Effective retail marketing encompasses all of the ways a consumer business (B2C) attracts customers and generates sales of its goods and services. OnBrand undertake a variety of marketing services for retail based businesses and we have plenty of ideas about how you can implement a retail marketing strategy in 2023 that can drive footfall and sales in 2023.
Develop Curb Appeal
Enticing customers into your store starts well before they step through the door. First impressions last, so curb appeal needs to cover everything from the external pavement, parking, landscaping and shop front.
Here are some ways you can develop curb appeal for your own store:
- Storefront signage – is it fresh and does it portray your brand effectively?
- Enticing window displays – are your window displays appealing? Are they changed regularly/with the season? Do you stand out from other nearby stores?
- Consider curbside & outdoor lighting
- Are there any current offers or promotions you could display from the curbside to encourage people through the door?
- Add interest with digital screens or different forms of media
- It may seem obvious but ensure opening and closing hours and any other useful customer messaging is clearly displayed to make it as easy as possible for customers to find out the information they need
Effectively Use Retail Space
A new year is a good time to view your retail store layout in order to maximise revenue. An effective store layout will ensure that you are able to direct shoppers to high-priority/value products, drive impulse sales, manage customer flow, stay organised, ensure a tidy space and of course, create a positive customer experience. It is common for grocery stores to use a simple grid layout for easy and predictability of navigation. On the other hand, clothing boutiques may use a more creative layout to allow businesses to showcase different products by season or promotion.
Review your Point-of-Sale (POS) Display
Practical product placement and POS displays will help guide your shopper journey and encourage sales. As a general rule it’s a great idea to showcase new and seasonal products at the entrance. Keeping the front of your store fresh gives regular shoppers something new to browse. Its also good to place bestsellers and traffic-driving products toward the back of the store so that customers need to walk past and see all of your other merchandise first. Highlight impulse buys at the checkout; smaller, low-cost items can encourage additional grab and go whilst customers are waiting to check out.
Create a Profitable & Competitive Pricing Strategy
How to price your products isn’t simply a case of wholesale plus mark-up pricing. There are various questions to ask yourself when it comes to setting or reviewing your pricing strategy. It is worthwhile to consider:
What is your brand’s mission?- What are your future plans as a retailer?
- Who are your target customers?
The above questions will help you make better pricing decisions and ultimately add to your bottom line.
There will always be other internal and external factors which will also affect your pricing strategy:
Internal factors
Elements of your business that are generally under your control, such as manufacturing and marketing costs. Internal factors are important because they give you an idea of your baseline, or how much you need to earn from sales to keep your business viable.
External factors
External factors, are however, largely out of your control. These factors may include the location and pricing of your competitors or the buying power of your consumers. When assessing external factors, it’s important to bear in mind market factors at the time including the economy and political events and their impact on purchasing behaviour.
Not forgetting a little word on promotions. Many businesses use promotional or sale prices to drive traffic and sales. Discount pricing may erode profit margins but can also be a good way to attract new customers or clear out old merchandise or product lines. Seasonal sales are also obviously a good time to use discounted and promotional pricing strategies.
Consider Your Market Position
It is always important to consider your market position when it comes to the promotions and pricing of your products. If your competitors sell similar products at lower prices, you may need to consider lowering your prices to stay competitive. If your pricing is in-line with others, you may wish to add value in other ways such as offering free delivery, returns or complimentary gift wrapping, for example, in order to justify a little increase.
Build Your Online Presence & Invest in SEO
An online presence provides more opportunities for sales, particularly for shoppers who may not live locally or can’t come in during opening times. Even If you don’t want to sell products through your website, an online presence can give customers a flavour of what you sell and how they can place an order. A website will add credibility and reassurance and be a vehicle to provide information to your customers. Obviously invest time to keep it up to date, or we can do that for you! SEO (search engine optimisation) is all about ensuring that customers find you on Google. Ensure your web pages are optimised with keywords and descriptions and create specific landing pages which mention your local area. SEO can be a daunting topic but it really doesn’t need to be, and we offer a variety of SEO packages to suit all budgets.
The number of searches that included “near me” increased by over 200% in 2019, and “open now near me” searches grew 400% in 2020. Optimizing your website for “near me” searches and Google Maps is essential to attract more people to your shop. If people are searching for something near them, there is a high chance that they intend to make a purchase.
Be Social
Facebook, Twitter, Instagram, TikTok – engage your customers through these social media channels not only for brand awareness, but also for another way in which to drive sales. Each channel has its own merits, and depending on your business type, one may be more suitable than another. We are able to advise both on social media and content strategy to really ensure you get the most out of your social media promotion. Social media channels are also a great place to gather and publish customer reviews which will help drive trust and credibility and ensure both repeat and new customer purchases
Run Geo-targeted Ads
One of the most effective local marketing strategies to drive footfall is to run location-based ads. Unlike general ads, geo-targeted ads only target people in a specific geographical area, preferably those who live in the same town or city as where you are based. Geo-targeted ads can be set up from any social media channel including Facebook, Twitter, Google, Instagram, and/or Snapchat. The bid amount changes depending on the radius you set. This is a great tactic to promote click-and-collect services or online ordering for restaurants for example. We run paid for advertising campaigns for a variety of clients in this sector, so do you reach out if you would like a hand in setting up and/or managing these campaigns.
It is a great idea to run geo-targeted ads at the same time as a large event is happening locally, such as markets or Christmas lights switch on events, as you will already have an engaged audience visiting the area, and by highlighting your products or services, they are more likely to pay you a visit too!
Build Long Lasting Customer Relationships
Your first customer sale is just the beginning of your relationship with them. Part of an effective (and long-lasting) retail strategy is ensuring that you stay connected with customers after the sale. Consider re-targeting campaigns to keep your customers engaged and encouraging repeat purchases.
A customer loyalty program is a great way to incentivise repeat purchases and learn more about your most frequent spenders. Likewise a referral scheme can encourage brand awareness and word-of-mouth marketing. Loyalty and referral marketing will enable you to build up a better picture of your customer profiles so that personalised and targeted marketing can take place. The more personalised the message, the more likely you are to resonate with them and ensure future sales. Email (and SMS) marketing are just perfect for building on-going relationships with your customers.
Ask for Feedback
Customer satisfaction surveys are a great way to assess your offering and find out ways in which you can improve. You can use these simple surveys (printed or digital) to measure interest in new product lines, events, or potential additional opening hours.
Plan Regular Events
Retail events are a chance to thank your loyal customers and welcome new ones! Events give your customers a chance to shop whilst also feeling special with on the day offers and discounts and early access to new product lines etc. Events give you another reason to make contact with your customers, pre and post event, as well as driving additional sales. We have a team of experts here ready with a variety of event ideas for key awareness dates for 2023, just get in touch to find out more.
Partnership and Collaboration
When developing your retail marketing strategy, consider other local businesses and organisations which you could partner up with for events and promotions. Partnerships not only increase sales but they are also great for brand awareness. Don’t forget local charities and community projects too – its great PR and also a great way to give something back to the area in which you work.
Developing a retail marketing strategy requires thinking about what kind of products you sell, where and how you sell them, as well as how you plan to build on-going relationships with your customers. We have a wealth of experience in retailer marketing and engagement and would love to share this with you – get in touch for a chat and lets get ahead of your retail marketing strategy in 2023!
