There are many factors that contribute to the success of a retail store. In this blog installment I’ll be discussing specific marketing strategies and tactics that could be employed to help build awareness, increase foot traffic and/or repeat business. For the purpose of staying focused, we’re going to assume that the retail store already has a “presence” in it’s geographical area.
It should be obvious that a promotion should only be conducted if it will attract customers and business. The type of strategy you select, your pricing during the promotion and those to whom you market each promotion will determine your success in attracting new customers and building incremental sales. You’ll need to do some analysis to determine what the return on your investment will be for any given promotion being considered. You must put some estimates against each tactic. For example, you must place a monetary value on a new customer, determine how much additional revenue a new customer generates in a year and how much additional revenue will be generated by the promotion itself. Some other important considerations include the need to:
Below are some broad marketing strategies to consider and a brief overview of what each is:
Once you’ve decided upon a marketing strategy it is imperative to create a launch plan which will outline the details of the promotion(s) as well as the channels you’ll use to promote it (i.e. “get the word out”). This step is just as important as creating the promotion itself because afterall, if no one knows about your promotion, it won’t yield significant results. It can be overwhelming to create and implement a promotion and I highly advise you do your homework thoroughly and/or seek the assistance of a marketing consultant.
Next week I’ll be talking about the importance of customer service and different tactics you should be employing to stand out and keep your customers coming back.
Danielle Foley, President – Foley Marketing Advisors