Is Your Business Keeping Up With Retail Marketing’s Evolution?
How do you generate buzz about your products and services? How is awareness built and conversion/purchase achieved? Marketing!
OK, that’s a really simple explanation. There are multiple layers to be considered here, such as where to market, who’s the target audience, what the message should be and so forth. In the retail arena, this means promoting the physical and/or online storefront in multiple different ways. Outreach around inventory, trends, sales and other hooks to engage would-be shoppers abound.
And then there’s retail marketing, which is not the same as marketing retail. Confusing? Let’s clarify:
- Marketing Retail: The process of creating awareness and interest in a retail business, with the goal being engagement and sales.
- Retail Marketing: Growing the relationship with existing customers that keeps them coming back for more, and possibly becoming brand ambassadors and evangelists.
Retail marketing is essential because it keeps your business front and center in the consumer’s mind. Think about it this way: You’re shopping for jeans, and it comes down to two stores. The price difference is pretty negligible, but one venue has captured your email and moved you into their customer appreciation program. You get a regular discount, as well as specialty shopper days. So, those jeans just got a good bit cheaper at one store, plus you feel valued.
The big win there for the retailer is that while the customer is buying that one item, they’re likely to poke around the store and pick up other things (hint: if you don’t have a gift card program, this is the time to change that). The experience is enjoyable, they save money, and that brand loyalty is reinforced.
Even better, there are lots of ways to build a strong retail marketing strategy. In addition to ongoing discounts and special-shopper days, there are shopper’s clubs (whose memberships can be easily and very specifically targeted in email and other campaigns), as well as incentive programs — buy 9, the 10th one’s free, spend $200 for a $25 coupon, etc. You get the idea.
An important thing to remember is that retail marketing is ongoing. What we’ve talked about up to now is how to get a customer engaged with your brand and venue. It’s also vital to keep that conversation alive once a purchase has been made, hence the popularity (and success of value-add campaigns around rewards after a certain amount of spending). You’ll need to keep the special offers, and events coming at a steady pace or risk losing business to competitors.
Lastly, it all comes down to data. No data, no dollars. Any good marketing campaign, retail or otherwise, needs to be tried, tested, tweaked and refreshed. We’ve got the team and the savvy to build a retail marketing campaign platform that’ll boost immediate sales as well as set your business up for long-term consumer engagement and loyalty.
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