When was the last time you bought something? Did you do it in a physical store? Or was it something you ordered online? Do you have or remember any promotional product that you associate with a brand? These answers will depend on how good (or bad) was your purchase experience. The better it was, the more you’re going to remember. Most of all what you could perceive, and maybe some things that you couldn’t, were part of a marketing strategy.
If you went out the store or closed the tab excited about your purchase, this means that the retail marketing was on point. Do you want to know more about it? This post will show you some examples, as well as the best retail marketing advices to implement in your own business. Just remember that a happy client is a client that will come back and spread the word about your products.
What’s retail marketing?
Retail marketing is basically any strategy that focuses on creating a nice purchase experience for the potential customers in order to improve sales. This can encompass a diversity of approaches and tools as it doesn’t include only the store decoration or an attractive website design.
Retail marketing concentrates on a variety of tactics to affect your clients experience
There are a lot of ways to craft an ideal environment, physical or virtual, to make your clients feel comfortable and at ease in your point of sale. By doing this, you’re motivating the customers to visit, buy, recommend, and come back to your business.
The retail on the name comes because this type of marketing is related to retail companies. One way to classify these businesses is by dividing them according to their point of sale :
- Store-based: it refers to physical locations that provide products and services to walk in clients.
- Non-store based: these companies rely not in brick-and-mortar points of sale, but on means of communication to facilitate purchases. Examples of non-store based retail businesses are websites (online shopping), TV retailers, direct mail or telephone retailers or even door to door sales.
Naturally, the employed retail marketing strategy is related to the type of business. Let’s say that one of the strategies is creating a distinguished aroma for your point of sale, this would be possible just in store-based businesses.
However, all the retail marketing strategies aim to affect the emotions and sensations of the clients.
This affects deeply our whole purchase experience as we’re not guided by pure logic, that’s the reason why the product with the best quality-price relation isn’t on many occasions the most sold. Clients can be thinking about the brand or previous experiences, it is also common that clients develop brand loyalty.
We’re going to present to you some examples of retail marketing, then we’ll point out some of the aspects that make this practice important before we discuss some retail marketing strategies.
Consumers are not guided by logic, but by emotions too, that’s why it’s important to offer sensory inputs
Retail marketing examples
So, it’s now clear what retail marketing tries to accomplish, but some examples are missing and, of course, how can you apply a strategy. A lot of tactics can be used, no matter if we’re talking about digital marketing (website optimization, social media approaches), or in point of sale, like every sensory input, like the music, the store smell, posters, shelf talkers, samples or promotional products. Healthy public relations will boost your business presence and, therefore, its sales. A good PR manager will manage to create a positive public perception of your brand, through its associations and successful stories. Next, we’ll show you three examples of retail marketing  :
- BKR: Water bottles are something that everyone could use and, as it is a common day-to-day object, one wouldn’t think it could propel a successful business scheme, but for BKR it was this way. By offering high-class, luxury water bottles, not only did they create a feeling of missing in women, especially young ones, their preferred target, but they looked for a connection with them. They’ve committed to an ideal customer and created products based on their tastes and needs; fashion models promote their multicolored bottles that, by the way, have cheesy names like “lola” or “boo”, and an individual description.
- Rockets & Rascals: A cafe and bike shop at the same time, located in the UK, this business has focused on creating a biking community, and by doing so, they’ve formed a client base, and on implementing a loyalty program. Whenever clients spend at the store, they earn points which can be redeemed (and this is the best part) just by identifying because the store doesn’t use physical cards. So, don’t worry about forgetting your loyalty card, all you need is your name!
- Grain & Vine: based in New York, with two outlets, Grain & Vine offers a curated assortment of drinks from all around the world. The key to success? Being an omnichannel retailer: they sell in store, online, and on mobile through delivery apps such as Postmates. They do all this selling without losing track of the inventory since they take advantage of a solid integration between their purchases and sales systems.
Social media is now a powerful tool for retail marketing
As you have seen, retail marketing involves whatever approach you need to cause a good impression of your brand, products, store and service in your potential customers. Even if it’s said that retail marketing is for retail businesses, the relationship seller-client goes beyond retail companies.
Some businesses do not have a proper store and it’s common for them to produce wholesale, an good example would be toy manufacturers, but that doesn’t mean they can’t apply strategies to keep their clients happy. Nevertheless, they surely don’t experience the same concerns or problems that a business with stores (physical or digital) can have.
In Martin’s, we know what retailers are looking for, and as a plastics company, we know that we can provide you with beautifully designed and unique promotional products, like collectible toys and other plastic stuff, all with top notch processes, we have a long experience with plastic injection molding. Keep on reading to know more about the importance of retail marketing, and some of the best strategies out there.
The best retail marketing advices
Always get to know your client, that’s the first step. Retail marketing strategies should be based on the knowledge a business has from their clients, in such way it would be possible to identify the best way to communicate with them and offer something valuable.
The following letter groups are not properly retail marketing strategies by itselfs, but guide you into designing one, they represent important points to take into account.
Here are three interesting guidelines that will give you an idea of which things are most important when creating your own retail marketing strategy   .
Nowadays, retail marketing strategies are focused on clients rather than on sellers
The 4 Rs
These four aspects synthesize any retail marketing strategy in order to succeed not only with one sale, but to create a client base that recommends your business.
- Relationship: it refers to all the tactics needed to give an optimal service in order to cause a good impact and induce trust and loyalty.
- Relevance: clients must be offered a purchase experience that leads them to believe your products are the solution to their needs and specific requirements.
- Reward: to accomplish your customers’ loyalty, you must implement a program that gives them rewards for being a frequent client, here, promotions and discounts are essential.
- Reduction in spending: this focuses on everything that represents the least effort for the consumers while making a choice, paying or getting the product.Gazette).
