Retail marketing strategy involves promoting the products and services of local physical stores. It enables the retailer to enhance the customer’s shopping experience in a store, making him/her feel that their money is being spent on a good product.
You’ve probably seen people walk into your store, look at a few things, and walk right out without purchasing. Every time someone does this, you’re losing profit. Increasing your conversion rate is the solution to this problem. Once you figure out your current conversion rate, you can use the following retail marketing strategies to achieve your goal. It’s important to check your marketing if your conversion rate is really low. Shoppers may expect something completely different from what your store offers if you are marketing it.
The key to increasing sales and offering customers the kind of hands-on support they expect from both online and in-store stores is to improve your online store and streamline customer experiences. Using these 10 retail marketing strategies, you will learn how to boost conversion rates in retail and stand out online.
Table of Contents
What is Retail Marketing
Retail marketing is the process of attracting customers and driving sales for retailers. There are four key components of retail marketing, also known as the “4 Ps”: product, price, place, and promotion. To execute your retail marketing strategy effectively, you need to track the 4 Ps and ensure they’re all working together.
Retail marketing is unique because retail products are often repeated purchases, so retailers must rely on marketing efforts to win back customers after each sale, unlike with subscriptions or one-time purchases. More than in any other industry, marketing plays a significant role in growing customer lifetime values (LTV) in retail.
Retail Marketing Strategies To Drive Conversions
1. Retail Marketing Strategy #1 Create a Successful Store Locator
A store locator is primarily a decision-making tool. In simpler terms, this tool allows consumers to find the nearest physical locations on a merchant’s website. An outlet’s contact information, business hours, and other details can often be found on a dynamic map. As a matter of fact, a store locator can look quite different and display information other than stores. Overall, a store locator allows you to make an informed decision, which usually precedes a visit to a store and a purchase. Using a store locator is the most important step in attracting potential clients. Here are a few key takeaways:
Build a Mobile Friendly Locator
Mobile devices are increasingly being used to search for local businesses. You need a mobile-friendly store locator on your website if you want to attract shoppers who are already out and about. The locator comes from the Target mobile website. Use a mobile-friendly tool when creating a store locator for your website.
Make Use of Automatic Location Detection
The location detection service uses an IP address or GPS to detect a user’s location, so the user doesn’t even need to enter their address manually. Using the store locator, you can see the location of the nearest store based on your location. Additionally, it tells you how far away each store is and when it closes. In addition to saving time for your users, this feature increases their likelihood of following through with the search and eventually coming into your store. You can also provide your customers with location-specific marketing or information if you know their location.
Create Detail-oriented Store Pages
The store location system can not only be viewed by customers but also comprehensive information about each store can be viewed separately. All of the information is included in the store detail pages, as well as a map.
Store DetailsStore Hours, Special Dates, Store Location, Store Direction and Store Address, etc.
2. Retail Marketing Strategy #2 Know About Customers
Know your customers better, as they can help you generate more leads and business. It is important to understand customers in order to provide them with good service, which leads to strong customer relationships and new sales through word-of-mouth. Understanding your customers’ psyche, however, is not easy. To anticipate their needs and exceed their expectations, you need to analyze their purchase patterns or preferences.
Real-time Tracking of Customer Behavior
The modern customer demands a seamless experience across traditional and digital channels. In order to achieve this, businesses must be prompt and proactive. Before a requirement is placed, it needs to anticipate the customer’s needs across all platforms. It’s only possible to do all this if you have a tool that lets you see what your customers are doing in real-time. Sekel Tech’s automation tool, which provides in-depth analytics of customers’ activities, is recommended by experts.
Build Comprehensive Contact InformationMake sure you have one centralized database that holds an accurate and detailed contact list. Although there are many ways to use it, the notion comes close to a robust and easy-to-use application. This is the reason why millions of businesses per annum implement a cloud-based solution to neatly store every piece of customer data. Needless to say, this helps to build a rich customer profile and ably handle the ongoing interactions between the customer and the company.
3. Retail Marketing Strategy #3 Website Personalization to Offer Convenience
The purpose of website personalization is to create a customized experience for each visitor based on their needs and preferences. By using behavioral analytics and identifying user segments, marketers personalize visitors’ experiences. Increasing amounts of information have made web personalization even more valuable. By doing this, visitors will only see relevant information, which makes browsing more convenient. Businesses can more easily capture their target market’s attention in today’s world through website personalization. Providing a customized experience makes your audience feel more at home on your website, so they spend more time with you. Let’s take a look at some of the advantages website personalization offers:
Higher Converting Landing Pages
It is important to personalize certain touch points of the user experience. For example, landing pages scream for personalization. A well-designed and personalized landing page can bring huge revenue to businesses engaged in digital commerce and SaaS. Customized product recommendations on the homepage and landing pages will influence a significant number of customers.
