Retail Marketing: A new face of digital marketing.
What is retail marketing?
Retail marketing refers to the tactics and strategies retailers employ to attract customers and increase sales. Retail marketing is comprised of four key elements, which are also known by”the “4 Ps”: Product Price, Place and Promotion.
Product. The first is the Product, which is the product that is being sold.
Price. The second term is Price that refers to the pricing strategy the retailer uses to market the product. (Examples could be “everyday low prices,” applying the psychology of pricing like the use of “$9.99” etc.)
Place. 3 “Place” which refers to the place or platform that is that is used to market products.
Promotion. Then, there’s Promotion which is the method retailers do to spread the word and encourage sales.
The success of any retail-related marketing strategy requires a good grasp of the four Ps. Monitoring these components and making sure that they’re all in sync is crucial to any marketing plan.
To achieve the best results, choose the right POS and management system that lets you manage the four Ps easily. With the right system it is possible to keep all ducks lined up (i.e. your merchandise, prices, places and prices, as well as locations as well as promotions) and concentrate on bringing your retail marketing strategies to the forefront of.
So Here are some suggestions on how you can market your business’s retail offerings and make sure you are in front of the appropriate people.
Be there where your customers are.
Effective retail marketing doesn’t only have to be about the specific campaigns you conduct the platforms and channels where you execute your efforts matter a huge amount. Even the most effective marketing strategies won’t succeed when you don’t reach your customers where they where they are.
When you’re thinking about your next campaign or slogan spend some time to look at where your clients are as well as where they’re from.
Here are a few areas are worth a look:
Channels that bring customers into your bricks and mortar shop
Determine the tactics, channels, and actions that bring shoppers to your retail stores. A few common examples include:
Displays for retail and other in-store activities Are customers walking to your store due to the stunning displays? Are they drawn by the huge signs or gorgeous items you the display? If your store’s efforts have been generating positive results, then you know it’s worthwhile to double down on these efforts.
Listings on the internet The majority of people are turning to tools like Google or Yelp to discover and locate local businesses. If this is true for your retail business, make sure you include them as the mainstay of your strategy for marketing in retail.
Digital marketing including advertising on Facebook, as well as Instagram postings and Instagram posts to AdWords along with a solid online presence what you do online could also influence in-store traffic. Make sure you’re tracking your efforts in the field of digital marketing.
“Word of Mouth” Do your customers spreading the word about your company? If you believe that word about your business is a major driving factor for your business make sure you incorporate the concept into your marketing for retail.
The devices your customers use when visiting your site
If you own an online store Be cognizant of your devices users are using to browse your website. Are your site’s visitors primarily using a PC or are they primarily using smartphones? What’s the divide between the devices appears on the website?
The information you gain can to inform your design and marketing strategies.
Performance of your brand on different networks and platforms
Examine your brand’s image and performance across multiple platforms. If you have several social media accounts, for instance, it’s worth taking a look at your fan base and comparing and engagement across different platforms or apps, so that you are able to identify your strengths and weak points.
For example, are seeing more interaction on one social media platform over other? Are users clicking on specific advertisements but are they not paying any attention to other ads? Discover the causes that led to these behaviors, and make use of the information to guide the direction of your marketing for retail.
Make use of the store assets that you already have
Before you begin looking into extravagant retail marketing techniques begin by making use of the resources that you already possess. If your shop is up and running, then you have lots of assets that you could utilize in your marketing strategies.
These assets comprise:
Your fixtures and merchandise
The most effective way to draw and convert your customers is to impress them with amazing merchandise. Make sure you’re constantly stocking the correct items. Once you’ve got the appropriate merchandise, think of imaginative displays and arrangements to make them stand out.
Are you unsure of how to accomplish this? Begin by choosing what you call your “Lake Front Property.” This is the section of your business that earns the highest amount of income.
Your curbside and window
Your curbside and window offer many chances to attract new customers. So make sure you get the most benefit from your curbside and window. Let’s begin from your front windows…
Window displays – Always change things up , and you should try to keep your displays updated every month at a minimum. In busy shopping times like the holiday season it is best to make it happen every two weeks, or even every other week, if you can.
Each retail store is unique and therefore certain tips for design might be more effective for some stores. A “best” design or look is determined by your customer therefore, you must focus the people you’re trying to reach and design your displays to them.
Additionally, think about using your displays to tell stories. This can be done by picking a topic and then finding stories that go to the theme.
See what Anthropologie has been doing. The retailer of clothing changes the window displays in its stores according to certain times of the year or certain events. What is so appealing about their window displays but is Anthropologie always comes up with a new perspective or story to tell within the season it is focusing on.
For instance, in honor of Earth Day 2013, the retailer has decided to “pay homage to the gifts of gardening with a variety of handcrafted fruits and veggies, and containers made from recycled cans, tires, bottles and more.”
Curbside – Don’t neglect your curbside. As well as maintaining the area neat and tidy, think about including “curbside extras”. Consider, for instance, how about put up an e-board outside your shop that features eye-catching artwork or text? It will make people take a moment to look around and pay attention.
