This article will show you how to get the most out of your retail marketing plan.
- If you’re a retailer, this article will help you understand the importance of marketing and use it effectively.
- Check out these best practices to know how retail marketing works. They include leveraging the channels that work for your business, launching a campaign with another company to get more customers, and running “win back” campaigns.
- This post also has some crucial customer management and marketing tools that will help you ensure your efforts’ success.
There are so many different ways to market your business. You can do it in-store, online, or even offline marketing like billboards.
As a small business owner, you need to be aware of the different marketing strategies that are out there.
Many people think that retail marketing is just about advertising and pricing, but it’s much more than that. The 4 Ps are product (what you’re selling), price (how to get the customer in your store with a competitive offer), place (where they will find what they want when shopping for something specific), and promotion advertising.
- Product. Product is the physical item that’s being sold. The product can be anything from a car to an app.
- Price. Price is the name of a strategy that merchants use to sell their products. (Other examples include “everyday low prices” and utilizing psychology like using “$9.99”)
- Place. The third factor is “place,” which refers to the location or platform used for selling products.
- Promotion. Finally, there’s Promotion. The retailer does this to get the word out and entice sales.
To succeed in retail marketing, you must understand the 4 Ps. Make sure all these components work together, or your initiative will fail.
To have a successful retail operation, you need an online point of sale system easy for employees and managers alike. A good POS will allow you to manage the 4 Ps with ease.
This means that you should pay attention to your prices, promotional deals, and other incentives as well. You can even test these things to see what works best for the customer base.
In the retail business, retail marketing is key to getting in front of customers. Here are some tips on better marketing your store and getting people through the door.
Marketing a retail product isn’t just about running the right campaign. If you don’t find your customers and advertise where they are, it doesn’t matter how brilliant an idea or marketing tactic is.
Before you come up with your next marketing campaign, take some time to think about the most critical customers.
It can be hard to know which one is best for your business with all the channels out there:
- Retail displays and in-store initiatives: If you’re seeing success with in-store marketing, then that’s a clear sign to invest more into it.
- Online listings: With the rise of sites like Google and Yelp, it’s no wonder that people are increasingly turning to these types of services to find new businesses near them. It is a way to increase your customer base, then make sure that it is incorporated into your marketing strategy.
- Digital marketing: The internet is a prominent place, and it’s not just about your website. You can advertise on Facebook, Instagram, or AdWords to make sure that customers come into the store as well. Measure your digital marketing efforts to see if they’re successful.
- Word of mouth is one way to get traffic, so you must market your store through word-of-mouth.
More than half of the visitors are on their phones or tablets! One of the most overlooked aspects of a startup is customer feedback.
If you have more than one social media account, it’s worth measuring and comparing your following on each site to see where they are strongest. For example, if Instagram is doing better for your brand, then Facebook or Snapchat might be a good place to focus in the future.
The next time you’re wondering why your Facebook ads are getting more engagement than others, take a look at the reasons behind it. If people aren’t clicking on certain things or looking through them, use that insight to steer your marketing strategy.
2. Store Assets
If you’re a retailer, the first thing to use what resources you already have. If your store’s up and running, many things can be done with it.
The best way to attract and convert customers is by making sure you have the right products in stock. Your shelves must always be stocked with new items for this strategy to work.
Once you have the right products, come up with a way to make them stand out and grab attention.
If you’re not sure how to increase sales, the first thing you should do is identify your “Lake Front Property.” This store area generates a lot of revenue and makes up for any losses elsewhere.
You can find your perfect lakefront property by following these steps: 1. Find the land you want to buy and take a photo of it with an app like Google Maps or Apple Maps. If you’re using Android, just press on “Share” in the top right corner when viewing this map and then select “Save Image.” This will save it to your phone’s gallery for later use.
The windows of your store and the area outside are like a billboard. Make sure you take advantage by presenting quality displays to potential customers.
Window displays are essential to help draw customers in. For the busiest shopping seasons, like Christmas time, for example, you want to be sure that your window display is changed out every few weeks or even a week, so it stays fresh and new.
There are a lot of different factors that go into the design and look of your store, so you have to customize it based on who your customers are. The “best” looking store will be where every detail was carefully thought out.
The other thing you can do is to use displays that tell stories. This means finding a theme and then displaying the story of someone who has achieved something great in line with it.
