Retail marketing is a type of marketing strategy that focuses on the promotion of products and services to consumers through retail outlets. It is an important part of a business’s marketing strategy, as it not only helps to drive sales but builds brand awareness and loyalty. There are numerous types of retail marketing tactics that can be used to reach consumers in different ways.
Let’s explore these strategies and a few examples of successful retail marketing campaigns.
What is Retail Marketing?
Retail marketing encompasses all efforts aimed at promoting products and services to consumers through retail outlets. The four main channels of retail marketing are product, price, place, and promotion.
Product refers to the actual product or service being sold, price refers to how much it costs, place refers to where it is being sold, and promotion refers to how it is being promoted. By leveraging these four components, retail marketers can create effective campaigns that target their desired audience.
Product
Marketing any product requires careful consideration of how it is positioned in the retail sector. This involves analysing price points, features, and benefits. Additionally, product packaging and labelling are important, as they are part of the product experience and create a memorable impression on consumers, differentiating your business from the competition.
Price
Price plays a key role in retail marketing. It’s the main factor that drives consumer purchasing decisions. Pricing strategies should be carefully planned to ensure that your business’s product can be competitively priced while still providing a profitable margin. Also, accounting for the price sensitivity of your business’s target audience and how it affects their purchasing decisions is vital.
Place
The distribution of a product is an important part of retail marketing since it determines where the product will be sold and how easily accessible it is. This includes verticals like geographic location, physical stores, online stores, and any other channels where your company’s product is available. Physical location and in-store merchandising are extremely important for drawing in new customers and fostering loyalty among existing ones.
Promotion
Promotion is the most visible part of retail marketing. It informs consumers about your business’s product and encourages them to purchase it. It encompasses traditional methods such as print, radio, and television ads, as well as digital methods like social media, search engine optimisation, and email campaigns.
Types of Retail Marketing
There are a variety of types of retail marketing to consider for your business, each with its own advantages.
-
Store-Based Marketing
Store-based retail marketing consists of all the marketing efforts your business implements in its physical retail location designed to market to existing/repeat customers and walk-in customers discovering your business for the first time.
-
Samples
Giving away product samples can provide a more personalised marketing approach, enabling customers to try out a product and inspire them to purchase it, generating new users.
-
Events
Holding in-store events draws attention to promotions, can create buzz around your brand, and bring more customers in to experience your business’s products and services.
-
In-Store Displays & Presentations
Attractive, in-store displays of products can draw attention to them and help forge a connection with consumers by creating an engaging shopping experience.
-
Digital Interactive Boards
Interactive boards can be used to display information about products, services, and promotions, keeping all your new and current customers up to date.
-
In-Store Promotions and Deals
In-store promotions can help to drive footfall, sales and create loyalty among customers. One of the most effective in-store marketing strategies is to put promotional advertising on the customer-facing screen of your business’s point-of-sale system.
Non-Store-Based Retail Marketing
Non-store-based retail marketing comprises all the marketing efforts that your business implements outside of its physical retail locations. Common non-store-based retail marketing strategies include direct mail, posters, TV ads, press releases, and word of mouth.
Implementing a customer loyalty program built into these efforts is a good way to offer a personalised experience to consumers and forge a deeper connection. Additionally, all customer marketing preferences should be thoroughly tracked to ensure GDPR compliance.
-
Direct Mailing
Direct mail should be tailored and hyper-personalised for current customers and include promotional offers and information about new products/services.
-
Physical Posters
Posters can be used to advertise products and services in public places.
-
TV Advertising
TV ads can be used to reach a wider audience and create awareness about your business.
-
Press Releases & News Articles
Press releases can be used to give news outlets information about new product releases and in-store events.
-
Word-of-Mouth Sales
Word of mouth and brand ambassadors can be a powerful tool to spread information about your business.
-
Digital Retail Marketing
Digital retail marketing comprises all the marketing efforts a business implements through digital channels, such as websites, social media, and email.
-
Engaging Website Design
A website displays information about your company’s products, services, and promotions, enabling customers to explore more in-depth information on the products they are interested in. It also offers an opportunity for you to provide information on your brand, vision and ethics. Knowing that shoppers are purchasing from a retailer that supports their own lifestyle choices and is trustworthy and provides reliable customer service can be the differentiator when deciding whether to make that purchase.
-
Social Media Marketing
Social media marketing will reach a large audience and boost your business’s interaction with past, current, and new customers.
-
Text Message Marketing
SMS marketing can be used as an additional way to send out promotional offers or information about new products. Most people have their smartphones on hand throughout the day, so this channel offers a quick and instant method to get your message across.
-
Sending Email Newsletters
Email marketing is one of the most effective marketing methods because it targets customers that may have signed up to receive communications and are already interested and in your business’s sales funnel. The ROI for email marketing is also extremely high. In the UK, for every 1 pound spent on email marketing, a business can expect a 35.41-pound return.
Examples of Successful Retail Marketing Campaigns
-
Apple’s “Think Different” Campaign
Apple’s “Think Different” campaign was a series of print, television, and online ads that ran from 1997-2002. It featured iconic figures such as Mahatma Gandhi, Martin Luther King Jr., and Pablo Picasso and encouraged people to “Think Different” when it comes to technology.
-
Target’s “Expect More, Pay Less” Campaign
Target’s “Expect More, Pay Less” campaign ran from 1994-2015 and was a series of television, print, and online ads that highlighted the store’s commitment to offering quality products at affordable prices.
-
Nike’s “Just Do It” Campaign
Nike’s “Just Do It” campaign is a series of television and online ads that began in 1988 and is still running today. It features iconic athletes such as Michael Jordan and Tiger Woods encouraging people to push themselves to achieve their goals.
Implement Advanced Retail Marketing Through Your EPOS
Retail marketing is an omnichannel approach that involves a combination of strategies, tactics, and tools. With the holistic retail solutions from Eurostop, your business can track customer purchases and preferences, manage inventory, and use data to create personalised marketing campaigns, maximising marketing efforts and driving sales.
Contact us today for a no-obligation demonstration or call +44 (0) 208 991 2700.
