While we talk about the shifting face of the market where buyers and sellers are directed towards e-commerce platforms, a major portion of the same is still reliant on in-store facilities. The pandemic has pushed a lot to online modes of transactions, overhauling the structure of retailing. But larger amounts of revenue still flows from brick and mortar outlets. This evidence points to the fact that physical stores are far from being insignificant, just yet.
The basic thing for retailing is attracting customers. You have to motivate them to visit your shop. Mane retailers invest much in advertising to fulfill this criterion. But before that, you need to remember the four Ps of market retailing: Product, Price, Place, and Promotion.
Product: You need an actual physical product for sale.
Price: Not only do you have to decide upon a price for your product, but you also need to advertise it as a motivation for the customers.
Place: You have fixed a location or platform for your product’s sale. Check the accessibility of the customers before this decision.
Promotion: This is where you get your words out, trying to reach.
Here are some tips to develop your retail marketing strategy :
1. Analyze your customers :
Retailing is a customer-driven phenomenon, hence heavy focus must be placed on the customers. Hence retailing demands a thorough understanding of what customers want, their behavioral pattern, and their tastes and preferences. Consider the demographics of the region. This would narrow down your research to your target customer.
2. Leverage the assets you already have :
You can go for a fancy retail outlet if you want, but it is advisable to first use the assets you already have. You can start with your merchandise. Put out some amazing products at the storefront, stock the right goods for your customers, and play with creative displays and arrangements. All you need to do is attract customers.
3. Use Social Media as a tool for promotion :
Social media plays a massive role in people’s lives now. Make your products pop up on the screen while they are scrolling through. Make sure they stop scrolling when it happens! It will help you form a relationship with your customers. This is also cheaper than investing in advertising. Try to make your social media content both informative and attractive. They should understand the brand and know what it stands for.
4. Consider SMS marketing :
This has proved quite effective for many retailers. People check their phones now and then. One SMS at an interval can act as a reminder for them about your retail brands. You can include relevant marketing information like time of opening, what discounts are available at the moment or about the new arrivals. You can also SMS about new offers to allure them.
5. Market through key partnerships :
Partnering with a local business or some charity can fetch fast recognition. You can enter a joint venture or take up some small space in the corner of a mall where people can spot you while they shop down the aisle. Always aim for a strategic location. This can also fetch you a ready-made clientele. You can also partner with a charity and put some events which will bring your name out and promote a general sense of goodwill.