The ideas and techniques that merchants employ to attract consumers and increase sales are referred to as retail marketing strategies.
When you have a lot of rivals selling online, offline, or both, selling merchandise from your retail shop may be difficult. This is where retailers marketing strategies comes into the picture.
Getting new consumers to try out a business was easier in the past than it is now. To differentiate themselves from their rivals, most businesses combined a pleasant shopping experience with competitive prices as a part of their retailers marketing strategies.
Today, though, things are different.
With the rise of e-commerce over the last decade, online merchants often have the upper hand since they enable consumers to buy and receive goods from the comfort of their own homes, sometimes at a cheaper cost than physical shops.
Furthermore, today’s customers have a strong knowledge of their needs and demand greater value for their money.
E-commerce sales were accounted for 18% of all retail sales globally by 2020, while that figure is projected to be about 19.5 percent in 2021.
As a store, this offers a once-in-a-lifetime chance to generate sales via both online and offline retailers marketing strategies. If you don’t use the appropriate retailing marketing strategy and channel, prospective consumers will go to a rival without a second thought.
It’s not always simple to come up with fresh and distinctive retail marketing strategy and put them into action. That is why we are here to assist you with retail marketing strategies that you can apply to your business for amazing growth!
We’ve compiled a list of innovative retailer marketing strategy that may help you grow your company and improve both short-term and long-term sales.
Continue reading to create a wind swirl around potential clients right now!
But, before we go into retail marketing techniques, let’s define retail marketing.
What is Retail Marketing?
Retail marketing is the set of actions and efforts used by retailers to raise interest and awareness in their products and services with the aim of increasing sales. A retail marketing strategy is a plan to utilize these actions to attract consumers to your shop and increase sales. Any retail operation that does not produce revenue is doomed to failure. However, it is almost difficult to generate revenue without promotion.
Retailing marketing is concerned with how potential and existing consumers, as well as the market or sector to which your retail business belongs, view and discuss your company.
Using the proper retailing marketing strategy may help your retail company grow by increasing brand recognition and building confidence in the products sold in your online and brick-and-mortar shops.
The effective retailing marketing strategy also brings in a constant supply of new consumers, creates recommendations from happy customers, and, of course, optimizes the use of limited marketing resources.
Product, Price, Place, and Promotion are the four main components of retail marketing, often known as the “4 Ps.”
The first is the Product, which is the tangible thing for sale.
The second factor is price, which relates to the merchant’s pricing strategy for selling the goods. (Examples include “everyday cheap prices,” utilizing pricing psychology such as “$9.99,” and offering competitive pricing, among others.)
The third category is “Place,” which refers to the physical place or platform where goods are sold.
Finally, there’s promotion, which refers to the retailer’s efforts to spread the news and encourage sales.
The 4 Ps must be well-understood in order to successfully use these store retailing marketing strategy.
What is a Retail Marketing Strategy?
A retail marketing strategy is a plan for attracting consumers to a shop and purchasing utilizing marketing techniques, both digital and non-digital. This kind of approach is very beneficial for marketing ideas for small retail businesses that lack the resources of corporate behemoths.
In contrast to other types of marketing strategies, retail marketing strategy is focused on in-store purchases. As a result, a distinct marketing strategy is required.
Aside from the four “P’s” listed above, retail marketing strategy contains two more “P’s”: presentation and personnel.
- Presentation: This refers to the store’s layout, how goods are presented, what design elements are used, and the store’s interior design and aesthetics.
- Personnel: This term refers to the store’s workers. Customer service for companies has the potential to make or destroy the company. As a result, the greatest method to increase sales is to hire pleasant and helpful customers.
Any marketing effort, whether online or offline, must track the retail marketing components (all 6 P) listed above and ensure that they are all functioning together. Only then can your retailing marketing strategy lead you to success!
Online and Offline Retailing Marketing Strategy
As a retailer, you should develop both online and offline retail marketing strategy to increase traffic to your shops and total product sales.
Choosing omnichannel retail marketing strategies will produce excellent outcomes and propel your company forward.
Let’s take a closer look at what an offline or online retail marketing strategy entails.
