Retail Marketing Techniques

There are new marketing methods and techniques being developed constantly as the retail price war rages on. Retail marketing evolves and changes as the gap between the manufacturer and the retailer gets smaller, and price becomes the only thing differentiating retailers. The value the retailer can add becomes important.

Personal Marketing

The reality of retail is that the consumer has many different options on where to purchase products. A consumer may decide that a slight increase in price is worth it when the retailer he is dealing with offers excellent customer service. One retail marketing technique that retailers is personal marketing. A retailer is keeping track of what customers are buying, and uses that information to more efficiently stock store shelves. Rather than using buying trends from a magazine, a retailer is using its own buying trends to dictate the purchasing habits. Many retailers offer concierge services that will help shoppers find the products they want. These personal services become extremely helpful in giving customers gift ideas, or in helping customers purchase the products they need to help them complete a project they are working on. Retailers are starting card programs that not only allow card carrying customers price breaks on promotional products, but the information collected by these cards also allows retailers to give customers pricing information and discounts on the products that they normally buy. The retailers that are making the effort to reach out to each individual customer are the ones that are making progress in retaining their customer base.

In-store Promotions

Usually a customer is in a buying mode when he enters your store, and if you give him enough information about your in-store specials then chances are that you may see a rise in revenue through impulse sales. In-store displays and marketing are also helpful to customers as reminders of things that they need but forgot to put on their list. Provide your customers with ample reminders as they walk through the store about your promotions. Have handouts available as people walk in so that they can look at them as they shop. Have employees stationed near promotional products giving out coupons. Make sure that your promotional signage is bright and easy to read. Put your signs at eye level, and make sure the promotional items are easy to reach on your shelves.

Understand Your Customers

The more effective retail marketing managers are spending time talking with customers everyday to find out why customers shop at their store, and what customers would like to see to improve sales. Becoming familiar with your customers not only allows you to better focus your marketing efforts on their needs, but it also makes the customer feel that you care about what they say. A strong bond with your customer base is important to developing strong marketing plans.