The 4 Ps
This used to be the core of retail marketing strategies, the traditional way. The four orientations were the plan’s foundation and they concentrate on your products and organization.
- Product: define what is the item or service that you want to market. An easy step, but it is really important to picture what will be the center of your strategy.
- Price: developing a pricing plan involves competitor analysis, you do want to recover your money, but at the same time you have to make the price attractive and affordable according to the targeted market.
- Place: think about all the amenities that the location where you’re selling must have. No matter if it’s a physical site or a website, think about how your customers will feel comfortable.
- Promotion: this refers to how are you going to market your product. Define your objectives and decide which channels are you going to use (is it possible to offer discounts? Any promotional product accompanying your sale? And so on.)
The 4 Cs
The traditional approach, seller-centered, became a more consumer-centered perspective, and that gives us the 4 Cs.
- Consumer: the focus is now on the client’s needs, rather than on the product. The businesses research on what people are looking for. Let’s say that modern toy manufacturers fabricate toys around consumer interests and likings.
- Costs: you still need to cover the costs involved in marketing your product. However, take into account the clients’ perceived value of whatever they’re buying regarding their expectations.
- Convenience: internet changed forever marketing and economy. If you’re offering products online, be sure of giving the most options to your customers: the product is delivered the same day, it can be picked up in a nearby location, diverse payment methods, etc.
- Communication: promotion now includes a conversation with your clients: feedback, customers service surveys are helpful to find the areas that can be improved in order to give out there a better experience than your competitors.
5 effective retail marketing advices
We’ll offer you now some advices for successful retail marketing. Probably you already knew some of them or you have even used them, but the important thing is to know you can always improve them or expand them. Don’t forget that nowadays every marketing strategy takes advantage of digital resources and online platforms.
1. Data collection: research is the most powerful weapon any good strategy must include. Through social media, your own website, short surveys at a physical store, you can get useful data in order to enhance a personalized attention or your future interactions with your customers. Find out what they care more about, what they like the most and the least of your store and service, and get the most of that feedback. Never forget that information is the most valuable thing in the world nowadays.
2. Email and social media marketing: we know that, most of the times, ads are annoying or they can be very invasive. But, at the same time, they get the attention of potential and actual clients. Increase your visits and, therefore, your sales, not by just advertising your brand, but offering special discounts, promotions, printable and digital coupons. It’s less annoying and people feel pampered.
3. Age segmentation: many market studies show every year how influential is the generational aspect. Match the products and the marketing strategy with the age group and identify your targets. That way, you’ll be able to organize thematic sections at store, offer exclusive events, and launch diversified promotions. Millennials are the most targeted audience today because of their buying power and social media use.
4. Brand loyalty: build, little by little, a client base. When you have one, it’s easier to market your products. One way to do this is to create the sensation of belonging, with a rewards program, a frequent client card, etc. If the customer feels that’s being listened, that’s been cared about, and that’s being offered a quality product, they are going to come back to you.
5. Promotional products: create items that will do promoting by themselves. Toys, coffee mugs, pens, plastic utensils, etc. with your logo or brand name on them are a perfect way to remind clients of your value. Prizes and rewards are also welcomed, people will associate that good moment with your company and so, they become loyal clients.
Now you know the basics of retail marketing. Never forget that any strategy must focus not only on closing the sale, but on developing the conditions required to offer a delightful experience to your clients. You know the saying: the more, the merrier. And more happy clients translate into more sales.
Retail marketing importance
The simple reason to answer the question about the importance of retail marketing is just that people buy things. We consume products on a daily basis and an important number of them are commodities. In a market full of competitiveness, it’s important to design strategies and use all the possible resources to turn a potential buyer into a regular client.
Don’t underestimate what a satisfied client can do: word of mouth is a key strategy to reach more consumers
The process to achieve that concerns to retail marketing. It’s a way to improve your sales, to create brand loyalty, to make your clients use word of mouth to recommend your services or products and expand your market. If a person has a good purchase experience and feels satisfied after the transaction, the chance that they become a client increases.
It’s a way to improve your sales, to create brand loyalty, to make your clients use word of mouth to recommend your services or products and expand your market.
A good experience for a client means having a pleasant stay no matter if they are in a physical store or navigating on an easy, carefully designed website with a friendly layout. In both cases, the aim is to make the client remain the longest time possible so the seller has more opportunities to promote their products, and make them come back too.
Besides the most obvious goal (improving your sales), there are a number of reasons why retail marketing is valuable for your business :
- It’s helpful for classifying products
By knowing your client’s needs, you will be able to offer them a good range of products that fulfill that particular need. Sometimes customers don’t know all the variety of products that may satisfy that necessity, so by categorizing products, you’ll be able to present the options in an easy and friendly way for your potential clients.
- Connect with clients, close the sale
Retail marketing will help you to understand better your clients and be there in the various stages of the buying cycle. By perceiving they’re being paid attention, clients will cherish your business. Visual media, promotional products, and a solid customers service make the difference.
- People want your products
Almost any consumer in the world has a diversity of options for buying some good. Retail marketing strategies help your brand to let the people know that YOUR product is the one they need or the one they’re missing.
- A better standard of living
The variety of goods and services at reasonable prices, as well as clients willing to buy them and being able to do it, keep the economy healthy. By incentivating this cycle, retail marketing plays an undeniable socio-economic role.
Beyond the relevance for retailers, retail marketing offers employment opportunities and has a strong impact on a country’s GDP. Being that powerful, it’s no surprise that there are college degrees on retail marketing. The incessant flow of communication and information generated between market, consumers, retailers, and manufacturers encourage higher quality of products and services.
 http://increnta.com/es/blog/marketing-retail-latinoamerica/ (in Spanish)