Let’s face the facts: The retail industry can be cutthroat and unforgiving to new businesses. Nearly 20% of small businesses fail in their first year, and over half don’t survive after five years. Retail business owners can avoid joining those statistics by devoting time and resources to their public persona and marketing efforts. If you want to successfully promote and develop your products (and keep longtime customers interested while attracting new ones simultaneously), you’ll need an appealing brand image and marketing strategy.
Essential retail marketing campaigns revolve around four main factors: product, price, place, and promotion. These tips may make a world of difference in product sales and client retention for your retail business.
Product
Customize Products for Clients
Whether your retail company makes its own products or not, having available goods that customers can’t find elsewhere is a critical step in increasing name recognition and brand loyalty. Customers want to know you have what they need in stock.
Packaging
Although it may seem insignificant, poor packaging will turn customers away from your products. Packaging designs vary between brands, but a few guidelines are essential to follow. These include:
- Recognize your demographic.
- Make your packaging look clean and personalized.
- Make packaging part of your brand’s experience.
- Consider eco-friendly alternatives.
Price
Use a Competitive and Profitable Pricing Strategy
Pricing your products is another critical consideration when developing your marketing strategy. If your product’s prices are too high, you risk deterring customers and losing potential sales. Inversely, if prices are too low, you may make a lot of sales but will have a low profit margin.
Having a target market when advertising your products is essential. Research competitive prices from similar brands and set your brand’s prices accordingly. Be sure to maintain your profit margin based on production costs to keep a positive income.
A common strategy known as cost-plus pricing involves determining your break-even point on products and then adding a markup percentage to each product depending on how much profit you want to make.
Place
Availability
Part of your business’s success depends upon its availability to your customers. Your brand’s placement in a Google search can be as crucial as the store’s physical location. Your products need to be within reach of your customers to optimize sales.
Emphasize Online Presence and SEO
Your online presence is one of the most vital parts of your marketing efforts. A memorable online presence provides easier access to digital products and engrains your brand in your customers’ minds. Studies show that over 2 billion people worldwide shop online. Your online presence is essential to your business’s digital success.
Search engine optimization (SEO) is another integral part of your marketing strategy. SEO refers to the process of improving website traffic and recognition from a search engine. Targeting relevant keywords your intended audience would search for will increase your website’s traffic and sales. Marketing specialists can provide you with expert help in improving your SEO, so consider a professional consultation.
Promotion
Develop Visual Appeal
It may seem cliché, but it’s true: First impressions are essential, especially regarding how customers perceive your brand. Your storefront, website, and advertisements’ appearances are vital for getting potential clients to browse your products and develop an interest in your brand.
Some tips to improve your visual appeal include:
- Enhance curbside appeal with eye-grabbing art or lights to draw customers in.
- Design enticing and captivating advertisements that provide relevant information.
- Create simple and effective web pages that are easy to navigate and user-friendly.
- Improve user experiences across devices, including desktop and mobile devices.
Effectively Utilize Advertising Space
The most effective marketing strategies do not necessarily require spending a lot of money or undergoing a complete image remodel. Instead, keeping two tips in mind can help improve customer experiences and boost overall sales:
- Plan your website’s or store’s layout with the most popular products in front.
- Properly strategize your point of sale (POS) display, allowing customers to operate on tablets, computers, or smartphones to purchase your products.
Create Loyal Customers to Market Products
Your customers are the perfect asset to double as brand ambassadors for your business. With a driven sales staff, your brand can provide a personalized and unforgettable customer experience to drive future sales. Clients who appreciate your brand’s dedication to success will likely recommend your products to their friends and family, expanding your business’s reach.
Showcasing your clients by advertising them on your website or newsletter will increase their loyalty. Customers who feel recognized and appreciated will recommend your brand to their associates.
Stay Connected to Your Customers
One sale with a customer is the beginning of a potentially long and profitable relationship. There is value in knowing how you will stay connected to your customers after the first sale.
Some tips for maintaining customer retention and engagement include:
- Customer Loyalty Programs: As customers remain loyal to your brand, offer them discounts on products or first looks on new products.
- Regular Email Campaigns: Keep your customers engaged with weekly or monthly newsletters. Let them know what your brand is up to.
- Conduct Frequent Surveys: Ask your customers for feedback regarding customer service, product effectiveness, and success.
Retail events are effective because they give your customers an excuse to shop for your products while simultaneously recognizing them. Retail events bring your clients together and showcase your products to a broad audience in person or online. Special discounts or early access to new products are also excellent ways to entice existing customers to remain loyal to your brand.
Keeping your business up-to-date and accessible in the digital age is crucial for success. Understanding the trends associated with retail businesses will help you retain existing customers and attract new ones without compromising your brand’s efficiency. If you want to learn more about marketing strategies or need help implementing the steps above, visit our contact page to sign up for our newsletter or book a consultation through our website. We’re here to help!
