Retail Marketing Mix and Strategies
A retail marketing strategy refers to how a store sells its products to its target customers. Each retail business owner has to make decisions about all the details of the marketing mix, which is the way a retailer applies his marketing strategy and consists of the product, price, promotion and packaging. Developing a retail marketing strategy is the first step in a well structured business plan and both Internet marketing strategies and those for stores must be developed to satisfy the needs of potential customers.
Create an effective business plan
A business plan contains information about the activity domain and goals of the company and it should be created before a business opens. In the business plans, the owner includes who the company’s target customers are as well as what their needs and desires are so that they will be able to offer the appropriate products. A retail marketing strategy should also be a part of the business plan and it should include decisions about the retail marketing mix approach, such as how the products will get to the customers.
Offer innovative products
Common retail marketing strategies consist in differentiating and placing the products and stores in such way that they stand out from the others and catch the attention of possible customers. For example, a jewelry store may offer hand-made items that are different from what competing stores offer, which can be something that targeted customers look for and need.
Design the store to attract clients
The brand is the identity a product or service receives in order to differentiate from others in the same industry. Branding is chosen depending on the customer segment the business will address to, the placing of the business and the budget it counts on. Low-cost stores are differentiated from expensive stores by their simple design and are considered to be budget-friendly, unlike more sophisticated locations that are considered to be more fashionable. In retail marketing mix, the design of the store and the way the products are displayed are very important aspects and should be designed in such way that the customer will be attracted.
Pay attention to the price
Price is another important part of a retail marketing mix because if customers cannot afford your products, they will avoid visiting your store. Most priced should be situated in your target audience’s comfort area, therefore you will need to perform some analysis to find out the average income and the spending power of your potential customer. A great strategy is to offer first-time freebies for your clients and organize promotions from time to time in order to attract your customers.