Offline Retailing Marketing Strategies
Many shops have started to overlook the value of a traditional or offline marketing approach. Although, during the last several decades, marketing for the retail sector has changed quickly. Newspaper and billboard advertisements are no longer sufficient to attract consumers to businesses. In the offline state, you may still utilize a variety of methods to generate traffic to your company.
Offline Retailing Marketing Strategies include:
- Your inventory and fixtures: The most effective method to attract and convert consumers is to wow them with your incredible merchandise.
- Displays in the windows: Make the most of your window display’s many possibilities to attract new clients.
- Curbside: Don’t forget about your curbside. Consider adding “curbside extras” to this area in addition to keeping it clean, neat, and attractive.
- Interaction and experience with customers: As a contemporary shop owner, you must create meaningful connections with customers at every step of their purchasing process.
Online Retailing Marketing Strategies
In this day and age of technology, online retail marketing tactics are wider in idea and much more essential. This retail marketing approach has the potential to bring in more consumers, boost product recognition, and increase sales.
There are many choices to consider when it comes to “Online Retailing Marketing Strategies.” Finding and selecting the finest retail marketing plan may be difficult, therefore we’ve compiled a list of the top online store marketing techniques that can help you expand your company exponentially.
The following are some examples of online retailing marketing strategies that you may implement right away:
- SMS marketing
- Email marketing
- Google Business Profile
- Google Shopping ads
- Collaborate with small businesses
- Brand partnership with influencers
- Referral Programs
- Win-back marketing campaign
- Social Media platforms
Let’s discuss these retail marketing strategies in detail to get a better insight into how to use and benefit from them.
1. Retailers Marketing Strategies Via SMS Marketing
We all adore our phones, and according to statistics, we glance at them 52 times each day. For quite some time now, SMS marketing has already been making waves in the industry. Customers may be enticed to visit your website or even visit your store and purchase a product if you send them an SMS.
Customers may be reminded of your brand by sending promotional messages and unique codes on a regular basis. This encourages people to think about your company, increasing the likelihood that they will visit your online or brick-and-mortar retail shop.
Read Also: 13 Spa Promotion Ideas To Get You Started
2. Retailers Marketing Strategies Via Email Marketing
With a 4400 percent ROI, email marketing is still the most successful marketing medium. Using email to gain new clients is simple and needs just a little know-how.
- Non-customers — Create a segment for your subscribers who haven’t made a purchase from you yet. You may then send targeted marketing to individuals who haven’t bought yet, including first-time buy incentives or freebies.
- Send an email outlining your brand’s narrative and values while you’re at it — Sending an email outlining your brand’s story is another excellent campaign concept. It will get people enthusiastic about your beliefs and involved with your brand.
- Provide value (for a limited time) — Email promos aren’t the only method you get new clients. You should also consider the long-term strategy of email + content marketing, in which you provide excellent material with no hard sales or strings attached.
This develops trust and establishes your brand as an expert, so customers will think of you when they’re ready to purchase.
What’s the bottom line? A combination of promotional and useful material should be included in your email marketing plan. Find the right balance for your subscribers and go from there.
3. Promote Your Retail Business on Google
Google offers a variety of tools for businesses to improve their online presence and attract visitors to their store or website.
It also owns over 90% of the search engine market and is the default search engine for the vast majority of users.
Consumers now demand information at their fingertips, and they want it fast. Even if you want to purchase goods from a real shop, you don’t have to go out and look for one. You may want to look for a shop that offers the goods you desire online and visit whenever it is convenient for you.
Modern merchants, both physical and online, have looked at an online retail marketing as part of their company plan to enhance consumer convenience and reduce obstacles to customers going to shops.
Google gives businesses a lot of options for expanding their online presence and making it simpler for consumers to discover them.
4. Create Google Business Profile
If you establish a Google business profile, it is simple for people to discover you online. Even if you don’t sell online, having your profile on the site can help consumers discover your store.
- To encourage visitors to visit your shop, provide the location, category description, website, and product pictures.
