Contemporary retail marketing is a brave new world. While some basic principles remain when it comes to implementing effective retail marketing strategies, others have evolved to acknowledge and appeal to the new breed of consumer. Does your business have what it takes to succeed in today’s dynamic landscape? Let’s take a closer look at three critical components of the 21st century retail marketing mix.
1. It’s not you, it’s them
And by “them,” we mean your customers. While the retail marketing mix involves a number of elements — those trusty, oft-cited “six P’s.” People, product, price, place, promotion and performance should all be focused in one clear direction: your customers.
It goes without saying that your customers are your business’ most important constituents, but a shocking number of retail enterprises fail to put them front and center when it comes to developing and implementing retail strategies. Here’s the cold hard truth: the more customer-focused you can make your retail business, the more success you can expect to achieve.
Lucky for us, we have more access than ever toward understanding our customers. From tracking in-store footfalls to online conversation rates, the ability to known and learn from customer behavior yields actionable insights into their wants and needs so you can stop wasting your resources on what doesn’t work and instead focus on results.
We’re living in an era of “YOU-tility,” and retail organizations are not exempt when it comes to satisfying the contemporary consumer. One common goal shared by today’s successful retail enterprises? To add value across all of the P’s. This can mean anything from implementing point of sale solutions for on-the-go customers to targeting promotions to reach a particular demographic via their preferred means of communication, all without bothering the rest with irrelevant promotional materials.
2. Consistency is key
We can all agree that a retail organization which only emphasizes sales is destined to fail. Why? Because retail success also relies upon providing extraordinary customer service every step of the way. Want to gain an inside edge on the competition? Don’t settle for delivering what your customers expect. Instead, strive to exceed their expectations. After all, the ultimate goal is not to make a single sale, but to develop lasting customer loyalty, along with the potential for a lifetime of sales.
Because consumer shopping habits have changed, so must your marketing efforts. This means incorporating a complete range of omnichannel marketing methods in order to leverage technology into sales. To maximize your efforts and ensure that your message reaches your target audience in the most meaningful way, your business needs a compelling online and offline presence.
Today’s consumers expect the businesses they support to be transparent, accountable and responsive. While these may sound like trendy buzzwords, they’re a very real part of any successful retail marketing mix. This means every communication you send — whether in-store or via digital methods — is aimed at reinforcing your brand sensibility across all touch points.
And don’t forget about email. While most people think social media and apps have overtaken email as the ideal means of communicating with consumers, email is still an important way to cultivate and engage consumers. In fact, a recent Inc. article decreed email marketing to be “vital for businesses of all sizes,” for a variety of reasons including its low cost, mobile reach, and impact upon both online and in-store sales.
Consistency also means establishing expectations for your staff and reinforcing these expectations so that organization-wide operations are coordinated, streamlined, and cohesive. Every team member should be working toward the common goal of satisfying customers through a well-communicated strategic plan.
3. A new kind of location, location, location
The traditional marketing mix has always emphasized location. After all, you’re not going to make any sales if access to your storefront is limited by a poor, inconvenient or incongruent location in terms of your brand and target consumers. And while your physical storefront remains an important concern today, it’s far from the only concern. Why? Because not only are today’s customers more mobile in terms of where they shop, but they also have access to endless e-commerce options. Shopping is no longer about geography. In fact, today’s consumers can get nearly everything they need without stepping foot inside a brick-and-mortar location. In order to keep up with the evolving retail mix, your e-commerce site is as important as your physical storefront when attracting paying customers.
Forrester Research’s report, U.S. Cross-Channel Retail Forecast, 2012-2017, predicts that by the year 2017, 60 percent of the country’s total retail sales will involve the web, and a full 10.3 percent will be online purchases. Unless you’re willing to forgo your 10 percent, creating an inviting, accessible, compelling and brand-centric new “location” — ie. your online storefront — is a must-do.
While finding the correct retail marketing mix takes some time and effort, it can serve as the difference between standing out from your competition and blending in with the rest. Keeping these three things in mind can help you maximize your retail marketing mix efforts in order to enjoy optimal results across your business, brand, and bottom line.
Are you a retailer in search of ways to set your brand apart in a bustling industry? Contact our team of strategists to schedule time to “talk shop” with us today!