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RETAIL MARKETING STRATEGIES

In recent times, consumers are presented with a lot of options when purchasing thanks to the growth of the retail industry resulting in enormous numbers in vendors and retailers. Consumers now have the opportunity to hop shops, scroll through online shops, analyse and finally decide on who to give their money.

The current state of the retailing industry is usually competition among retailers in attracting customers. Competition can be good or bad for a retailer. Good if you are able to strategize and win customers to your side and bad if you are not able to.

The good news is, there is a way to attract customers by being guided by the market mix theory, that is, price, promotion, product, and place. By strategizing with these four in mind (price, promotion, product, and place), retailers can gain more customers even in this aggressive industry.

Packaging of products

A book should not be judged by its cover but because customers are mostly moved by what they see, that is what actually happens in retail. A customer is initially attracted by the beauty of the package of the product before the content. Blend of colors, packaging materials, prints of information on products etc are the first step check for potential buyers. It is just in the right order for retailers to pay attention to the preference of consumers on the packaging in order to attract them and make more sales.

Discounts, Sales, Reduction

These are reduction pricing strategies to pull customer traffic and increase sales. You can run these pricing strategies on holidays relevant to your product and also on special occasions. Discounts and sales should be time bound to create a sense of urgency and to push customers to purchase for fear of losing out and buying later at higher prices. Consumers will choose you over your competitors if you run discounts and sales.

Online availability and advertisement

It’s a necessity for retailers to be available on the internet now if they want to get more customers because most customers spend most of their time on the internet and thus it’s a target market that retailers must capitalize on. We can then arrive at a conclusion that customers’ first point of search is the internet and social media. Tools like wordpress, facebook, twitter, instagram, helps retailers market to their potential customers. Customers in recent times are accustomed to buying online and getting their products delivered to  their doorstep.

Good Customer Service

It is a very essential market strategy. This is to put the customer first and fulfil their needs to their satisfaction. It is not only responding to current customers’ questions and solving their problems but also attending to potential customers to also convince them to purchase from you. Retailers often lose their customers due to bad customer service. Naturally, customers who experience bad services spread the news to others and the same happens for good customer service. Training your staff on customer relations will go a long way to pull in traffic for your business.

Personalization of customers is also very important. Keeping track of current customers and remarketing by sending polite mails, texts and reminders is a great step to bigger sales and more customers. Keep in mind that your product is not peculiar to only you. Customers have lots of options. Be different.

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