- Encourage customers to rate your shop and write Google reviews, which will make your profile seem more genuine.
5. Opt for Google Shopping Ads
Roughly 40% of all shopping searches begin on Google, which is a substantial proportion given that Amazon accounts for about 50% of all searches. You should attempt to integrate Google shopping advertising into your retail sales plan since they are a highly efficient way to increase sales online.
- Google shopping advertisements appear above search results and are the first thing that a user notices.
- They account for 85% of all clicks on Google advertising and retail efforts. It’s the place to go if you’re searching for advertising engagement.
- To increase sales via this channel, it’s a good idea to utilize high-quality pictures of your goods and informative titles.
As part of your retail marketing strategy, striking the appropriate alliances related to your brands at the right moment may do wonders for your company.
6. Collaborate With Other Businesses
Collaborating with nearby companies that serve a similar client base is a wonderful way to increase foot traffic to your shop and improve retail sales.
- Partner with other businesses — If you’re in a mall or downtown area, you may encourage nearby businesses to give your discounts to their consumers (in return for you doing the same).
- Partner with neighboring businesses whose customers are similar to yours — If you have establishments in the neighborhood that serve the same customers as you, you may ask them to accept your coupons.
- Collaborate with a local charity to host an event — Today’s customers are much more socially aware, and they want to buy with companies that care. Partnering with a local charity allows you to kill two birds with one stone: get your name out to a new audience, while also demonstrating to your consumers that you care about making a difference. Choose a charity that shares your beliefs and organize a fundraiser!
Here are some retail marketing strategies you may utilize if you work with other company owners effectively:
- You may ask local small businesses to distribute your coupons or other promotional materials in return for the understanding that you would reciprocate.
- Assume you’re in the business of selling athletic clothing. You may team up with a local gym to host a promotional event in your store or give gym membership discounts on the sale of a certain quantity of your goods, and they can reciprocate.
- If your partner company is too far away, or you can’t offer enough value for consumers to travel to your store, you may also put up pop-up shops on their site.
7. Collaborating with Influencers
On the other hand, when it comes to retail marketing strategy, social media influencers have become a necessary component.
Most of us now follow a plethora of influencers. We look at their profiles to see what goods they utilize. This is why collaborating with well-known and trustworthy influencers may help your company grow.
Collaborating with the appropriate influencer whose specialty fits with your brand’s core is crucial and maybe the highlight of your selection. This is because it provides you with an already engaged audience and aids in getting your product the attention it needs.
8. Use Video to Your Advantage
In many instances, seeing your goods in motion is the most effective method to sell them. This is simple to do in-store, where customers can touch, feel, and even try on goods. When promoting online, though, you must be more inventive with your graphics.
This is where video marketing comes in. When used properly, video is a great tool for demonstrating your product’s use cases and value proposition.
Here are a few pointers on how to use video in your marketing:
- Make them relatable — When people watch your films, you want them to feel connected to your business. Make the material as relevant as possible to achieve this. Begin by including individuals who resemble your target market. If you’re trying to reach middle-aged mothers, for example, you should include that character in your material.
- Select the appropriate format and platform — Choose the most appropriate platform for your videos. Is your target market a YouTube user? Is it TikTok or Instagram that they prefer? Your video approach will be influenced by the answers to these questions. The platform on which your videos will reside determines factors such as the length of your films, the material you’ll create, and the themes and effects you’ll integrate into the content.
- Have a clear call to action — Determine what you want your viewers to do once they’ve finished viewing your video. Do you want them to be able to find you on the internet? Do you want to look at a particular product page? How can I get in contact with you? In your video, mention the CTA or provide a link in the description. You may sometimes include a CTA link within your content and urge visitors to “click” or “swipe up.
9. Start a Referral Campaign
Use a referral campaign to capitalize on word-of-mouth marketing. While referral campaigns come in a variety of shapes and sizes, the basic concept is that you provide your satisfied customers with a reason to tell their friends about you.
10. Run a Win Back Marketing Campaign
It’s wonderful to market to new consumers, but what about your current ones? We are referring to customers who haven’t purchased from you in a long time. Recognize inactive customers and entice them back with a marketing campaign that demonstrates what they’re losing out on.
