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Retailers often hear about “strategy”, but there’s a lot of misinformation out there regarding what exactly a retail marketing strategy entails. Simply put, a retail marketing strategy is your plan to leverage the resources at your disposal to get shoppers in the door and keep them shopping longer. Any type of strategy involves techniques that are unique to the desired goal.
In retail, you can do plenty of things to broaden your marketing strategy, but retailers often find that they don’t have the time to put a plan together. If this is you, check out the following three tricks to generate word of mouth marketing and boost your sales per square foot with an easy-to-follow retail marketing plan:
When your customers save money, make sure they know it. Loyalty rewards programs are a popular way for customers to save some cash, but if your shoppers aren’t aware of the savings, your store isn’t going to get the most value from these programs.
Consider installing a display that shows shoppers how much they save with each check-out experience. As a low-tech, low-cost option, give cashiers a bell to ring each time a customer saves over a certain amount. You can also add up each day’s savings on a whiteboard at the front of the store so other shoppers catch a glimpse on the way in and out of your store.
Retail managers are busy, but this doesn’t excuse you from taking a moment to engage with customers. Throughout your day, make it a priority to stop and chat about the customer experience. Learn what CPG brands customers crave and their concerns regarding economic issues like inflation.
Speaking with customers is a retail marketing solution that only costs a small amount of your time, but it can come with a big payoff. When you make the shopping experience personal, customers will be more likely to tell others about the experience, and this WOM marketing ripples can extend the value of your store marketing efforts.
Experiential marketing, meaning things like an in store demonstration or store sampling experience, plays a large role in meeting customer expectations in the digital age. As shoppers have become accustomed to interactive displays and digital stimulation, your store needs to capture and hold attention.
Host a store demo or cooking class to take advantage of experiential marketing. You can also invite a guest speaker to discuss nutrition information and hand out cards containing healthy recipes using private-label brands. An in-store demonstration hosted by an expert helps to build trust, and automation software makes hosting these events easier. You can also rely on the field marketing resources of your vendors to help cover some costs.
Incorporating flexibility is always a good idea regardless of how you craft your retail marketing strategy. Your store needs to adapt to changes in the economy and the retail industry as a whole. As long as you build adaptability into your strategy, you’ll be more likely to succeed.