Developing a retail marketing strategy involves market research, planning, budgeting, and evaluating the promotional and product mix. It includes identifying target markets, positioning, location, and online traffic generation. Store design and layout, setting objectives, and measuring performance are also important aspects.
Developing a retail marketing strategy involves market research, planning, budgeting, and evaluating the promotional and product mix. A retail marketing strategy can include a combination of physical store locations and online traffic generation or fulfillment. It also includes store layout and schematic strategies to drive impulse purchases.
A solid retail marketing strategy starts with research that identifies your potential target market. The survey will also measure and find out how a company is perceived by customers. Companies will use a special type of analysis to determine how their products compare to the competition. In the process, a company’s strengths, weaknesses, opportunities, and threats (SWOT) are identified, not just in relation to direct competition, but in line with general market conditions. This SWOT analysis also includes consideration for certain legal requirements and talent acquisition strategies.
When a company identifies a potential target market, it also gathers data about what that customer is looking for. The company creates a way to position itself or differentiate itself from the competition, especially if the variety of products or services is very similar. For example, when grocery businesses develop a retail marketing strategy, they look for some qualities and characteristics that their business can specialize in to provide a competitive advantage. Some retailers may emphasize having more locations for convenience, while others may have higher service levels.
An important aspect of any retail marketing strategy is location. To effectively reach the target market, store locations must be placed in neighborhoods where the average resident’s demographics match the target customer’s profile. These demographics usually include age, family size, education and income levels. For example, supermarkets that emphasize a pleasant shopping experience, service and product quality for an everyday low price may find it more beneficial to locate in wealthier neighborhoods or shopping centers.
Some retailers employ the Internet and direct marketing to drive store traffic and meet customer needs. This may include the ability to purchase products online and have them delivered or picked up at the store location. Part of developing a retail marketing strategy is implementing sales tactics and service methods that meet customers’ needs and are cost-effective.
Store design and layout is another important aspect of developing a retail marketing plan. Product mix and shelf organization are often based on shopping habits, preferences and store-level sales. Sometimes referred to as layouts, product lines are organized into certain groups to draw the customer’s attention to specific products and make the store layout visually appealing.
Strategies also involve setting objectives and ways of measuring whether they have been achieved. Objectives are usually set for a specific period and revised as needed. Performance is continuously monitored to compare actual results with company goals.
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