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Retail Business Review | Tuesday, January 11, 2022
Marketing tactics refer to how a business communicates its value—from your business’s messaging over email or on social media marketing to its packaging & pricing tactics, and even where and how products are traded
FREMONT, CA: Retail marketing discusses how retailers promote their physical stores’ products and services. Retailers have been accountable for marketing and selling the goods they have purchased (wholesale) from designers.
Hence, as a retailer, your concentration is on motivating customers to purchase at your store. In addition, to drive sales for yourself and remain in favor of the designers you work with.
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Retail Marketing vs. Marketing: Marketing is essential to moving a customer into the retail sales process. While the retail sales process handles customers ready to buy, marketing is everything you do to attract your customer base and keep them occupied until they reach that stage.
Marketing tactics refer to how a business communicates its value—from your business’s messaging over email marketing or on social media to its packaging & pricing tactics, and even where and how products are traded (e.g., the design of a retail store or website).
Retail marketing is possibly even harder than other types of marketing since it requires building a strong relationship with your customers that encourages them to pick your particular product over another. Not just because the product itself is “better,” but due to all the other parts of the shopping experience that strengthen their choice.
That indicates retail marketing needs you to think carefully about all the touchpoints surrounding your customer’s interaction with your products.
Why is Retail Marketing Important?: Marketing is even more crucial in retail, given how competitive some product categories are. But, without a solid marketing strategy, you’re leaving it up to your customer to remind you on their own once they are interested in a commodity you sell.
Retail marketing is because retail products are often repeated purchases. Unlike subscriptions or one-time purchases, retailers must depend on marketing efforts to win back customers after each sale. In retail, more than any industry, marketing plays a major role in growing a customer’s lifetime value (LTV).
Modern Retail Marketing: The rise of e-commerce and several brands’ move toward a direct-to-consumer (DTC) model has vastly amplified and shifted the meaning of retail marketing. For instance, the rise of premium e-tailers like Moda Operandi and Net-a-Porter has meant that retail marketing is not just about foot traffic but also web traffic and online sales.
Likewise, DTC brands are not only in charge of designing and manufacturing their products; they are now responsible for marketing and selling those items directly to their customers, often through their online stores and physical locations. The DTC model is well-known for promoting lower prices thanks to eliminating the “middle man” (the traditional retailer).
These dramatic changes in the customary retail model make retail marketing even more critical. Brands count on marketing efforts not only for driving traffic and sales for products but also for growing brand recognition, customer loyalty, and, most importantly, increasing LTV.
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