Businesses with a strong retail marketing mix tend to see growing bottom lines over time, provided that demand exists. Customers enjoy shopping in stores whose marketing speaks to their needs and communicates their services clearly. Your retail mix helps make this possible as it takes into account many facets of your business, including product, price, place and promotion. A good retail mix is based on the demographics of your target audience and meets them where they are in order to build vital relationships that increase profits.
TL;DR (Too Long; Didn't Read)
A retail marketing mix addresses product, price, place and promotion, in order to keep your small business growing and thriving.
Communicating Your Product
Your product retail marketing decisions will vary based on the type of retail outlet you run and your target audience. The factors that impact the customer's perception of quality include packaging design, service plan options, warranty, colors and materials. If you are marketing your retail store and products to a high-end crowd, for example, you might choose an elegant, simple design and cool colors; for a family-friendly store, you might lean more toward bright, bold colors and large fonts.
Choosing Your Price Point
Price is an important part of a retail mix; if your customers cannot afford your products, they are unlikely to frequent your store. Most of the products in your store should be in a comfortable range for your target audience base; to get this information, you will need to perform an audience analysis to get an idea of median income and spending power. This helps you define mix elements in pricing that best suit their needs. To create a sense of desire and to give an option for a splurge, you can also sell some items that are priced just out of your target customer's normal price range.
Playing with Place
In retail, the design of your store and the way you present your products is an important part of the retail marketing mix. The display should fit your image so that customers encounter a cohesive experience. In a high-end retailer, products are often placed father apart to create a sense of scarcity and exclusivity; in a computer store, display models are set at waist height to allow testing. Placement can help bring certain products to attention and promote items you want to sell more of. If customers are not drawn to your product placement, put yourselves in their shoes and try something new.
Product Promotion Decisions
Promotion is the most recognizable part of the retail marketing mix. It involves all of the marketing activities you do to let your customers know about the products you offer. For a retail outlet, you might advertise in newspapers and on the radio, start a social marketing campaign, use marketing emails, hand out flyers or plan grand-opening events. Your promotional campaigns should be targeted to your customer base. In order to define the proper mix of promotion outlets, choose publications that they read, stations they listen to or watch, and copy or graphic design that will resonate with them.
Marketing Mix and Small Business
Finding the right marketing mix is integral to the success of any small business. Improve any one of these four areas and you are likely to see a small improvement in sales. For a bigger boost, improve all four areas and consider consulting a marketing expert for help. In order to define mix elements that are right for your company, take a look at your current market and bottom line. If you find that sales are down or your business has hit a slump, breathing new life into your retail marketing mix could help to turn things around.
Different store displays could get customers to the registers, especially when they are paired with an appealing sale, attractive packaging and advertisements that entice customers to visit your store. Small changes in each of these areas have a real impact on the bottom line that can keep your business growing and thriving.
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