11. Retailers Marketing Strategies Using Social Media
Last, but the most important, retailer marketing strategy is to use Social media platforms.
Social media platforms have risen to the top of the list of most effective methods for generating sales and profits. Online social media sites such as Facebook, Instagram, Twitter, Pinterest, and any other popular platform may help your company grow in a big way.
Because retail is a consumer-driven industry, it’s ideal for being marketed on social media platforms to audiences that are mainly made up of consumers.
According to studies, 81% of consumers actively use social media to help them discover goods, and 80% believe it helps them make purchasing choices.
However, owing to the millions of advertisements and information that each user is bombarded with every day, utilizing social media to increase sales may be difficult.
- Make sure your brand and company have an omnichannel social presence.
- Make liberal use of Instagram stories, create Facebook ads, add your products to Pinterest.
- Ensure to use relevant and high ranking hashtags on your posts to reach a broader audience.
- By sharing product images and occasional discount codes on social media, businesses may supplement their existing retailing marketing strategy.
- Use a social media platform to poll consumers for information.
- Ensures that customer assistance is available through social media. Respond to consumer concerns; this will improve customer morale and increase their confidence in you.
- Pay attention to current internet trends and use them in your product and retail marketing plan.
- Customer-generated material should be carefully curated, since these images are known to increase interaction.
- DMS to existing and potential consumers about promotions and discounts on occasion.
Read on to learn about some of the ways you can use social media to reinvent your brand and achieve momentum on each of the three platforms.
I) Retail Marketing Strategies via Facebook
Facebook’s advertisements are a powerful tool with a wide range of targeting options that may assist you in reaching your target demographic. Facebook allows you to tailor your ad audience based on their geography, interests, or hobbies, making it simple to reach your desired demographic.
There are methods to increase organic interaction on your Facebook business page while also maximizing the effectiveness of your advertising. Here are a few examples:
For information and marketing purposes, you should definitely establish a Facebook group and page for your company.
- Ads with a clear CTA (Call to Action) tend to perform better. Your call to action (CTA) may lead your client to your website, product catalog, or shop instructions.
- Another excellent technique is to encourage your consumers to utilize Facebook’s “Check-in and review” function to give your company page a more genuine and natural vibe.
- Customer reviews are one of the most effective marketing tools, so encourage your customers to leave a review on Facebook when they visit your shop or make a purchase.
- If you’re holding an in-store or online event, use the ‘Create Event’ tool to notify your followers and increase consumer engagement. When a person expresses interest in your event, his Facebook friends are informed as well, helping you achieve organic reach.
- You may also utilize ‘Facebook Live’ to engage directly with your fans and broadcast virtual product launches and other events.
II) Retail Marketing Strategies via Instagram
It’s worth noting that Instagram is often used to discover new goods. Instagram is used by 83 percent of individuals to find new goods and services.
- Your Instagram account should be visually appealing and consistent. Because your consumers like consistency, have a design language and style that you stick to for all of your articles.
- Instagram, like Facebook, has tailored advertising capabilities that may help you reach your target demographic.
- In contrast to a normal Instagram post, where you cannot include a link, Instagram advertisements tend to appear cleaner than Facebook advertising, and you may drive people to your website straight from them.
- Stories, Instagram live, highlights, a “See Store” button, a contact button, a directions button, and a book now button are all aspects of Instagram that you may utilize in addition to posts.
- You may use a third-party app to obtain a book now button on Instagram and Facebook so that your target audience can book an online or in-store appointment with you.
Instagram is a fantastic platform for sharing and collecting user-generated material. Encourage your consumers to tag you in a post or a story about a purchase they made at your business. You may also use incentives to encourage them to do so.
III) Retail Marketing Strategies via Pinterest
Pinterest has been working hard to get merchants to join its platform by introducing new tools and integrations. Pinterest may be a powerful tool for fantasy retailers (like wedding shops and luxury clothing).
People who use Pinterest are generally searching for ideas and are receptive to brand-related material.
