What is retail marketing: 7 strategies to grow your retail store

Opening a retail store is no small feat. From finding a location to sourcing products to hiring employees, it takes a lot of time to open the doors of your store.
But what happens if no one is waiting on the other side when you open those doors? That’s where retail marketing comes in. Retail marketing is about getting people excited about your products and in the door. 
But what is retail marketing? How do you create a retail marketing strategy? And why is retail marketing so important for your business? We’re covering these topics (and oh-so-much more) in our ultimate guide to retail marketing.






What is retail marketing?
Retail marketing is a business’s strategies and techniques to promote its products and services to potential customers . Retail marketing aims to drive sales and increase revenue by promoting products and services to customers in a way that gets potential customers to become full-fledged customers. 
These strategies involve a range of activities to increase foot traffic, drum up interest in the store’s products, and make more sales. There are a lot of tactics that are considered retail marketing, including:

Store layout
Signage
Checkout processes
Customer service
Pricing strategies
Advertising
Sales and promotions
Loyalty programs

The overall goal of these strategies and retail marketing is to design an in-store and online shopping experience that stands out from the competition and leaves a lasting impression on customers. 
The benefits of a retail marketing strategy.
If you have a retail business or are starting one , creating a marketing strategy should be high on your to-do list. If you haven’t already jumped into marketing head first, you might have caught up in some potential pitfalls. Maybe you’re worried about the cost of a retail marketing strategy, that you’re at risk of over-promoting your business, or that some of the strategies you’ve read about might not work for your business.
These risks are always there, but if you don’t take action, your business will miss out on all the benefits of a well-executed retail marketing strategy. 

Increase brand reach and visibility . With a retail marketing strategy, your business can reach a larger audience and build a recognizable brand through online advertising, in-store displays, branded promotions, and more. 
Build customer loyalty. Investing in strategies that build customer relationships, like personalized marketing or loyalty programs, creates loyal customers who become your brand champions. 
Gain a competitive advantage . To gain a competitive advantage in the market, look for strategies that help you stand out from your competitors. Look at what your peers are doing to market their businesses and think outside the box when planning your retail marketing strategy.
Increase sales . Retail marketing can attract new customers and encourage existing customers to make recurring purchases from your business. It’s Business 101: when you have more customers and more sales, you’ll increase revenue.   

The different types of retail marketing.
Three main types of retail marketing encompass the wide range of tactics and strategies you can use to market your business. You don’t have to focus solely on one type of marketing. 
To build a robust marketing strategy, you need to combine marketing techniques from each type of marketing. Let’s explore the types of retail marketing and how you can use them in your business.
In-store retail marketing
You can tap into in-store retail marketing if you have a physical store. There are so many ways to promote your products in your store, and a store-based marketing plan can help you attract more customers and increase the average amount spent during a visit.
Here are some of the strategies you can use in-store to market your business:

Events
In-store promotions
Sample products
Loyalty programs
Local partnerships
In-store displays
Store layout

A great example of in-store retail marketing is in-store displays centered around a seasonal event like back-to-school, Mother’s Day, or Christmas (Groundhog Day gets way too repetitive). Stores will display relevant products in the same section so customers can quickly find the products they’re looking for and browse a selection easily. 
Traditional marketing
Beyond in-store marketing, store owners can promote their businesses using a wide variety of traditional marketing methods. Traditional marketing refers to marketing that takes place outside a physical location but is not digital.
While businesses are quick to invest in digital marketing, traditional marketing is a powerful tool that shouldn’t be forgotten about just because it’s not as flashy.
Here are some traditional marketing strategies to consider: 

Community boards
Posters
Billboards
Direct mail campaigns
Print ads
TV ads
Radio ads
Press releases
Word of mouth

We consume way more traditional marketing daily than we realize. When you’re driving and see a billboard, see an ad on TV or in a magazine, or get a mailer from a local business, guess what? You’re being advertised to. These are all excellent examples of traditional marketing in the wild that leave a long-term impression on your target market. 
Retail digital marketing
Marketing your business in the digital age means considering how digital marketing will influence your strategy. The world is online, and for your business to succeed and grow, you also need to be online.
Here are some digital marketing strategies to consider: 

Website
Social media marketing
SMS marketing
Email newsletters
SEO
SEM ads
Social media ads
Online directory listings 

Much like the other types of retail marketing, there are tons of strategies you can take when using digital marketing. Don’t get overwhelmed with all the choices and think you must do everything . Instead, focus on what works best for business now and double down on those efforts.
If your online store receives significant organic traffic, focus on building and improving your SEO. If you have an engaged social media community, focus on nurturing and growing your following. You get the gist.
The retail marketing mix: The 6 Ps.
The 6 Ps is a common model for building marketing strategies that are positioned to help you connect with your target audience. It’s an expansion of the 4 Ps that evolved to account for changes in the marketing industry over time. 
Think of the 6 Ps as a tool to help you set and reach your marketing objectives. 
The 6 Ps are:

Product : What you’re selling.
Price : How much you’re charging for products.
Place : Where you’ll sell your products.
Promotion : How people find out about your product.
People : The ideal customer for your product.
Presentation : What your product looks like.