Increased User Engagement
Personalizing your website will make visitors more likely to interact with it. By offering users what they are looking for, your website’s average time spent on it will increase, which is a key metric for measuring engagement.
4. Retail Marketing Strategy #4 Promote your business on google
It is very important for businesses to have a website and utilize Google’s promotion tools to gain the attention of consumers, especially since consumers research brands and products on Google before making any purchases. Let us help you get started. Here are simple ways to promote your business on Google.
Google My Business
The picture below shows a “local pack,” with businesses below the map that are listed on Google My Business. Get a Google My Business listing if you don’t already have one! It’s the easiest way to appear on Google. There are no excuses for not setting up a Google My Business profile for your business. Links, photos, reviews, maps, and promotions can be shared with the right customers at the right time via Google My Business. Since these posts are public, consumers actively looking for your business will be able to find it right away. It’s not enough to post once and be done with it. Keeping your profile active and engaging for consumers requires constant updates.
Search Engine Optimization
Search engine optimization, or SEO, is another way to promote your business on Google. Adding relevant keywords, meta descriptions, and meta tags to your website will help you achieve this. Every page of your website needs to be optimized. Take a look at the screenshot below. The words in blue are your title, your meta description is below the URL. Use relevant keywords in your title. This keyword should also be included in your meta description, where you explain what your website is all about. A great way to improve your SEO is to regularly add new content to your website (such as a blog). You can also get links that point back to your website. To Google, backlinks establish your site as an authoritative source of information.
5. Retail Marketing Strategy #5 Omnichannel Customer Engagement
A challenge for companies is managing the customer lifecycle effectively enough to deliver a personalized, contextual experience within a single journey while synchronizing multiple channels simultaneously. Omnichannel customer engagement is a business necessity for companies struggling to manage customer journeys due to the multiple disconnected interactions they have with a company. Through omnichannel customer engagement best practices and solutions, companies can deliver consistent, personalized customer experiences across all channels and touchpoints.
Integrated Online and Offline Experiences for Better Customer Retention and Sales
A customer journey-centric omnichannel approach opens many opportunities for meaningful engagement with your customers, not only when they need help or want to buy something. Your long-term customers deserve to be rewarded. Birthday emails should be sent. Enhance or introduce customer loyalty programs. Experiences that are tailored to your needs. You can turn your return customers into lifelong customers by giving them a little recognition.
Improved Customer Satisfaction
A strong omnichannel strategy boosts customer retention and satisfaction by 89%. Customers should be able to engage with a brand seamlessly from start to finish. The result is a higher level of customer satisfaction. You can provide a holistic ecosystem for your customers to exist and engage with your brand at their convenience when you reduce customer effort, dependency, and time across all brand interactions.
6. Retail Marketing Strategy #6 Digital Product Catalogs
Buyers use product catalogs to help them find out the most important details about a product. To keep their product catalogs up to date with the latest releases, brands often use catalog management software. Consumers spend a lot of time researching their options so they can make confident, educated purchase decisions, so they utilize these systems to ensure their buyers can always find the most current and relevant product information. A product catalog is a must-have for retailers in today’s market. It doesn’t matter if they’re ordering a burger at a restaurant, a pair of shoes, or a sofa for the living room – buyers want to know exactly what they’re getting.
7. Retail Marketing Strategy #7 Leverage Beacon-based Marketing
The use of beacons has been successful in a broad range of industries, including retail, hospitality, travel, entertainment, education, and advertising. Beacons can be used for a variety of purposes, such as by corporations or individuals. In the retail industry, beacons are used to understand shopping patterns and how long customers stay in a place. A Sekel Tech client, Nitco, used beacons to measure the length of time people spent. This was done by triggering smartphones when people entered the area and when they left to calculate the difference in time.
Beacon Marketing for All Offline Businesses
Use beacon marketing to enhance in-store customer engagement and bring them back. Beacon marketing means reaching shoppers with the right message (offers/ promotions/ deals) at the right time. Sekel Tech’s beacon technology is already being used by some of the top retailers, including Kalyan Jewellers, BBLunt, Blackberry, VLCC, and more. Restaurants and coffee shops, car dealerships, supermarkets, and mom-and-pop retail stores have all experienced success with beacon marketing.
8. Retail Marketing Strategy #8 Use Location-based Marketing
Location-based marketing allows organizations to target consumers with granular, person-level messaging based on their geographical location. Location data allows marketers to target consumers based on factors like proximity to a store, local events, and more. Customers are engaged and retained through location-based marketing throughout the customer lifecycle. Location-based marketing allows marketers to target specific segments of customers with targeted offers while improving the customer experience for an increasingly instant-gratification-oriented population.
