What is Retail Marketing, Types and Strategies to Use
Imagine you open a store selling children’s toys on South-East Avenue in Calgary! What happens next? Do people surprisingly start visiting the store the next day?
No. We understand that not many businesses are high on retail marketing campaigns. However, it is the only way to get customers and commence a firm. Initiating these campaigns is challenging, given that businesses don’t have adequate time and resources. Here’s how you can get started!
What is Retail Marketing?
You can call any strategy that drives sales to your brand a retail marketing plan. It allows you to spread awareness, share information, and get people interested.
Retail promotions are similar to marketing in other sectors. Businesses aim to create brand loyalty and have qualified leads in their sales pipelines. It lets them survive in the market and expand operations.
They might learn what is retail marketing and try adding different channels to the mix. It helps them expand their customer base and improve revenue!
Though they have many options, direct mail stays at the top. It works wonders for retail companies because people love getting mailers. Most check their mailboxes daily to see if someone has mailed them!
It is the magic of direct mail! And leveraging it for retail marketing is a no-brainer.
Luckily, you also have automated direct mail solutions, like PostGrid, to streamline your campaigns and get the best results.
Retail Marketing: Significance
Your retail channel marketing goes beyond putting up posters around the neighbourhood. It helps people know what you do and motivates them to buy your products.
The most crucial factor is increased revenue. Investing time and effort into your marketing campaigns can drive people to your online or offline stores.
You can invite them to visit you in exchange for a discount offer. Or you can promote your latest collections to attract buyers and have them shop at your store.
It leads to more buyers, which directly contributes to your revenue. The higher your ROI, the more you can grow.
Many stores open new franchises to expand their business. Others add new product lines. Either way, a steady revenue flow is crucial for your brand. Retail marketing helps you get there!
Secondly, you require retail marketing to build brand loyalty and secure buyers. You want to ensure that people buy from you repeatedly instead of visiting and purchasing another company’s items.
This brand loyalty lets you survive in the market. Also, it simplifies sales for your firm over time, getting people to return without you always contacting them!
Lastly, marketing lets you showcase your retail firm as consistent and reputed. It displays your items for people to choose from, keeps you at the top of their minds, and creates sales.
The Six Ps for the Marketing Mix in Retail
You must understand the six marketing Ps in retail to curate effective strategies and get results.
Place
Your store location is one of the most crucial factors in retail marketing campaigns. Prioritize it whenever promoting your services.
Imagine you have a boutique selling hand-curated scarfs- in Montreal! Would you promote your products to people in Toronto or focus on your target demographic?
Of course – businesses devise marketing strategies to connect with their target audience, who can visit and buy from them! It is the only realistic way to go!
Online stores have the edge in these situations. They can launch retail channel marketing campaigns nationwide unless they only ship orders in specific areas.
Offline stores that ship orders to different places can also promote their items everywhere!
People
All businesses focus on societal elements to succeed. They need positive connections with people to operate.
For example, brands must maintain emotional customer relationships that have strengthened over the years. It allows them to do better and serve their audience beyond expectations.
Hence, most retail marketing strategies focus on nurturing relationships. You want to show people you care about them and consider them more than buyers!
Also, learning what is a retail marketing strategy helps you tailor promotional messages to people’s needs. It increases relevance, improving your chances of converting customers.
Another thing to work on is how your staff interacts with the customers visiting the store. How they talk and guide buyers on different products makes a broad difference.
Price
Consider your location, target market, industry type, and product when fixing pricing strategies. Your product’s price matters a lot! It can be the difference between a converted buyer and a lost opportunity.
You require thoughtful marketing ideas to justify the prices. Highlight the item’s benefits and features to convince people to buy the item at those rates!
Product
As discussed above, the product dictates the price. It also decides where you open a store, whom to target, and how
Your product is the core of all retail channel marketing plans! Leverage it to promote the brand and get buyers.
Highlight the different features and advantages of using the items. Also, you can give discounts on new products for buyers to try them out and boost sales.
Businesses target different prospects based on their product ranges. You can do the same to ensure you only promote relevant items to every group.
Presentation
The store’s layout is crucial to prompt people to walk inside and buy something. Most buyers only engage with brands that work on their presentation.
Hence, present your products neatly to attract buyers. Please ensure your staff labels everything well, helping people find the products they need hassle-free.
It is part of your retail marketing strategies. Many stores use aesthetic decorations to boost brand image, improving sales and engagement.
Promotion
Promoting your products lets you contact potential buyers and communicate your offers. It ensures they know your brand exists and offers specific items.
Promotion is significant for lead generation and customer acquisition. Though your retail marketing strategies might take time to generate results, they are worth it in the long run. They also help you retain buyers.
Retail Marketing Types You Can Use
You might employ any marketing strategy to promote yourself. Also, using two or more techniques to connect with your target customers is crucial to expand reach.
Here are some retail advertising types you can use for promotions and sales:
Handing Out Samples
Sample advertising is crucial in retail, primarily to sell colognes, lotions, and makeup items. People want to use these products before buying. Hence, you see businesses giving out samples for free to their prospects. Also, most malls, supermarkets, and other places employ staff members to help buyers use items before buying.
Placing small testers beside packed products is another common retail marketing strategy. They create confidence among people to purchase the items, increasing sales.
Retail Store Events
Understanding what is retail marketing allows you to know your audience’s requirements.
Since people want to engage with your brand before buying products, conducting interactive events can help.
Brands might conduct in-store workshops, small conferences, and other events to let people visit and enjoy themselves. It creates a positive first impression about the retail business, encouraging them to return.