Here, we’ll explore the retail marketing mix, which consists of the 6 Ps, and explain how each element works together.  
1. Product  
The product is any product or service that you offer in-store or online. Each product should be something that your ideal customer needs or desires. There are three categories of products:

Core : Products that you keep in stock and ready to sell.
Line extensions : Products that are different variations of your core products.
Related products : Products that support or enhance your core product.

For example, if you sell dolls, the line extensions are different types (hair length, skin color, etc). The doll clothes and accessories you sell are related products. 
2. Price
The price is, unsurprisingly, the amount of money you’re selling your products for. This is important in your marketing strategy because it determines your business’s profitability. 
Pricing is influenced by overhead expenses, production costs, competitor pricing, target audience, desired profit margin, and other factors. 
Your pricing strategy dictates the sales and promotions you can offer—and this is important because discounts are essential to most retail marketing strategies. 
3. Place 
Place refers to the location of your physical store. Your place can be anything from a store in a mall, a stand-alone building, or a store in a strip mall.
When thinking about “place,” you need to understand your location in relation to your target customer and your distribution channels. Your customers should be able to locate and access your store easily, and you’ll want a distribution process that is as seamless as possible. 
Make sure you think about logistical concerns as well as marketing strategies:

Parking
Access to public transportation
Clear signage
Competitor locations

4. Promotion 
Promotion is how you will reach your customers. Here, you can mix and match the three types of retail marketing to create a marketing strategy that works for your business. Combining efforts can multiply your conversion potential and give you a competitive advantage over your peers.
5. People 
The people working in your retail business are extremely important to your success. These are the people interacting with your customers and acting as brand ambassadors for your business. 
It’s important to hire team members who are personable, easy to talk to, and have great customer service skills. It’s also essential to train your team members when you onboard them and invest in ongoing training. 
6. Presentation
Think of presentation as your first impression on people who enter or walk by your store. Is your store clean with clear signage? Do you have beautiful packaging and design throughout your store? What’s the wrapping experience like once someone purchases a product?
These factors can impact your customers’ purchase decisions and affect how your products, store, and overall brand are perceived. 
Marketing strategies for retail stores.
Now that you know the basics of retail marketing, it’s time to implement some new strategies. 
We’ve pulled together seven marketing strategies so you can grow your retail business and make the most of your marketing efforts.
1. Amp up your curb appeal.
One of the best ways to get new customers into your store is to grab their attention as soon as they walk past. The appearance of your physical store is what makes up your curb appeal. Customers who see your signage and window displays get an idea of what they can expect inside. Here are some ways you can amplify your curb appeal:

Design an eye-catching window display.
Feature your most popular products front and center.
Put up storefront signage.
Use a well-designed a-frame sign to direct customers to your store.
Keep walkways clean and clear during all seasons.

2. Invest in local SEO 
When you have a brick-and-mortar storefront, you’re a local business that can benefit from local in-store and online traffic. Creating a local SEO strategy can help bring more organic traffic to your website and more people to your store. When you optimize for location-based keywords, you can get more customers into your store quickly. But 88% of consumers who used their smartphones to search for a local business ended up calling or visiting the store within 24 hours. 
3. Connect with local partners and micro-influencers 
There are so many opportunities for cross-promoting with micro-influencers and other local businesses in your area. Whether you plan a pop-up shop in your store or hold a meet-and-greet event for a local influencer, cross-promoting with other businesses that match your target audience gives you a chance to bring a whole new audience to your store.
Look for brands and influencers you can build long-term relationships with who have the same values as your brand. 
4. Create a loyalty program
Loyalty programs are a great way to foster relationships with your customers and turn them into loyal, repeat customers. Every loyalty program will differ based on your unique business, but consider finding ways to personalize it. Pull customer data and offer them a discount on their favorite brand or product or run a birthday promotion where they get a special discount during their birthday month.
Whatever loyalty program you decide to use, make sure your team members promote it at checkout to sign up as many customers as possible.
5. Make a splash on social media 
Growing a social media community is a great way to improve your brand identity, advertise your products, and gain a following of customers who love your store. Social media is also a great place to work out partnerships and influencer relationships. When you align your brand with like-minded brands, your followers better understand your brand. 
You can use comments and direct messages to connect with your customers and continue building strong relationships. When built on trust and honesty, these customer relationships can translate into more sales, followers, and engagement.
6. Develop an in-store merchandising strategy 
One of the best ways to turn window shoppers into customers is to blow them away with your amazing products. So, once you’ve stocked your shelves with all the must-have products, it’s time to think through how you’re displaying those products. 
In-store visual merchandising includes everything from shelf displays and changing rooms to signage and cash displays. When setting up your displays and your store in general, think about displaying your products in a way that draws attention and gets customers excited about making a purchase.
7. Explore local ad options
If you’re ready to enter the world of paid advertising, consider investing in local advertising. As a brick-and-mortar store, location-targeted ads will enhance your discoverability, bringing more traffic into your store. They also give you a much better chance of targeting the right audience and driving in-person sales. 
The post What is retail marketing: 7 strategies to grow your retail store appeared first on Homebase .