How Location-Based Marketing Drives Conversions – Location-based marketing matches smartphone location data to points of interest. To increase conversions and improve customer service, location-based marketing content is served based on the data received. Sekel Tech’s location-based marketing strategy should include four important marketing goals.
Improving the Customer Experience
A great customer experience is the backbone of a business and a successful marketing strategy. Here are three takeaways to show how location-based marketing can improve the customer experience.
– Capture Feedback at the Right Time
– Remove Friction from User Journeys
– Steer Users in the Right Direction
Prompting In-store Visits
Increasing the number of stores opening their doors again will inevitably result in a greater flow of foot traffic. As a result, location-based marketing can and will encourage more in-store visits, interactions, and purchases. You can do this by sending push messages. This timely, relevant offer will be delivered to all customers, regardless of their location. Location-based marketing increases local store traffic at Sekel Tech. Additionally, it allows nearby customers to see the added value of visiting a store. Display the convenience and the offer in an engaging, compelling manner.
9. Retail Marketing Strategy #9 Make Your Online Store Mobile-friendly
A great online store isn’t enough: your site must also be mobile-friendly. It helps your SEO rankings and captures more sales for your business when you have a mobile-friendly site, even when it isn’t the holiday season. Here are a few tips to ensure your mobile-friendly e-commerce site is secure.
- Make sure your page loads quickly
- Add clear calls to action
- Optimize your user experience
- Streamline the checkout process
- Integrate your e-commerce site with social media
10. Retail Marketing Strategy #10 Create the Right Pricing Strategy
A pricing strategy helps you determine the best price for a product or service based on consumer and market demand while maximizing profits and shareholder value. Many of your business factors, including revenue goals, marketing objectives, target audiences, brand positioning, and product attributes, are considered when developing pricing strategies. External factors like consumer demand, competitor pricing, and market and economic trends also influence them. With Sekel Tech’s pricing models and retail marketing strategies, you can better understand how to set the right price for your audience and revenue goals.
Frequently Asked Questions (FAQs)
What are The Three Keys To Retail Success?
The three main keys to retail success are:
– A strong understanding of the target market, including their needs, wants, and shopping behaviours.
– An effective retail marketing strategy that incorporates all available channels, including online and traditional marketing, to reach the target market.
– An efficient supply chain and inventory system that can keep up with customer demand.
Why is the Retail Industry Growing?
The retail industry is growing for a variety of reasons. One of the main reasons is the increasing demand for e-commerce and digital retailing, as well as the rise of mobile commerce and the shift to omnichannel retailing. Additionally, the emergence of new technologies such as artificial intelligence, machine learning, and data analytics are allowing retailers to gain deeper insights into customer behaviour and preferences, allowing them to tailor their offerings and marketing strategies to meet customer needs.
How do I Start Retail Marketing?
To start retail marketing, it is important to first understand the target market and their preferences. Once the target market is identified, retailers can build a comprehensive marketing strategy that addresses all available channels, including online, traditional media, and mobile marketing. Additionally, retailers should focus on creating an engaging customer experience and developing loyalty and trust with customers, as well as optimising their website and online presence.
What is An Example of Retail Marketing?
An example of retail marketing is leveraging targeted online advertising to reach the right customers. Retailers can use targeted online advertising, such as search engine optimization and pay-per-click advertising, to reach customers who are actively looking for their products or services. Additionally, social media marketing can be used to engage with customers and build a loyal customer base.
What are Future Trends in Retailing?
Future trends in retailing include the continued growth of e-commerce and digital retailing, the increasing adoption of omnichannel retailing, and the emergence of new technologies such as artificial intelligence and machine learning. Additionally, retailers will focus on creating an engaging customer experience, as well as leveraging data and analytics to gain deeper insights into customer behaviour.
There are a number of retail marketing strategies that have been effective in retail marketing for decades, despite constant change. It is important to communicate your product, price, location, and promotional value to customers if you want to stand out from competitors in a crowded online marketplace. While increasing your conversion rate isn’t an easy task, you’ll find that the above retail marketing strategies are effective.
Take Advantage of Sekel Tech’s Retail Marketing Strategy
The retail industry has been on an upward trend prior to the COVID-19 pandemic, driven by investments in mobile apps and digital solutions. As the number of customers making in-store purchases continues to increase, retailers must leverage platforms to effectively communicate with their customers and receive feedback.
Sekel Tech offers a retail marketing solution that enables multi-location businesses to build an online store and optimise their retail strategy. With our retail marketing optimization platform, you can boost revenue and engage customers with personalised messages at the appropriate time.
Our platform boasts several key features, including enhanced integration between marketing and merchandising, increased customer focus, local and store analytics, micro-fulfillment through Q-commerce, local language support, improved cross-channel attribution, and scalability and flexibility.