3 Questions Marketers Should Ask About Their Retail Marketing Strategy
When it comes to a company’s retail marketing strategy, most successful businesses are continually refining that strategy, searching for new and innovative initiatives that they can add to their retail marketing strategy, as well as, removing any strategies that are not providing enough return-on-investment. A process that a lot of companies employ is to start working on the coming year’s marketing plan in Q4 of the current year. This way they will have their retail marketing strategy in place right at the beginning of the next year.
Throughout the year they are implementing their strategies and tactics, collecting and analyzing data from those strategies and tactics, researching potential new ideas for next year, and ultimately honing everything so that they can make informed decisions in regards to keeping, evolving, or removing, strategies and tactics for the next year. This is a cycle that gets repeated year in and year out. As companies go through the year, they should be asking themselves three very important questions in regards to their retail marketing strategy, if they truly want to be successful. Here are those three questions:
- Are Shoppers Fully Engaged with Our Brand When In Our Store?
- What New Technologies Can Be Integrated Into Our Retail Marketing Strategy?
- How Can We Enhance Our Retail Marketing Strategy to Grow Sales?
Are Shoppers Fully Engaged with Our Brand When In Our Store?
A successful retail marketing strategy is geared towards engaging shoppers while in-store. If shoppers are not engaged in your brand, your products, and/or your services, why would you expect them to make a purchase? Shoppers need to be educated. Shoppers need to feel like you care. Shoppers want to take part in activities that will provide them with rewards, such as discounts and prizes. Traditional retail marketing strategies rely on employees to engage shoppers, but we all know just how little shoppers these days want to interact with employees. They think they are being “sold” and the image of the used car salesman is burned into their mind. With the release of new technologies like bluetooth low energy devices, wifi, tablets, smart phones, etc. companies now have the ability to use technology to engage shoppers while in-store. It’s time companies of all shapes and sizes start researching and implementing new technologies in-store to engage shoppers in your brand.
What New Technologies Can Be Integrated Into Our Retail Marketing Strategy?
As you move through each calendar year, someone, or a team of individuals, should have researching new technologies for retail as some part of their job description. New technologies are being developed every single day. Successful retailers are the companies that pick up on these new technologies the quickest, and find creative ways to integrate them into their retail marketing strategy. Over 3 years ago now the founders of OnSpot Social spotted a huge emerging trend for retail, using tablets in-store for marketing to consumers. Back then only the very early adopters were leveraging this new technology, tablets, in their stores. Now, more than 3 years later, I can’t go out shopping without seeing at least one company with a tablet running in-store. That said, this new trend is just getting started. Not only that, but now there are more new technologies emerging that support this trend and will push it even further for innovative retailers to take advantage of. Who on your team is responsible for spotting new technologies? Make sure you get them involved in the discussion during your next retail marketing strategy planning session.
How Can We Enhance Our Retail Marketing Strategy to Grow Sales?
The next question that needs to be asked is one related to sales. Without sales we have no real business. Finding new technologies to integrate into your retail experience is great, but will it increase sales? When it comes to your retail marketing strategy, 95% of of the strategies and tactics that you implement should, at the end of the day, have a goal of increasing sales. The best way to enhance your retail marketing strategy to grow sales is to make sure during your planning that each strategy and tactic is set up in a way that can impact sales and sales-oriented goals are put in place for each strategy and tactic so that everyone knows what he/she is working towards.
When it comes to integrating new technology into your retail marketing strategy, make sure you pick technologies that can impact sales. Don’t put a tablet in your store because it’s cool. Put a tablets in your store, and pick apps to run on those tablets which are geared towards impacting sales. Without increasing sales you don’t have money to fund next year’s marketing strategies. Be sure that you are always tying sales-related goals to your retail marketing strategy. If you do that, and continually refine that strategy as the year goes along, you will have a great chance of generating more sales for your business.
What other questions do you ask when developing your retail marketing strategy? Do you make sure to tie sales-related goals to your strategies? What new technologies for retail marketing have you most excited about for 2014 and beyond? We hope that you will take a few minutes to leave your comments below.