If you’re looking for a change of scenery, head to Anthropologie. The store constantly changes the displays in their windows based on what season or event.
Anthropologie’s window displays are great because they always find a new and exciting way to showcase the season.
Curbside- don’t neglect your curbside. It’s a great way to add some curb appeal by adding flowers or other decorative items that can be placed around the area.
You might want to try something different, like an eye-catching sign outside your store. This will catch the attention of people walking by and make them stop in their tracks.
Covet Shoppe & Jewelry Bar in San Francisco has a great example of the perfect jewelry store window display.
Did you know that Starbucks spends more money on employee health benefits than coffee beans? And according to AOL, the company also “offers extensive benefits packages that are customized for each employee, called “Your Special Blend.” Options include things like bonuses, 401 (k) matching plans, health/medical/dental plans, and even adoption assistance.”
Starbucks is aware that happy employees are more productive and pleasant. Just walk into any Starbucks location, you’ll see an enthusiastic barista who chats up customers or recognizes regulars.
Starbucks is remarkable for its in-store experience. So many have given testimonies that they have been to other coffee shops, but none are as good at providing that personal touch.
We think that you should be paying attention to your employees because they could end up being the best retail marketing tool. It’s crucial for them to feel engaged and motivated.
To keep employees motivated, employers should first hire the right people and provide adequate training. They should also try their best to create an excellent place for those working there.
Here are a few ways to keep your employees happy and boost their performance. This will lead to better customer service, which leads to more satisfied customers.
3. Social Media
The best three social media networks for retailers are Facebook, Instagram, and Pinterest. These platforms appeal to consumers the most because they offer a great way to connect with them.
People use Pinterest to research before making a purchase, which is an advantage that other social media platforms don’t have.
So let’s break it down:
Tips for Facebook Retailers
Facebook is not just a social network, and it’s also an advertising platform. The more you pay for your posts to be seen by the right people at the right time, the better chance of converting those leads into sales. If you want increased visibility on Facebook this year – start spending.
As the CEO of Facebook, Mark Zuckerberg has announced that they will be implementing changes to News Feed to prioritize content from friends and family over business pages. Businesses need to work even harder now for their posts to get exposure.
If you want to compete, here are some things that you can do.
Facebook is a great way to create a group for your business or brand. They can be used as clubs where people who are most engaged with you congregate.
You can certainly discuss your products and business in a Facebook Group, but the point is to allow customers to connect. It’s not just about you shamelessly promoting yourself.
One example of a company leveraging Facebook Groups is Peloton, an indoor cycling brand. The company established the Official Peloton Rider Page, “intended to be a community board for Peloton members to share their experiences on the Peloton bike and iOS app.”
Many people in the group share their workouts, ask questions and give tips to others.
For example, if you’re a clothing company that sells clothes with surfboards on them and the tagline is “Get wet,” try getting Facebook likes from people who want surfing.
If you are trying to find ways to motivate your customers, then try out Facebook Groups. They’re an excellent way for people with similar interests or goals (e.g., fitness, food, crafts) to connect and interact.
If you want to reach your target audience on Facebook, then running ads is the way to go. Group chats are not always practical or fun for everyone.
In the past, Facebook was a place where you could only post your content to an audience of anyone who might be interested. But now, different ads let you get more specific with what kind of people should see them.
You can’t know what will work for your business until you try a few different advertising solutions. After that, just keep track of how well each one is doing.
Pay attention to the numbers and then use them to calculate your ROI.
So, if you’re wondering what types of ads to run and how much money to budget for Facebook advertising, this article will help.
With over 800 million monthly active users, Instagram is a go-to social network for today’s shoppers. Here are some best practices to consider:
To create a cohesive brand, you need to have clear aesthetic guidelines. Your Instagram posts should be anything but random so people can get an idea of who your company is.
Check out Clad and Cloth’s profile. You can see from their style that they create clothing for people who like to wear casual clothes with pops of color.
So, if you haven’t yet, take some time to think about what kind of first impression your brand should give. Think about how people will react when they visit your Instagram page and see it for the first time.
It’s important to be liberal with Instagram Stories. You can use them as a way of showing off your store and new products while also creating an informal aesthetic that is not too curated.
One of the things that Instagram Stories can do is save a few videos for your profile. Take a look at what Peridot Decorative Homeware is doing with theirs.