Try inviting people by distributing flyers and postcards through direct mail. Also, advertise the events on your social media pages and email customers.
TV Advertisements
TV ads help communicate with a broad audience without doing much. You can buy slots when you feel most people watch shows and advertise the brand.
Even a 1-minute ad can positively impact people and prompt them to check out your business. Such traditional retail marketing efforts help get steady sales and improve reputation.
Please ensure to make your ads highly targeted, creative, and catchy. Also, consider the best channels for advertising because they significantly decide the viewership.
Mouth Publicity
Many companies must pay more attention to what customers say about them online or to their families and friends. It affects the brand’s reputation and decides whether people visit the store.
Creating a positive brand image is significant but challenging. Thus, monitor your online reviews from time to time. Thank the customers who say good things about your products. It adds value to your retail channel marketing efforts and shows people you appreciate them!
However, dealing with negative comments is tricky. Try speaking to buyers personally and tackling their issues. They might take down the reviews after resolving the problem.
Also, channel the retail marketing campaigns to ask existing buyers to refer your brand to others. You might introduce loyalty programs to request people sign up and earn points on all referrals. It is among the best ways to retain customers and get more leads.
Email Newsletters
Emailing customers is affordable, convenient, and quick! You can send promotional emails to buyers featuring new products and discount offers.
Brands can request buyers enter their email addresses and sign up for the email newsletters. It is the best way to collect the buyers’ data and give them something in exchange.
Many prefer reading about the latest fashion trends, items, price changes, etc., on blogs, websites, and other pages. Thus, compiling and sending newsletters about your retail products and industry news can be worthwhile.
It lets you boost retail marketing and expand your target audience!
Social Media Marketing
Billions of people regularly use social media. Hence, relying on it to promote your items is one of the best retail marketing techniques. Create a public account and post daily or weekly to build a follower base.
Interactive Posters and Boards
They display relevant product information, videos, and prices to keep buyers well-informed when shopping in retail stores. You can use different signage types inside and outside stores. The posters outside attract people to walk in, making them crucial to your sales.
Direct Mail Marketing
Offline direct mail marketing is another traditional marketing type that works well. It evokes nostalgia among people, getting them to like the brands that send direct mailers.
Leverage this tactic to contact decision-makers at their homes or offices and invite them to visit. Direct mail has many use cases in retail marketing, from sending vouchers to customer appreciation letters.
Fortunately, direct mail marketing has become affordable, trackable, and convenient. PostGrid’s automated mailing services allow you to create and launch campaigns online, saving you time and money.
Press Releases
Send press releases monthly or bi-monthly to target customers to showcase your expertise. They let you establish your brand as an industry leader and get more qualified leads.
PostGrid lets you print and mail press releases whenever needed without your staff doing anything in-house. Thus, you can proceed with your retail marketing strategy without hassles.
5 Best Retail Marketing Strategies to Use This Year
Here are the best retail marketing strategies brands must leverage:
#1 Request Feedback
Asking your customers for feedback is among the best retail marketing strategies. It allows you to know what they think about your company.
Use this data to improve your items and customer service.
#2 Work With Industry-Best Influencers
Influencers can help expand your outreach and motivate their followers to purchase your items. Also, it boosts your social media presence because they can tag your profiles.
The best part is you can create a network of people who promote your products, which converts to sales.
Many brands send free products to influencers for promotions. Others invite them to events where they can share their experiences and motivate others to engage with your business.
Please ensure you send invites beforehand and ask influencers to RSVP if you host events for them!
#3 Conduct Win-Back Campaigns
People might only buy from you once! Thus, investing in win-back retail channel marketing campaigns is a must to retain buyers and prompt them to make purchases repeatedly.
You can send discount vouchers to buyers. Or offer in-store deals that keep them from switching brands.
#4 Leverage Video Marketing
Videos are better than text messages because they engage more of the viewer’s senses. Also, people like watching them to get information.
You can use this fact to your advantage by levelling up your video retail marketing campaigns.
PostGrid lets you add your video links to the mail items. Thus, people can visit the link or scan a QR code that takes them to your YouTube clips or social media pages.
#5 Test Your Strategies
Always test your strategies to ensure they work well. If not, you must change them and experiment with other tactics.
PostGrid’s direct mail services allow you to schedule campaigns and test mailers, ensuring you have adequate data to work with before launching large-scale programs.
#6 Big Data
All retail systems capture large chunks of customer data, including store websites, loyalty programs, mobile apps, POS (point-of-sale) platforms, and card transactions.
This big data is helpful to retail marketing efforts. It enables you to understand your customers well and promote products accordingly.
#7 Experiential Marketing
Work on the experience your store offers to buyers. You can use pop-up shops, conduct masterclasses, or help them get the complete VR experience.
These elements help you upgrade your brand and establish yourself among the best retail businesses!
#8 Integrated Retail Marketing
Combine offline and online marketing channels to reach more people and enhance visibility. You can run a direct mail + email campaign to connect with buyers and increase touch points.
PostGrid lets you integrate our postal API into your platforms to conduct integrated marketing campaigns. Thus, you can boost results without hassles.
Why Use PostGrid for Your Retail Marketing Plans?
We offer turnkey print and mail solutions, doing everything on your behalf for reasonable prices.
You can skip contacting vendors, negotiating prices, or having your staff print letters and stick stamps. We handle everything from start to finish!
Also, our services are more than creating and sending direct mail for your retail marketing campaigns. We also offer
- Address verification
- Customizable templates
- List compilation
- Tracking
- Reporting
- API docs
- Customer support
Sign up to learn more about offline retail marketing and get started!
