not an option.
8. Focus on Email Marketing
Because of breakthroughs in technological advancement, the marketing channel known as e-mail has been used extensively for years and has brought great success to many marketers. Even so, it can deliver marketing ROI 4400% if done correctly.
If your goal is to attract new customers, the best way has been found through email marketing-by segmenting subscribers who have not purchased from you. In this circumstance, you can send targeted campaigns which contain offers or giveaways.
Want your readers to understand more about your company and values? Email is an effective platform for sharing that information with customers. People will become engaged when they receive emails detailing your brand story, which will in turn inspire their relationship with your way of doing business.
9. Get Creative with Video
The best way to show your product is with video. Whether it be a simple scene showcasing the fit and function of your clothes or something more creative that involves an emotional aspect, there is room for you to create a video that stands out from the competition.
10.Consider Social Media Influencer Marketing
Social media influencers are integral to marketing success, with their presence being more valuable than even traditional advertising. Many people are more likely to make a purchase when they get a recommendation from somewhere with authority, such as their friends. For this reason, it is wise to invest in influencer marketing. Getting support from popular industry figures can help drive traffic, increase awareness for your product/service and generate sales.
11. Consider SMS marketing
SMS marketing is a popular form of communication for businesses, particularly because so many people carry their mobile phones. Researchers have found that US consumers check their smartphones up to 52 times per day and that text messages are read at a rate of 98%, significantly higher than email, which has an open rate of 25%.
That’s why if you’re unfamiliar with SMS marketing, it may be time to try it out. Start collecting your customers’ mobile numbers and send relevant marketing messages with their permission.
Retail marketing constantly evolves and it’s crucial for you to evolve with it. If you don’t progress, then you won’t stand out from the crowd.
There may be new marketing strategies every year, but underlying principles stay the same. Take a second to understand what your customers need and want, and then provide it in a way that is convenient for them. Just implementing one or two of the tactics outlined here can make a big difference in your customer experience and lead to major improvements in your sales and revenue.
When combining these tactics with a retail point of sale software, such as eHopper, you can multiply your profits even moreso.