Although there are many principles to retail marketing, the one principle standing out is the customer experience. Customers who enjoy going into a retail store and finding what they need become repeat customers, which forms the basis of successful retail marketing. By understanding and delivering what the customer needs and wants, a retailer can achieve success.
One of the core principles of retail marketing is having a business plan. Retail marketing requires research and analysis. Having a plan enables the retail marketer to keep an eye on which products are selling, what customers are looking for and whether or not prices need to be adjusted to keep in line with inflation. With no plan in place, you can waste time trying to decide which direction to take when it comes to developing your retail market.
Another principle of retail marketing is position. You want your audience to know who you are and what you have to offer. This is known as “position.” In retail marketing, having a good position means when the name of your business is mentioned, the customer has a solid idea of who you are, as well as a sense that he wants to do business with your company.
The customer needs to be at the center of every marketing decision. More than ever, with businesses doing everything in their power to get customers to notice them, the customer needs to be the focus of everyone in the business, from the lowest employee all the way to the CEO of the company. It is also important the customer knows how valued his business is. Brand loyalty comes from company loyalty.
Some of the principles involved with retail marketing can be seen with four elements. They are product, price, promoting and placement. Retail marketing focuses on the product, determining if it is something the target market wants. If it is something, price needs to be considered. If the business decides to carry the product, it needs to promote the product, either through advertising or through salespeople within the store. Finally, the retailer needs to find the proper placement of the item to generate maximum sales.
- Gukje Market image by Angelika Bentin from Fotolia.com