These “sticky” Stories are one of the easiest ways to draw people into your feed. They make it easy for them to find out about new designs, products, and services you offer without having to search through a million different posts.
Hashtag your way to success – research which hashtags are relevant for your brand and use them to reach the most effective. Pro tip: Rather than putting hashtags right into a caption, post without tags but comment with ones that others will most likely see.
For the most part, hashtags in captions can be distracting and look messy. It’s better to use them sparingly or not at all.
When curating your Pinterest boards, make sure only to include the most relevant and exciting content. Your customers should be able to find what they’re looking for quickly and easily.
As you can see, J. Crew has a lot of boards that show off their jeans and the prints they have for them or even how different patterns work on each jean type.
Don’t just pin your stuff – get social and check out what other people are posting. But make sure you have a cohesive aesthetic going on.
You might think that your pins are being seen by people right away, but the truth is that it can take up to six months for them to start popping up in people’s feeds.
So, while you should be pinning your products on Pinterest, the pages that will do best for you organically are likely to be linked to blog posts. You can write these specifically for this platform – gifting guides and advice about things like how to get a jump start with Christmas shopping before it’s too late.
Products will do well on Pinterest in the form of ads.
4. SMS Delivery
With people constantly checking their phones, it makes sense that text messages have a higher open rate than email.
So if you haven’t started using SMS marketing yet, it may be time to get on board. Start collecting your customers’ mobile numbers and send them text messages with relevant promotions that are tailored just for them.
Federation +, a famous streetwear brand in New Zealand, has seen excellent results with SMS marketing.
Federation markets its brand in a variety of ways, including SMS. A notable example is an end-of-year campaign they ran last year where customers were offered 20% off both online and in-store.
Set the deadline for purchasing this offer to give potential customers a sense of urgency. It was midnight that same day.
After a year of research, the company launched an email campaign. The initiative had a 95% delivery rate and 8% click-through rates, and 11% conversion rates.
Often, the best way to sell your product is by showing it in action. That’s why you want to show shoppers how they can touch and feel effects or even try them on.
When marketing online, it’s essential to think outside the box and develop creative visuals to connect with your target audience.
Video marketing is a great way to show people what your product does and how it can help them.
When you’re looking to get started with video marketing, here are some quick tips for getting the most out of your videos.
The key to creating engaging videos is making them relatable. You want viewers to connect with your brand and find something to relate to.
Start featuring them in your content if you want to target middle-aged moms. They’ll be more inclined to buy from a company they feel understands their needs.
Choosing the proper format and platforms is crucial to success. For example, if your target audience prefers YouTube or TikTok, you must use those channels instead of Instagram.
The length of your videos, the content you produce, and what type of effects will be used depending on where they live. If it’s YouTube, for example, then there is a limit to how long each video can be. This makes sense because people have shorter attention spans when watching online than in person.
One of the most important things to do with your video is to make sure you have a clear call to action. You want viewers to take some sort of action after watching it, whether that’s following you on social media or checking out something specific online.
Sometimes you can include a call to action at the end of your content and hope people will “click” or tap on it.
One company doing a great job with video marketing is Rebecca Minkoff. She often posts videos on her Instagram page to showcase different apparel pieces and accessories.
Rebecca Minkoff is a perfect fit for her brand because she embodies her clothing line’s trendy female persona. She’s been starring in videos ever since.
This is not the case with most of her videos. Whenever a product appears in one, Rebecca Minkoff includes links to buy those products.
Partnering with a local business or charity is an excellent way to get your brand out there. It’s not only about giving back but also getting customers who might otherwise never find you.
If you’re in a strip mall or downtown area, find nearby stores and offer your coupons to their customers. The upside is that the people who come into these stores will be perfectly positioned for just popping by.
The downside is that you may not serve your customer base by focusing on one thing.
You should work with nearby stores to offer your customers a deal. You must find other businesses in the area with similar clientele because they will help you get more exposure for coupons and promotions.
Partner with a local charity to put on an event – these days, people are much more socially conscious and like brands who care. Partnering with a charity offers you the chance to hit two birds with one stone: get your name out there in front of new customers while showing them that you’re invested in making a difference.
The key is finding a cause that you are passionate about and hosting an event for charity!
