Marc L. Goldberg
You have a dream: open a retail store specializing in unique merchandise where shoppers can’t ignore the deals. But unless they know you exist and your offerings meet their needs, wants and desires, there is no business. An active plan in the form of a retail marketing strategy is designed to attract and retain customers. Like most plans, it should be a living document that is regularly reviewed and updated as the business environment changes.
What are some of the ingredients of a retail marketing strategy you can use today to generate sales now and in the future?
We know that one of the rules of retail marketing is: location, location, location. However, regardless of a retailer’s location, it’s important to develop curb appeal so passers-by see your name, logo, and the message you’re sending. Having a tidy, attractive and freshly painted shop with frequently washed windows will attract potential buyers to your shop. What you do doesn’t have to be expensive, but it needs to communicate that you care.
Your shop windows attract the eyes of shoppers. When you have a high-traffic location, you still need to create attractive windows. Having a holiday theme connects with shopping needs. Using an eye-catching color palette and organizing your display to look visually interesting appeals to busy shoppers.
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The signage complements the design and layout of the external storefronts. Outdoor signage can be seen not only by pedestrians, but also by customers passing by on the street or even by pedestrians. Meaghan Brophy reports that studies have shown that 80% of customers would shop at a new store with a welcoming exterior compared to one without. Directly connected to outdoor signage is having adequate lighting so that you have well-lit entrances and sidewalks. The lights also highlight the signage.
When a shopper walks into your retail space, they need to see an organized environment that uses the space efficiently. Having internal signage that leads shoppers to specific areas of the store makes shopping easier. Have the Point of Sale (POS) area designed so that the merchandise that can be an “impulse” purchase is offered in the checkout area. By altering your merchandise by season, you give shoppers “hints” on where to find featured items. Some of your products generate traffic, so position them so shoppers can see other offers on the way to high-traffic products. You can also give space in the entrance (about 3 feet) so that buyers can see the entire interior environment instead of having to wander around to find things, which often leads to frustration and early exit.
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Make your POS a revenue stream. Many times, shoppers will add low dollar value items to their purchases that are placed where shoppers wait to check out. Many retailers place complementary merchandise with their main products so that shoppers can make last-minute impulse purchases. This area can be a source of income with little effort other than creative positioning.
What shoppers want more than anything else is ease of purchase. This means a well-distributed space, well-lit, with good signage and a comfortable physical environment. Temperature control, background music and available staff contribute to a positive shopping climate. Don’t forget to comply with the Americans with Disabilities Act, making your space handicap accessible and friendly.
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Commitment is the first step. Using social and traditional media to familiarize buyers with your business is the first step. When creating social media posts, be sure to invite buyers to follow you to keep the conversation going. Create incentives for shoppers who follow you and give you reviews. Incentives don’t have to be expensive as long as it says “Thank you.” One activity that many retailers miss is welcoming a potential shopper to your location, which initiates the person-to-person engagement.
Invest in a search engine optimized website. SEO creates an environment that positions you favorably when potential buyers search for you online. Conduct keyword analysis to learn what words buyers are using to find you and ensure your copy leads to optimization. Make sure you Google My Business, which is now Google Business Profile, remains and current. Ask customers to write reviews so new potential customers can understand why they should do business with you. Remember that your website is your front door, as it is where most buyers begin the process of understanding how you meet their needs, wants and desires.
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Create a connection strategy. When buyers feel taken for granted, they look to a new source. When a purchase is made regardless of value, create a system to stay connected. You can make them feel good on their birthday, let them know about promotions they might be interested in, or just keep them updated on what’s new at your location.
Retail is not an easy business. Having a plan with strategies and tactics will help you overcome the constant challenges created by an ever-changing economic environment.
Contributed by Marc L. Goldberg, Certified Mentor, SCORE Cape Cod & the Islands. www.capecod.score.org, capecodscore@scorevolunteer.org, 508-775-4884. Source: Meaghan Brophy, “11 Retail Marketing Strategies That Drive Sales”6/9/21. Fit Small Business.
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