Having a proper marketing mix strategy is extremely important for any retail player to sustain in the highly competitive retail industry. It helps a retail organization to measure the outcome of its marketing investments, optimize the marketing spend and improve the sales margin.
Here we will discuss 4 marketing mix strategies that can help retail players to increase their sales margin:
Plan for seasons beforehand
Any retail business has one or more peak months/seasons where it can expect a heavier sales traffic than normal. However, peaks may vary according to the location of the retailer or the retail sector. A retailer needs to understand and note the distinct patterns of monthly sales fluctuations and plan well in advance for the next season. If he plans well in advance for the seasonal demands and optimizes inventory, he can score over his competitors.
Add the ‘online’ dimension to your brick-and-mortar store
All retail businesses are not compatible with e-commerce and here lies a huge scope for you, if you own a retail business. If your customers can find you online, they will get more opportunities to link to your business, irrespective of where they are. You do not have to ‘overdo’ things and can afford to ‘evolve’ your online presence along with your business. You can start by creating a simple website and can convert it into a full storefront by displaying more inventory as you move along. In addition to enhancing your exposure, your online store can also bring you additional revenue without opening any other ‘offline’ store. It will facilitate new entry points and improve conversion rates.
Target shoppers through email
Emails are proving to be an important part of the retail marketing mix. Whether you want to announce sales deals or resurface specific retail products, emails can be a potent weapon for you. But, please note that, for making your email campaign a successful one, it’s important to get the customers’ consent before sending emails to them.
To kick-start your email campaign, you can display a mail sign-up sheet in your offline store or on your online storefront. Emails containing information about your sales and promotions may help bring in customers to your business. You may also avail of the psychological benefits attached to a sale, without having to compromise on profit margins.
You can use emails in another way to engage high-intent customers with your products. You can offer them “out of stock” emails which will notify them when an item of their interest comes back in stock. This service can be used for your ‘in-store’ customers as well if you do not have an online presence.
You can use effective acquisition and retention strategies
Many useful and low-cost acquisition and retention strategies are used by retail players these days as a part of their marketing mix. Some examples of such inexpensive tactics include organic Search Engine Optimization (SEO), cart abandonment information, attaching a postcard to the shipping box that provides offers redeemable within a month and so on.
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