7. Email Marketing
Email marketing is still the most effective channel for acquiring new customers, with a 4400% ROI. Developing these potential clients just requires some savvy business practices.
Segment your non-customers – The best way to use email marketing for getting new customers is to create a list of those who have not yet purchased. This will allow you to tailor messages with an even more personalized touch.
Once you’ve created a campaign, don’t forget to include targeted ads that offer new buyers special discounts or giveaways.
To keep your audience engaged, send them an email about the story behind your brand. This will show that you care and allow people to connect with what you stand for.
If you get an email from The Farmer’s Dog, check out the friendly letter people receive even if they don’t buy. They are killing it with this one.
The story they tell is touching, and the 20% off coupon that pops up at the end of their email could not be more effective.
Providing value is a crucial part of acquiring new customers. Email promotions are not the only way to do this.
When you first begin email marketing, it’s a good idea to focus on the long game. This means that rather than just sending out sales emails and hard sells with offers attached, send valuable content without any strings attached. People will come back when they’re ready to buy because of your reputation as an authority.
The Dollar Shave Club (DSC) is doing something pretty clever. They occasionally send out promotional emails but have “Original Content” email newsletters containing helpful articles on grooming, health, and style.
This company is not like all the other companies that send out “SALE” or “BUY NOW!!” emails. They have some refreshing content pieces.
If you want to be successful with email marketing, there needs to be a balance of promotional and valuable content. You can determine what your audience likes best by experimenting and testing different strategies.
8. Marketing Campaign
You might think that it’s enough to focus on new customers, but your existing ones need attention too. Reach out and get them back into the store with a marketing campaign of all the great products they’re missing.
One example is our Bralette Club’s lingerie retailer, which has found success with Marcello’s automatic win-back campaigns.
Marcello, an organization that helps businesses like ours with customer retention, recently found a way to automatically identify customers who haven’t shopped in a while and send them messages encouraging them to come back. This has been hugely successful for us!
OBC has grown revenue by 4,000+ in just four months with this automated email flow.
One way to maximize your marketing efforts is by automating them. With a solution like Marcello, you can automate campaigns. When customers buy certain products or do something specific in the store, they are automatically sent messages with deals and promotions.
9. Influencer Marketing
These days, people are more inclined to act on recommendations from sources they know and trust. And that’s why a nod or endorsement is worth more than traditional advertising.
A recent study found that word of mouth from critical influencers is one of the most effective ways to get your message out there. They recommend products, talk about them on social media and bring new customers into stores.
If you want to have a successful influencer marketing campaign, it’s essential that your brand partners with third-party content creators who can then push products on their platform(s).
Morphe, a beauty company in the US, used influencer marketing to become one of the most potent names in that industry. They started with Youtube, and it has worked well for them.
Morphe has been paying influencers to promote their products, but they have also made a point of partnering with specific select influencers who are born more.
Influencers also helped create customized beauty items, like eyeshadow palettes. They then encouraged their vast followings to purchase these products.
One of Morphe’s top influencers, Jaclyn Hill, sold 1 million palettes in 6 months last year. At $38palette, this is a pretty life-changing strategy for the brand.
You might not have heard of Morphe or Hill, but that doesn’t mean you can’t replicate their success. The story has a happy ending because both brands benefited from this partnership.
Don’t just think about your own needs and desires when considering affiliate marketing. Put a lot of thought into who will be the best fit for your brand.
10. Referral Campaign
The best way to get the word out about your company is by talking to people. Whether it’s a referral campaign or something else, the idea behind marketing is that you provide incentives for customers who are happy with what they’ve bought from you.
Stitch Fix, a company, specializing in clothes and accessories for women of all shapes and sizes, has figured out how to use referral marketing as their secret weapon. Their campaign is so successful that it’s actually on the home page.
If you buy a box through this link, the original customer will get $25 towards their next purchase. This means that they’ll be more likely to make another order and so on.
Start with referral marketing. Pick a reward and set some goals, so it’s easier for people to participate.
If you’re new to the referral marketing game, this article will show you how it’s done.
For small businesses, it can be challenging to acquire new customers. Luckily, many retailers have figured out what strategies work best for their brands by testing different things and analyzing the results.
These are just the tip of the iceberg. There’s more to come.
There are many ways to motivate your sales teams, such as promotions and events. The best way is to try different things until you find what works for them.