Retail marketing is the cornerstone of attracting and retaining customers in the competitive marketplace. It’s the amalgamation of aesthetics, functionality, and strategic placement of your product, both in-store and online.
With the advent of the digital era, retail marketing strategies have become even more crucial, as a staggering 70% of Americans shop online. In this article, we’re taking a deep dive into the progression of these strategies and how they can be used to better your brand.
What is Retail Marketing?
Retail marketing is vital in enticing customers to purchase from your brand. It encompasses the look, feel, and location of your product. These strategies range from the curb appeal of brick-and-mortar stores to digital branding efforts like emails, loyalty programs, and social media.
- It’s all about devising a comprehensive approach for presenting your products to consumers in a way that resonates with them, encouraging purchases, and fostering brand loyalty.
The Four Pillars of Retail Marketing
The four P’s of retail marketing help root retail marketing solutions in customer desire – so let’s dig into what they’re all about.
The first step to retail is, of course, having something to market. Whether your product is an app, a service, or an item, you want to ensure that your brand provides something people need.
Clarity is also a very important aspect of your product. If you can’t explain your offering in a sentence, it may be time to return to the drawing board and ensure your vision is clear. After all, consumers want to know that you have what they need. That line of communication develops through retail marketing strategies but starts with the product itself.
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Cost is a huge factor in how to increase retail sales. Whether your product is cheap and cheerful or has a premium price tag, understanding your target demographic’s spending habits and the perceived value of your product is vital.
Pricing is often based on factors aside from the product itself. Of course, you need to cover the costs and turn a profit. But you also must meet demand where it’s highest.
Your customer’s views on product value and competitor’s pricing can impact your ability to penetrate a market. Clear competitor analysis can answer these questions for you. From packaging to performance, a clear understanding of your competition can help you navigate your audience’s purchase behaviors.
Digital marketing for retail stores is all about getting eyes on your content. ‘Place’ can refer to a physical establishment, but the same principles of visibility apply to online retailers. Your customers must see your brand, get familiar with it, and learn to trust your messaging and product.
Utilizing keyword research can improve your web ranking, showcasing your offering to more people as they scroll online. Ad optimization is also vital. If you want to occupy prime digital real estate, we recommend connecting with a specialized marketing agency to ensure optimum success.
Utilizing email marketing, media buying, social media, and more can ensure your product receives the promotion it needs to succeed. A data-driven retail marketing strategy offers customers a more personalized experience. Learning about your customer’s likes, dislikes, and behaviors helps to form a blueprint for your outreach.
Testing content and learning from its performance is an excellent way to determine what’s working. For example, adding pixels to different parts of your site can help identify where leads are coming from, the demographics of people interested in your product, and where (if at all) they are dropping out of the purchasing process.
How Can I Utilize the Benefits of Retail Marketing for My Brand?
Don’t Let Customers Slip Away Post-Purchase
A recent study found that increasing customer retention by only 5% can increase profits by up to 95%. Most shoppers expect communication about their product post-purchase, so don’t let this revenue stream pass you by. Adjust your retail marketing strategy to speak to returning customers and use informed data to target them online.
Everyone loves to feel like a part of something. So make sure that your customers enjoy feeling like a part of your base. Loyalty programs like referral incentives and discount codes leave your customers feeling like they’ve done something right by sticking with your brand.
Use Data to Drive Traffic
A retail marketing strategy is only as good as its data. Revenue comes to those who meet their audiences where they are. Here are some examples of retail marketing spaces:
- Paid and organic social media
Using numbers to learn more about where your target consumers hang out will help you make informed decisions on spreading your message. For example, if your audience spends 90% of their screen time scrolling on TikTok, it’s not worthwhile to dedicate large parts of your budget toward an SMS campaign.
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You may be used to hearing about retail optimization, like flyers and signs. But whether you’re advertising a physical store or an online product, digital retail marketing is very important. Many customers are used to receiving advertisements online. The more eyes on your messaging, the better, so it’s crucial to use social media, ads, search tools, and more for promotion.
Customers are in search of personalized shopping experiences. The right messaging informs them that you have exactly what they need. Using data to connect with your customers through targeted marketing prompts greater conversion rates than relying on word of mouth.