You have a dream: to open a retail store specializing in exclusive goods, where customers cannot ignore the offers. But until they know you exist and your offerings meet their needs, wants, and desires, they have nothing to do with business. The business plan is designed in the form of a retail marketing strategy to attract and retain customers. Like most plans, this should be a living document that is regularly reviewed and updated as the business environment changes.
What retail marketing strategies can you use today to increase sales now and in the future?
We know that one of the rules of retail marketing is: place, place, place. However, regardless of the location of the store, it is important to create an attractive image so that passers-by can see your name, logo and message. A beautiful, attractive, freshly painted display case with windows cleaned regularly will draw shoppers to your store. What you do doesn't have to be expensive, but it should show you care.
Your windows attract the attention of buyers. When you have a very busy space, you still need to create eye-catching storefronts. Having a theme during the holidays is related to shopping needs. By using an attractive color scheme as well as making the display visually appealing, it appeals to busy consumers.
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Signs complement the design and placement of outdoor storefronts. Outdoor signs are seen not only by pedestrians, but also by buyers, and even pedestrians crossing the street. Meaghan Brophy reports that studies show that 80% of shoppers would rather shop in a new store with an attractive appearance than another. Having outdoor signage is directly related to proper lighting, so you have well-lit sidewalks and walkways. Features are also highlighted.
When a customer enters your retail space, they should see an organized environment that makes efficient use of the space. Having an indoor sign that directs shoppers to specific stores makes shopping easier. Design a point of sale (POS) so that items that could be "impulse" purchases are presented at the checkout. If you rotate your products seasonally, give shoppers "tips" on where to find those staples. Some of your products are driving traffic, so position them in such a way that buyers can see other offers when they navigate to high-traffic products. It is also possible to allocate space at the entrance (about 3 feet) so that customers can see the entire interior, rather than looking for things, which often leads to disappointment and an early checkout.
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Make your points of sale a source of income. Often, consumers add cheaper items to their purchases where they expect to pay. Many retailers list merchandise that complements their core products so that shoppers can make spontaneous, last-minute purchases. This area can be a source of income with little effort other than creative layout.
Most of all, buyers want ease of purchase. This means a well-planned and well-lit area, good signage, and a comfortable physical environment. Temperature control, background music and friendly staff create a positive atmosphere for customers. Remember to comply with the Americans with Disabilities Act by making your space accessible and friendly.
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Sharing is the first step. The first step is to use social and traditional media to inform customers about your business. When creating social media posts, be sure to invite buyers to follow you to keep the conversation going. Create an incentive for buyers to follow you and leave comments. Rewards don't have to be expensive if they say "thank you". One step that many retailers skip is welcoming a potential customer to your store, which begins with a physical interaction.
Invest in a search engine optimized website. SEO creates an environment that presents you in a positive light when buyers search for you online. Do keyword research to find out what keywords buyers are searching for and make sure your copy leads to optimization. Be sure to maintain and update Google My Business, which is now a Google Business profile. Ask clients to write testimonials to help new potential clients understand why they should do business with you. Remember that your website is your real front door because it is where most buyers begin the process of understanding how to satisfy their needs, wants and desires.
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Develop a communication strategy. When buyers feel cheated, they look for a new source. Create a system to stay connected, no matter the cost, when making a purchase. You can give them a birthday present, suggest promotions they might be interested in, or keep them updated on what's new in your area.
Retailing is not an easy business. Strategic and tactical planning will help you overcome the constant challenges of an ever-changing economic environment.
Mark L. Goldberg, Certified Guide, SCORE Cape Cod and Islands. www.capecod.score.org, capecodscore@scorevolunteer.org, 508-775-4884 Source: Megan Brophy, "11 Retail Marketing Strategies That Drive Sales", 06/21/09. Ideal for small businesses.
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This article first appeared in Cape Cod Times: Retail Marketing Strategies Increase Customer Loyalty, Attract New Customers.