Retail marketing is a process involving mass distribution of products to consumers. Retail sellers reach their consumers through various outlets such as supermarkets and convenience stores. The competition in retail business is as serious as every mall, chain store, supermarket, convenience shop and discount stores available all over. To be at a competitive advantage, every retailer needs a solid plan one that can be crafted by consulting a retail marketing agency.
While creating a retail marketing plan, a retail marketing agency will factor in the retail consumer journey.
Research ➢ Identification ➢ Transaction ➢ Experience ➢ Retention
Illustrated above, consumers will first do research on a product before buying. During the research, they will find and identify a retail store to buy from. At the store, exchange of money for product signifies a complete transaction. Depending on their experience at the store, this customer is likely to come back or not. Retail marketing should not just focus on attracting consumers but also retaining them.
Consumers are different in many ways and it is important to appeal to every type of consumer. Here are the categories:
- The Informed consumer – These are the consumers who do thorough research on a product, its reviews and price range before purchasing. By the time they walk into a retail shop, they already know as much as the need to buy.
- Show roomer – This is the kind of consumer will visit a store to inspect a product but choose to buy it online for a deal.
- Wanderer/window shopper – These are customers who are generally looking at different items possibly for future purchase or price comparison.
- In and out shopper – This customer is one just looking to buy a specific item and will be in and out of your store in a second.
- Indecisive Shopper – This is a consumer struggling on which product to buy depending either on brand or functionality.
- Bargain shopper – This is the kind of consumer whose buying decision is dependent on price. Unless they are able to spot a bargain or hot deal on your products, they are not likely to buy.
With the help of a retail marketing agency, a retail marketing plan should identify its target market, design its format and have a concrete plan for competition. These are key areas that must be captured within a retail plan. Good retail marketing should also revolve around the principles of retail marketing. These are:
- Customer care – Customers are the most important persons in the shopping process. They are the consumers at the end of the line whose product needs puts manufacturers, wholesalers and retailers at work. It is important for customers to have the best experience and service at any retail they walk into. Without proper customer service, any retail shop is set for failure.
- Retail is Detail – How much do you know about your customer? Are you servicing their needs? Paying attention to your consumers and putting more effort in knowing your consumer as well as their needs positions you better to be of great service to them.
- Know the 4p’s – These 4p’s are product, price, promotion and place. Depending on the product you are selling, the price has to be right; the retail shop has to be strategically placed around your target market. You also have to do appropriate promotion creating awareness of your product to the target market. Unless you get it right with these, it will be hard for you succeed.
- Go beyond expectation – What would you make stand out from your competition is the value of your service. The significance of customer service in retail business is directly proportional to your customer retention rate. What is it about your store that will make keep customer’s coming back? Always go an extra mile for your customers and they will keep coming back.
- Location – Regardless of how good your retail layout is, the external factors are also crucial. For instance, any retail outlet should be strategically placed, with ample space and facilities depending on size. Customers do consider distance, parking space, accessibility and security just to mention a few before they decide on visiting your store. Once you have the layout and fascia sorted, you should begin to attract clients.
Building retail marketing plan is more than just a few advertisements and activations to draw consumers. It is a detailed process in understanding your consumers, competition and packaging your store to stand out from the rest. It starts with products, to pricing, store layout, Customer service and retention to be successful. All the factors above must be included in a retail marketing plan for it to convert.