Retail marketing is essential for attracting an audience and converting them into loyal customers. It involves leveraging the benefits of your products, implementing a pricing strategy, understanding the platforms where you want to connect with customers, and creating promotional content designed to boost sales. Retail marketing can draw customers into your sales funnel and increase the name recognition of your brand over time. Using a combination of retail marketing strategies is an essential part of reaching out to your audience and increasing sales.
This guide to retail marketing strategies can help you become familiar with various methods for connecting with an audience and motivating them to make a purchase.
1. Use Strategic Pricing
When preparing your marketing plan, perform extensive market research to understand the external factors that motivate people to give you their business. Seasonal changes, for example, can have a big impact on consumer buying habits. Advertising sales during off months can help you attract new customers with discounted products while saving money on marketing during times of the year when you have a higher volume of sales.
2. Engage on Social Media
Social media is a popular place for driving retail sales. Social media websites like Instagram and Facebook both offer targeted advertisements you can use to connect with your ideal audience. Advertising on social media is a great marketing tool for online retailers and brick and mortar stores alike because you can target specific people with interests related to your product.
You can also increase your brand visibility by engaging with current customers through interactive posts and visually appealing content. Highlight featured content for free by posting Instagram stories that your followers can repost, giving you the chance to broaden your reach. Creating Facebook fan groups, answering questions, creating custom hashtags, and hosting giveaways for people who share your content are all great ways to leverage your business's social media page to its full potential.
3. Try Experiential Marketing Strategies
Experiential marketing is a retail strategy that focuses on making the shopping process as enjoyable as possible. Businesses that use experiential marketing as a retail sales strategy add user-friendly touches throughout their sales funnel to attract and retain customers. Simple touches like offering free refreshments in your physical store to creating a sleek website with a fun interface can all transform a regular shopping trip into a fun experience that converts passers-by into customers.
4. Connect with Influencers
While celebrity endorsements have been a popular part of retail campaigns for decades, the concept of influencer marketing is relatively new. Getting people with large followings on social media to talk about your brand or demo a product can boost your company's reputation. Influencers often create their own original content for their sponsors, giving a more personalized and authentic feel to direct advertising. A good influencer strategy generates conversation about your products and increases brand awareness with the goal of driving traffic to your website and boosting overall sales.
5. Market Through Partnerships
Try partnering with other organizations to expand your customer base and take advantage of community connections to improve your retail sales strategy. Reach out to other businesses in your area and collaborate on ways to funnel customers from one store to another with things like coupons or flyers. Reach out directly to your target audience by looking for businesses and organizations that work with the demographic groups you want to target.
You can also boost brand awareness by supporting a local charity, using social good as a promotional strategy to show customers the values of your brand while giving back to the community.
6. Take Advantage of Referrals
Referrals are a great way to take advantage of word-of-mouth marketing, where existing customers attract other people who might benefit from your products. Referral campaigns provide an incentive for people to share your brand with others. One of the most popular forms of retail digital marketing is the use of unique referral codes, which allow customers to earn store credit if a friend signs up for your website using their link.
Referral programs often give discounts to both the new customer and the person who referred them, creating a convenient funnel that encourages both people to buy more of your products.
7. Customize Email Campaigns
Email is an important part of marketing for online retail and physical stores, offering a high return on investment for a relatively low cost. Building an email list that divides subscribers into different categories based on what they purchase allows you to send out targeted ads and special deals to unique groups. Make a note of which email addresses are associated with purchases and which belong to potential new customers, then offer first-time deals and giveaways based on that information. Email is a great way for you to show your brand's voice and personality by sharing stories about your company and its values.
When implementing these retail marketing strategies, pay attention to which are the most successful, and adapt your strategy to highlight those methods. Think about different ways to make each promotional method more user-friendly, like prominently featuring reviews from satisfied customers, creating convenient shopping lists of best-sellers to including interactive buttons and games on your website.
Try using a mix of text, images, and videos to promote your brand, making sure to measure what strategies bring in the most traffic.