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Promotions

  • Smart Retailers Aren’t Afraid To Do This

    Posted May 22, 2018 By in Promotions With | Comments Off on Smart Retailers Aren’t Afraid To Do This


    Along with developing merchandising plans and a marketing strategy, an in-store promotional plan is an essential piece to the success of any retail business. In-store promotions are a highly effective marketing strategy designed to bring customers into the store to shop, while at the same time establishing your brand identity within the marketplace.

    Promotions serve three purposes:

    1. A well defined promotional plan will create brand awareness and set your business apart from its competition.
    2. They create a way for you to highlight specific aspects of your business and service offering, allowing you to connect with customers on a more personal level.
    3. Promotions help you maximize sales and profitability during peak and slow selling seasons.

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    BUILDING BRAND AWARNESS —Promotion of your brand and products will generate an increase in customer traffic. The more you promote your brand, the more the customers know about you and your company and the more they will be interested in the products you sell. In today’s marketplace various platforms can be used to promote your business. They include direct mail pieces, websites, blogs, store signage, in-store events,  and social media.

    Strategy:  Use Instagram to market your store.  With over 800 million monthly active users, it’s obvious that Instagram is a go-to social network for today’s shoppers.  Curate and communicate your product offering, brand image and visual content exquisitely – your Instagram posts should be anything but random. You need to create a clear brand aesthetic so when people visit your profile, they get a quick idea of who your brand is and what you have to offer.

     

    CUSTOMER ENGAGEMENT- Customer engagement is about encouraging your customers to interact and share in the shopping experiences you create for them. When executed well, a strong promotional strategy will foster brand growth and loyalty. As you develop your brand promotions, focus on making them attractive enough to bring in NEW potential shoppers with the goal of moving them towards becoming loyal long-term customers.

    Strategy:  Bundling products is a great way to generate a higher perceived value for a lower cost making it hard for new and established customers to resist.  Whether it’s a “buy one, get one free” deal or a “buy more save more” special, this tactic is great for making customers feel that they’re getting more value for their dollar.  As a bonus, bundle pricing draws customers into the store and exposes them the regular and higher priced items you have for sale.

     

    MAXIMIZING SALES AND PROFIT–Smart retailers plan for and make promotions part of their business. Developing and implementing promotional strategies is beneficial in order to maximize sales and profits when business is slow.  A well defined promotional plan is also key when you have to liquidate slow selling merchandise in order to make to make room for new.

    Strategy:  Take advantage of buying end-of season sale items  and manufacturer closeouts. When you do this, you’re purchasing items at substantial discounts and are still able to sell them at regular retail prices.  This allows you to maintain high margins and generate maximum profits.

     

    No one is going to buy a product or service they haven’t heard of, nor will they buy it from you if they don’t know what your company offers. This is why a great promotion strategy is vital if you want to grow your business.  To bring in the most cash flow to your retail business you want to drive traffic to your physical store or website storefront. Promoting your business is the best way to do just that.

     

    Until next time…

     

     

     

     

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