Utilize social media to your advantage
In terms of social media and retail there are three platforms to seriously think about: Facebook, Instagram, and Pinterest. These are the three most focused on consumers platforms, making them the best for businesses. Pinterest is also unique in the sense of being a place where people specifically use for research prior to deciding to decide to purchase something.
Let’s dissect it:
Retailers can use Facebook’s tips to sell on the internet.
This is the truth: if you’re a company looking to increase its visibility on Facebook it is necessary to be paying for this. Facebook has been reducing the reach of brands’ organic content for a while now however, in the year 2018we’ll see the organic presence of businesses to drop even further.
Mark Zuckerberg himself said that the company will roll out modifications on his News Feed to make it easier for users to find content from family, friends and groups. So the business pages will have to work harder be noticed.
Here’s how to be competitive:
Create an Facebook Group Create a Facebook Group Facebook allows you to create groups for your business or your brand. Consider Facebook Groups as communities or clubs that your most loyal customers and fans can gather.
While you may talk about your business or products The primary reason for creating an Facebook Group is to allow your customers to interact to one another. This is not a platform to promote your company in a shameful manner.
One example of a business which is leveraging Facebook Groups is Peloton, an indoor cycling company. Peloton has launched its Official Peloton Rider Page, which “intended to be a community board for Peloton members to share their experiences on the Peloton bike and iOS app.”
The Group is extremely active and members are able to share their workouts, discuss questions or share their tips and so on.
Check out if you can create something similar to Your Facebook presence. If you’re selling products that are focused around a specific interest or lifestyle (e.g. food, fitness, or crafts) You might want to consider establishing an Facebook Group for your patrons as well as potential customers.
Make Facebook ads if Facebook Groups don’t appeal to your tea, or if need to increase your brand’s exposure on Facebook Then you’ll need to create Facebook ads to reach the people you want to reach.
There’s good news that Facebook offers a range of ad products that are robust in their ability to target, allowing you to narrow down your target audience.
The most effective thing to try is to test various options for advertising, and monitor your metrics (e.g. clicks, engagement, sales, etc.) Note the figures, and then apply the information to determine your return on investment. This will allow you to determine what ad type is best for you , and also how much you can budget in order to pay for Facebook advertising.
Use Instagram to promote your business
With more than 800 million active monthly users (over half are actively using the site daily) it’s evident that Instagram is the most popular social media site for today’s consumers. Here are some top practices to think about:
Create stunning visual content Your Instagram posts must be more than just random. It is essential to establish an unambiguous brand image so that when people view your profile they are given a good impression of what your brand is.
Take a look at Clad and Clothing’s profile. You’ll be able to see immediately the images that their brand makes casual clothing and likes simple neutral colors with some pops of colour.
Consider influencer marketing
Nowadays, a smile or endorsement by an influencer has more weight than traditional ads. Why? Because people are more likely to follow the advice from sources they trust, like, and trust.
This is the reason it’s important to develop an influencer plan. Inviting key people to endorse or speak about your brand’s name can help increase awareness, traffic and eventually sales.
The basis for the influencer market is when your company works with a third party content creator, who then promotes your product on the platform(s).
The brand Morphe made use of influencers to make it in just a few years one of the biggest brands in the world of beauty. Morphe was founded in 2008 with the sole purpose of making use of beauty influencers, specifically those who are on Youtube as their main method to increase sales. They’ve given numerous beauty influencers affiliate codes However, Morphe has truly honed the art of marketing through using a very strategic approach with a handful of prominent influencers for whom they also pay an additional fee.
They also worked with influencers to design specific beauty products, like eyeshadow palettes, which they then urged their large followings to purchase.
This strategy was rewarded in big ways when Morphe’s top influencer Jaclyn Hill, gave Morphe one million dollars in sales for her collection over six months in the in the year prior. At $38/palette this is pretty remarkable for a company.
The greatest thing about this story to your store? It is possible to replicate the success of their store! Morphe was a relatively unknown brand when they first began collaborating with Hill who was somewhat unknown when they first began their partnership. Morphe wisely decided to invest in Hill at an early stage and their partnership ended up allowing both parties to grow. If you’re considering using Affiliate marketing to promote your business, you should follow in Morphe’s patterns and think strategically regarding who you’re investing your money in.
Create a referral program
Make the most of word-of-mouth marketing by launching the help of a referral program. There are a myriad of different ways to run a referral campaign but the basic idea is to provide an incentive to your satisfied customers to spread your brand’s name with their circle of friends.
Stitch Fix, a fashion box business has referral marketing to a science. Their referral program is an integral aspect of their marketing strategy that it has its own webpage at their web site.
Each customer is given a the unique URL to Stitch Fix’s home page. Customers are able to forward this link to their circle of friends and on social networks. If someone buys a box through that link, the customer who purchased the box gets a $25 credit towards the next box. (And customers who purchase through the link are then enticed to purchase a box using the same $20 credit.)
Finding more customers is a challenge for small- and mid-sized businesses, however these strategies have proven to be successful for numerous retailers. Through testing various strategies and then analyzing the results, you’ll figure out which strategies work best for your business.
Be aware that these strategies for marketing in retail are only the beginning of the of the iceberg. There are many more methods to gain new customers. Try promotional campaigns, marketing via mobile or even events, among many other options. The key is to test various options, determine what worksand move on further.