Here are some ideas for increasing the number of people who see your pins: –
- Similar to Facebook and Instagram, you can use Pinterest’s targeting tools to run advertisements to reach your target demographic.
- The material is extremely eye-catching because of its graphic aspect, and you can even connect your goods straight to your website or Google profile.
- Pinterest offers a unique augmented reality function for specialized shops that sell beauty goods. This function, known as ‘Try on,’ allows customers to window-shop for beauty items like lipsticks by trying them on through Pinterest and purchasing the color that best fits them.
- Use detailed product descriptions in the spirit of the platform’s visual nature to attract more consumers to click through your pins to your website.
- For your company, you do not need to be active on all social media platforms. Determine your target demographic and marketing objectives, then use the social media platforms that are most effective for you and your company.
- Also, take use of videos, which have a high rate of interaction. It’s a good idea to make reels on Instagram or post videos that demonstrate the process of packing and making a product.
Go Where Your Consumers Are
It’s not just about the campaigns you run in retail marketing; the channels and platforms you utilize to execute them are as important when it comes to retail marketing strategies.
If you don’t meet your consumers where they are, then the most creative marketing strategies won’t work. So, when you come up with your next tagline or campaign, think about who your consumers are and where they’re coming from.
Here are a few things to think about in context with retail marketing strategies:
- The traffic-driving channels for your brick-and-mortar shop — Determine which channels, strategies, and activities are driving customers to your retail locations. The following are a few examples of common ones:
- Displays in stores and in-store campaigns — Are customers drawn to your business because of the colorful windows? Are the big signage or attractive goods you have on display attracting them? If your in-store efforts are yielding results, you know it’s time to step up your game and plan retailer marketing strategy considering this factor.
- Online directories — People are increasingly using search engines like Google and Yelp to locate and learn about local companies. If this is the case with your retail business, make them an important component of your retailing marketing strategy.
- Digital marketing — Everything you do online, from Facebook advertising and Instagram posts to Google Ads and a solid e-commerce presence, may help you generate in-store visitors. Make sure you’re keeping track of your internet marketing activities for better results when creating and managing retailer marketing strategies.
- Word of Mouth — Are your consumers promoting your company via word of mouth? If word of mouth is a major source of traffic for you, be sure to include it in your retail marketing strategy.
Additional Things To Consider:
Pay attention to the devices that your consumers use to access your website
If you run an online shop, keep track of the devices that visitors use to access it. Is the majority of your traffic coming from a PC, or are they increasingly coming from mobile devices? What is the device split on your website?
Your design and marketing activities will benefit from the information you collect and help with retailer marketing strategy.
Pay attention to your brand’s success across different networks and platforms
It is rudimentary to examine your company’s brand visibility and its performance across various platforms. If you have several social media profiles, for example, it’s a good idea to compare and measure your audience and interaction across various sites or applications, so you can figure out your strengths and shortcomings.
Is one social network generating greater engagement than the other? Are individuals more likely to click on some advertisements while ignoring others? Determine the causes of these events, and then use the information to guide your retailer marketing strategy.
Conclusion: Retail Marketing Strategies
There are numerous retailers marketing strategies you can use for your business. Compiling a few of the retailer marketing strategy mentioned above together and then using them as your retailing marketing strategy can help you with your business exponentially.
Apart from the topics previously discussed, such as the integration of social networking platforms, user-generated content, and Google advertising, there are a few additional aspects of retailer marketing strategy worth noting.
- In-store events, such as the introduction of a new product, may be promoted through social media, emails, and text messaging. This can be a great retailer marketing strategy for your business.
- Using workers’ own social media accounts to provide information about the retail business.
- Utilizing technology like as Instagram Stories, which enable you to showcase specific elements of your business in a more casual setting.
- Remind your consumers of the advantages of purchasing in-store through social media and email (no shipping, no waiting, etc).
If you have any queries related to or need assistance creating or managing retailer marketing strategy, then connect with our Ranolia Ventures team of skilled developers and marketers and watch your business grow many folds.
We provide CRM and ERP, e-commerce solutions, digital marketing, and various other useful tools. Contact us now!