30 Jul Why A Retail Marketing Strategy Matters to Small Businesses
Ultimately, the emergence of social media and mobile devices have changed a lot of things for us — from communication down to transactions. In the previous year, the world saw major retail stores close down while some brick and mortar stores made the successful transition online. It didn’t take businesses a while to realize that things have changed — and will continue to do so in the next few years. If they wanted to survive in the next coming years, they needed to develop the best retail marketing strategies. It’s not enough to just bank on store experience and foot traffic — especially with much of the world expecting more changes.
And because retailers are being pushed to create sustainable plans for themselves, Creatitive is here to help them understand why retail marketing strategies matter today more than ever! Learn how you can create your own marketing campaign and how it can increase customer retention.
To get us started, let’s discuss why a solid plan for retailers is a must.
Why A Great Game Plan Matters
Newer retailers often make the mistake of paying not much attention to marketing. Some think that once the business takes off, that’s the only time one should start thinking about promotional efforts.
But on the contrary, retailers should know how they’ll market their products the first time they develop the idea of opening up their own retail store. Think of it like this, when you begin thinking about a new business, you’ll have to develop a business plan for it to be concrete.
You’ll have to think about the product you’ll be offering and the audience it will serve. Just like any other store, you’ll do your own research and because of the increasingly saturated market, there’s a chance of you discovering a long list of competition. Now, how can you convince people that your store is different from everyone else?
Without a good understanding of your target audience and your market, you’ll have a harder time getting that first customer. Ultimately, a good strategy is what separates a successful business from all the other stores of today.
So, how do retailers develop a marketing strategy?
The Hows of A Marketing Strategy
Just like everything else in businesses, strategies start with market research. Study your target market and identify their age, their gender as well as other important factors like their wants and needs. Having a good understanding of one’s audiences is key to a successful retail business.
Aside from allowing you to have a better grasp on how your products will serve consumers, it ultimately lets you in the most efficient ways of reaching them. Market research can come in different forms; primary and secondary.
Your primary research is all about learning how people consume your products. It often includes customer surveys or leading a focus group on new offerings. Secondary research, on the other hand, uses the data you already have from your customer base.
Creating A Persona
Once you’ve done enough research, you’ll have to refine your gathered data to focus on your marketing efforts. And one great way of doing this is by building buyer personas for your target audience.
These customer profiles should include personalities and motivations of consumers. It will help you understand how they work and will guide your messages and tactics in marketing products!
Build A Brand
Just to be clear, branding doesn’t start and end with a logo — it’s a common misconception a lot of business owners still make until today. Branding means identifying what aspect of your business makes it different from its competitors and highlighting it to ascertain your business’ position in the minds of your consumers.
Once you’ve identified what makes you different, you can then start building your brand identity — logos, typefaces and color schemes — to match your brand. These visual cues will act as your main identifier, so make sure that each one is cohesive to your entire business’ personality!
Decide On Your Platform
With a brand already built, it’s time we start discussing locations. Will your business go the traditional route or would you go the traditional one?
Offline Vs Online
Admittedly, the debate between eCommerce and brick-and-mortar is stills on-going. Despite the common notion that almost everyone loves shopping online, there are still people who prefer seeing actual products before making a purchase. So much so that both segments continue to grow at different rates.
So how does one choose between the two? We suggest thinking of it like this; almost everyone loves the convenience of purchasing online but they still enjoy experiential shopping in person. There are still people who enjoy in-person customer experience like those who line up for pop-ups — as a matter of fact, recent statistics have revealed that 70% of fashion purchases are still made offline.
And while experts believe that physical stores still have room to grow, no one can deny the several benefits online stores offer. Aside from practically diminishing the issue of location and time, eCommerce stores provide greater availability in terms of products. For instance, if their product is unavailable, one of the great retail email marketing strategy includes notifying them via email list.
Businesses send emails to consumers whenever there’s a recent restock or sale! But ultimately, much of today’s retail stores have established a middle ground for both platforms. There are businesses who would test the waters with an online store before converging to a physical store while there are those that try things vice versa.
Evaluate each option and if you can, list down their respective disadvantages and advantages. Think about your resources and pick which one can leverage it further.
Best of Both Worlds
Nowadays, almost every business has their respective physical and online presence regardless of their size. There are small retailers who invest on effective websites while using calls to action to increase their sales. All the while bigger brands are improving their customer retention by sending follow up transactional emails to the email addresses of their consumers.
Ultimately, whether you choose to start with a physical store or a digital one, a solid online presence is a must for your marketing strategies. Remind yourself that behind the staying power of some of today’s traditional stores is their initiative to create their own digital counterpart.
Despite the number of other shops that have closed down over the years, there are those that managed to stay strong — all because they streamlined in-person shopping with their eCommerce sites.
Planning A Game Plan
Once you’ve done all of your preparations that you need for your business, you can start planning out your game plan! And while it’s fair to admit that coming up with a marketing strategy nowadays can be pretty confusing, there’s no need to be intimidated by it.
Use your prep materials as your guidelines and in case you need more help, Creatitive’s here to help you sort things out! At the end of the day, having a solid retail marketing strategy can help relatively smaller businesses during times of need. It allows them to be better prepared for major changes such as modern technology or calamities that affect normal operations!