The Nature of Retail
It may not seem like retail has a history of rapid change, but it has had its share of evolution. One of the biggest changes occurred when Sears launched its catalog more than a century ago. What Sears knew was that there was a huge, untapped group of people living in rural areas that were not being reached. By sending its catalogs directly to consumers, people could have access to items carried by Sears that were previously inaccessible. Their catalog carried a multitude of items and included things like houses, which sparked a revolution in retail sales and impacted consumer behavior.
We are now witnessing another big evolution in retail as brick and mortar shops are being impacted by online shopping. That being said, retail is not dying, but it is changing. If you are considering opening a retail store, do not be discouraged or overly fearful of following your dream. Retail is here to stay for the foreseeable future and enacting the right retail marketing strategy can help to cement your success. Here are five things you need to know about successfully opening your own retail store and effectively reaching your target audience.
Know Your Customer
Women in the south between ages 18-35 are no longer an acceptable target demographic. Instead, you should develop a customer persona that includes specific details, identifies the need you will meet, and describes a day in the life of this person. A (brief) persona example is a woman named Rachel who is a married, working mother of three. Rachel’s attire is business casual for work, but she prefers jeans and yoga pants at home. She spends an average of two hours per day online, which reveals recent searches for “clothing with a conscience,” and she has an active Facebook profile.
Understand How Consumer Behavior Has Changed
Customer acquisition is going by the wayside and being replaced with customer experience. Your customers want to be engaged, not sold. Your price point and brand name are no longer the main factors in making the decision to purchase. Now, people want personalization, ease, and connection.
Leverage Key Strategies to Engage Your Target Customer
Personas are powerful when used in conjunction with effective Retail Advertising. By knowing exactly who your customer is, you can employ digital targeting methods such as Geo, Behavior, Search History, and IP. Social media, search engine optimization (SEO) and pay-per-click (PPC) also remain powerful allies in retail marketing. Knowing who your customer is, what will most effectively reach them and how to engage them are crucial to leveraging your marketing spend wisely in order to achieve the best return on your investment and increase your sales.
Consider Offering an e-Commerce Option
It is true that more people are buying online. If you are able to incorporate E-commerce as part of your product offering, you can expand your reach and take advantage of some of the strategies we have identified. Brick and mortar are still going strong, though. You need to know what your business model will be, and then you can identify and execute the appropriate advertising approach.
Enlist the Help of a Marketing Professional
If your background is not in marketing, you should partner with a professional like KOB Advertising who understands the ongoing changes occurring in the business. Technology is evolving. As a result, it can be easy to waste dollars on ineffective, antiquated marketing efforts that don’t yield any results. KOB Advertising understands Retail Marketing and can work with you to accomplish your goals and deliver tangible results that impact your revenue in a positive way. Call us to learn more about how we can help you.