Generating sales for physical retailers is not easy in today’s world where there is a constant marketing onslaught by e-retailers like Amazon and Flipkart. The demise of stores was predicted with the rise of online retailers, but the brick and mortar stores are still sustaining, possibly satisfying a deep-rooted need of the customers to see, touch and experience, before making a purchase. Even though the competition is solid, not all is lost. Targeted promotions can enable retailers to achieve profit margins and remain competitive in today’s tough economy which is highly consumer-driven. The retailers need to have clever retail marketing strategies to maintain sustainable growth.
The retail marketing strategies of a brand should be such that they reach out to the customers where they are and strike with the promotion, campaign or message, at the right time, prompting them to make a purchasing decision.
Below are some key Retail Marketing strategies that any brick and mortar storefront worth its salt, should follow to attract customers and help generate sales from them.
Instore merchandise and window display
Placing key messages and using innovative designs on window display are excellent ways to attract passer-by to step into the store. The high-priced items are placed strategically in the displays and at the front of the store and low-priced basic items are stocked at the very back of the store, but very seldom do the customers realize how they are marketed, while they are in the store. Even curbside signs and marketing props across the store, with eye-catchy text and graphics, influence the in-store customers.
Window displays and in-store merchandise carrying a particular theme based on seasons or location-based sporting events turn many heads. A smart retail marketer should go to Google.com/trends to know about the seasonal peaks to decide the timing of their campaign to promote goods based on trends and even trending topics, for example, FIFA or Royal Wedding.
Leverage social media
Social media creates brand equity and a corporate image over the long run, but in terms of sales, the targeted promotional campaigns hit a home run when executed well at the right time. Facebook, Instagram, and Twitter may have your audience segments who are more likely to buy your products. Social media campaigns targeting audiences by demographics, gender, age, etc. reap more rewards for the marketer than a general campaign, meant for all. With geotargeting on Google Ads, Youtube, Facebook, and Twitter, going more granular and being relevant to the local populace have its benefits. Making locally relevant ads also do the tricks, for instance having campaigns that refer to a recent heatwave or snowstorm.
For many consumer brands, Facebook and Instagram are popular platforms that give maximum bang for their buck. Allot a budget for Facebook ads and track its engagement, clicks, and sales. Your Instagram posts will have appealing visuals and your Instagram Stories will have more story-telling, showcasing new products and glimpses of the store. The tactics such as running Facebook ads to target your specific tribe and using Instagram Stories feature or posts to drive traffic to your store are basic in today’s competitive retail space.
Optimize online presence through websites and online ads
Making a good impression online is within reach for brands and it is important for a physical store to have a strong online presence. Executing well-run Google shopping campaigns ensures that Google searches promote your product and boost online sales. Shopping ads on Google is a strategy to drive sales fast. Ad scheduling tools save time and make to remain competitive. Setting up a promotion feed and adding tags like special offers also helps. As per Google, nearly 80% of people who shop in physical stores, search online for local goods and services.
High ratings and positive product reviews along with the product ad in the search results strongly influence many customers who research online before making the purchase.
Loyalty programs, discounts, and events
Low pricing hits the margins but brings in more customers. Offering deals on special occasions say Valentine’s Day or Mother’s Day attracts customers if the message resonates with your product or brand.
Releasing special limited-edition products or short-term discounts helps drive more sales. Sessions and events at the store with some experts or even celebrity guests ensure people come by at the physical stores and is a sure-fire way to attract new customers.
Loyalty programs too are very helpful in engaging the customers. They also help in customer retention and gathering the data of repeat customers. This data enables retailers to reach out the repeat buyers with exclusive offers and discount.
Partnerships
Whether you partner with another brand similar to your brand or partner with a neighboring business, this win-win strategy ensures more footfalls to your store. It can be in the form of giving coupons to customers of another partner store. Getting an online influencer marketer or a local celebrity talk about the products at your store is also a form of partnership. Leveraging affiliate marketing helps an even unknown brand or even a particular store name become popular over time.
Email Marketing, Mobile marketing, and location-based tools
With a high level of ROI, email marketing is often an underutilized and underrated tool. Some targeted campaigns work well for reaching out to subscribers or followers who have yet to buy anything from you or those who have merely liked your posts. Refreshing emails that engage your customer base with a slight push of discounts and offers towards the end of the email, is a way to build trust in the brand, which could lead to engagement and possibly sales.
Mobile marketing and location-based tools are becoming complementary to physical stores. As per the study “The shopper of The fuTure – GfK”, About 61% of omnichannel shoppers expect to use their smartphones more in-store.
In-store discounts help shoppers who landed up at the store to make the purchase. Utilizing tools that help improve location-based marketing. Once in the store, tailored content, messages with promotions and offers, and mobile-specific loyalty program information can be pushed to the customer’s phone. This kind of proximity marketing is possible using tools that provide rich data about the customers and their preferences.
Customers also want personalized customer service and customized experience. According to a report titled ‘Personalization Pulse Check’ by Accenture Interactive, 56% of consumers are more likely to shop at a retailer in-store or online that recognizes them by name, and 58% are more inclined to make a purchase when a retailer suggests options for them based on their past purchases or preferences.
Referral campaigns
Good old referrals are a kind of word-of-mouth marketing strategy which helps get more customers by incentivizing your happy customers. If the customer shares the referral link with friends and their social network, they get a credit to make another purchase or a discount. Some apps have increased their customer base relying on such successful referral campaigns. Fitness apps use referral codes to promote discounts at the platform and encourage more users to try and work out at the various gyms and fitness centers.
The age-old marketing mix of product, price, promotion, and place have more additions in the form of people, process and positioning because the customer dynamics have changed. An integrated retail marketing strategy that focuses on customers and their needs is effective to increase revenue and garner more customers.
NeuroTags helps retail brands to collect consumer data in the offline world and engaging them with the help of Consumer Engagement Platform.
Please contact us to know more about NeuroTags offerings.
