Getting your store to stand out in a sea of competitors is a challenging task in the retail industry. It takes time, effort, and an extensive understanding of the market. The playing field is far from even, which means using every bit of know-how you can get will give you an edge over the competition.
In this post, we’ll look at some of the best ways that you can upgrade your retail marketing strategy. This will help you boost your sales and reach your goals faster. Having the peace of mind knowing that you’ll be able to turn every slump around and keep moving forward is a great way to start the year, so let’s get into it.
Create a constant sense of urgency
Whether it’s through discounts or limited time offers, customers will feel more compelled to grab your products if an enticing opportunity to save is available. Create a sense of urgency by playing with pricing and availability. A great way to do this would be to increase the level of exclusivity in your products.
Adidas and their Yeezy line of sneakers is a great example. These shoes could easily be mass produced but starting with extremely limited runs that immediately sold out gave Yeezy’s an elevated status over other competing sneakers. That’s what allowed Adidas to charge over £270 for a sneaker that costs £60 to produce.
For retailers just starting out, limited time bundle offers are an effective, cost-free way to promote your business while also moving more stock per sale. By simply putting a few items together and attaching a discounted price tag, you can effectively create more urgency and offer something “new” without spending a cent.
Utilize the power of modern technology
These days, owning a business without a website and social media is basically a sin. Digital marketing allows you to reach a larger audience than any other method while also giving you countless ways to effectively interact with your target market. That said, there’s no denying the fact that digital marketing involves a lot of work.
This is why having a reliable company such as Digiconomy that offers comprehensive digital marketing solutions is a great investment. From local SEO that helps small business thrive to enterprise services that even the biggest company can take advantage of, Digiconomy offers everything from full SEO and CRO services to PPC management and site auditing.
Putting your business on the front page of search results will help your target market find you instead of it always being the other way around. This can significantly cut down on your advertising costs while still bringing in more sales. When it comes to marketing, digital is the way forward.
Work with big names
You’d be lucky to spot a single successful perfume or clothing brand that isn’t associated with a well-known celebrity. There’s a lot of value in having someone with a large following promote your business. Find influencers in your industry to help your business grow.
For example, if you sell makeup, partner up with a makeup artist on YouTube to create a new line dedicated to that makeup artist. Chances are, their followers will be a lot more compelled to buy your products if it has their favorite YouTuber’s name on it.
Always provide value
While your products should provide value to your customers, your business should also find ways to keep people coming back. Become the go-to resource for information on your industry. Whether it’s free courses during occasional events or a knowledge base offering valuable content on your company website.
Take care of your customers, too. Time spent resolving issues and finding out how you can improve your products and services is never wasted. This also extends to your staff. Ensure that they’re up to date on the latest trends and information. This way your employees will be ready to explain and recommend products to interested customers.
Have you ever wondered how retailers can afford to offer such significant discounts through their loyalty programs without charging any fees? While they might not be making any money on the points system itself, they see the value in motivating customers to come back and spend more than they initially planned to.
Referral incentives, birthday rewards, and earnable points are excellent ways to build loyalty among your customers. This creates a reliable source of income for you, as you’re not constantly having to hunt for new sales.
That said, one must never forget the power of new customers either. Try implementing a few first-time buyer discounts and see whether the increase in sales is worth it. More often than not, it definitely is – especially if you turn those first-time buyers into repeat customers.
Clearly, retail marketing isn’t all about undercutting your competitor’s prices and offering discounts. Providing value, gaining trust and using the right tools to grow your audience will take you much further than any promotional discount.