Retail Marketing Strategies to Help You Achieve your goals :
What is a marketing strategy ?
A marketing strategy is a company's overall plan of action to attract consumers and convert them into customers. The marketing strategy it’s the value proposition of companie, their key messages, there target and the data that you collected from the market.
Attention : We can find businesses working without a marketing strategy. However, in this case, marketing is chaotic, and its effectiveness is weakly related to the actions of the business. The strategy helps to focus on the really important processes.
An effective marketing strategy helps to achieve:
- Greater presence in the market. Through research and hypothesis testing, businesses are able to capture new market shares and strengthen their presence in relevant segments.
- Increasing profits. The company knows the audience, knows when to stimulate sales and how to position itself to increase sales.
- Increasing competitiveness. A marketing strategy allows you better understand your competitors. And learn about what differentiate you from them. And take this point as advantage and use it correctly.
What are these marketing strategies?
1. Location :
The first rule of any retail business is to find the right location. If the point is located very well, then there is no need to do a lot of advertisement.
2. Inner space :
Good lighting - both artificial and natural. In the second case, it is assumed that the windows (showcases) of the outlet are transparent and clean.
Clean air - no foreign odors.
Merchandising - the layout of goods on the trading territory.
Vertical layout - knee level, chest level, head level (and above).
Horizontal layout - from right to left, a certain step must be maintained from a stack of goods to a stack.
Harmony is taken into account in the arrangement by size, by color scheme, by configuration (complementary goods are nearby).
Internal signs - with advertising of any goods, reminders, new offers, promotions, etc… should be bright and visible.
Price tags - should be easy to read at a distance of 30-40 cm. Not only the amount, but also the description of the goods too.
Uniforms of sellers - will favorably characterize the outlet.
The flow of visitors is recommended to be directed counterclockwise. This is due to the fact that most people are right-handed, and it is more convenient for them to walk like that.
I think it's unnecessary to talk about cleanliness in the trading floor.
3. Staff :
About the appearance is written above “Uniforms of sellers”.
The staff must know the products and their characteristics very well. So, you must train and evaluate them continuously.
Sellers must be able to talk about the product in an attractive way that will create an emotional attachment in your customer’s mind to this product, so they generate the need and want of buying it.
They must present the main, most attractive features and characteristics.
And of course they should answer all the questions and objections of your potential buyers.
4. Upselling techniques :
Upsell - increasing the size of the average purchase receipt by offering the buyer a more expensive version, than what he came for. Or an offer to purchase more than one unit of this product.
Downsell - decreasing the size of the average purchase receipt by offering the buyer a cheaper version than what he came for. Another purpose of this technique is to induce a purchase, so as not to let the visitor go without it and to create and build trust and a good relationship between the buyer and the seller.
Crossell - increasing the size of the average purchase check by offering the buyer other goods that complement the one that the visitor purchases (purchased). You can offer a product that does not complement the main one, but another one, but from the same area as the main one.
Magnet on top - increasing the size of the average check by giving a gift if the purchase more goods.
It is necessary to draw up a list of goods to be offered in each case. Develop scripts for staff. Introduce upselling techniques into the motivation system. Ensure performance control. The results will be quite fast and tangible. These techniques are used not only at the moment of sale on the trading floor, but also sometimes after it. At the same time, a pause should be maintained for no more than 2 to 5 days.
5. Collecting contacts of potential and established buyers :
In order to create conditions for returning customers and making them repeat their sales. Because the main profit is made by the repeated sales.
6. Positioning and nicheting
In order to form a favorable perception of your business in the minds of potential buyers, and to distinguish it from other competitors.
Any retail business should have its own concept depending on what it offers.
And most importantly, this concept should answer these questions:
Why should they buy from you ?
How do you differ from others ?
7. An offer that cannot be refused.
This is the rule number #1 of a marketing strategy !
You should have an offer that does not give a single chance to your competitors. An offer that causes irresistible desires to have this product.
8. Internet presence (online)
9. Strategy “Front End - Back End strategy”
A very powerful technique to attract potential buyers when it is used correctly.
The bottom line of this strategy is that in the first step, you must offer something valuable, but cheap for a potential buyer, and in the second step, sell a product that contains the main margin.
The first step of the "Front end" is to advertise everywhere.
But the "Back end" is not advertised anywhere, it is offered at the second step, when the buyer comes to you.
10. Partnership with other businesses
It is striking how little this strategy is applied in the domestic trade sphere!
It's about using the client flow of other businesses to offer your products. You negotiate with other retail businesses so they present your goods. In turn, you present their products in your place.