Retail is the point where your goods and services meet the end users. It gives greater opportunity of customer engagement. Particularly, FMCG companies deal with vast web of retailers across the globe and they need strategy that works. Therefore, Retail marketing serves as a significant aspect of FMCG sales. It involves marketing directly to the end users visiting the retail stores.
Retail marketing Strategy focuses on:
- Attracting footfall
- Encouraging product awareness
- Retaining the existing customer base
There are several brands present in a single retail store. So, you need to plan your marketing strategies well. This makes your products stand out from the crowd of other brands. Here are some tips that can help you to boost sales in 2023.
Tips & Tricks for Efficient Retail Marketing
1. Store profiling to analyze and plan investment
One of the primary challenges involves profiling of retail outlets and boosting sales in low revenue outlets. It is essential to profile store based on the location, demands, nearby competitors and nature of the store. Strategizing according to the store profiling and aligning with the right products at the right place can not only boost sales but also promote brand awareness.
2. Strategic placement of products
When we are talking about retail marketing, the most strategic task of creating a planogram is an essential activity. Retail marketing involves investment in installation, displays and even positioning of their product at the retail market. Creating planograms helps to visualize the retail site.
Moreover, it ensures optimal utilization of the space at retail site so that every customer who walks in notices the product. Strategically placing your products can become a competitive leverage for your brand if executed properly.
3. Execute targeted actions on retail stores
Footfall conversion is one of the primary focuses in retail marketing. With numerous retail outlets spread over a vast geographical area. It is not a surprise that some outlets may not have excellent footfall. Retail marketing involves eliminating this hurdle through attractive visual merchandising. It is essential to execute target action on retail stores with low footfall and low revenue.
The target action must be strategized and implemented after analysis of the target group of the specific retail store, buying behavior and competitor’s strategy. VM campaigns build on the basis of following data can help you improve footfall conversion as well as boost revenue from those retail stores.
4. Displays and themes for enhancing attraction
The first step of retail marketing is attracting the potential customers. Using displays, installations and themed gates catches the eyes of potential customers. It serves as an edge when considering the same product of different brands. Gain more leverage by stating how can your products solve the problems of your customer.
5. Make attractive offers visible
Setting attractive campaigns without clear visibility at retail stores is the last mistake a brand should make. While offers and sales do attract customers, it is important to make enhance visual merchandising techniques at the retail sites. You may use digital displays, window displays or signage at a prominent position in the retail store. It makes the customers aware of the available opportunities.
6. Hierarchy merchandising for drawing attention
At a retail store, a customer comes across several products of numerous brands. Therefore, in order to boost sales of your product, the products must be placed in such a way that it visually appeals to every passing customer. You can use hierarchy merchandising to draw their attention by organizing your products in unique shapes or stacking them vertically in the retail stores.
7. Customize shelves to promote your brand
As the number of large-format retail stores have been booming, it is essential to modify your retail marketing according to modern trade. Customizing shelves with your brand name in retail stores can effectively enhance your sales.
It not only achieves some sales through brand loyalty but also promotes brand awareness among the customers. Customized shelves do provide a personal touch to your retail marketing invoking better response in modern trade.
8. Invest in relevant props
Props are excellent options for encouraging brand awareness and serves as the final push to your sales. Investing in pops relevant to your product assists customers to make a choice for your brand amidst several brands present in the retail store. Relevant props also enhance impulse purchase in an impactful way.
9. Trial-and-error analysis of product placement strategies
Retail marketing involves not only strategizing but also analyzing the effect of the strategy. It is important to analyze the performance of the product placement strategies to find out which strategy works best for your brand.
Obviously, it involves a trial-and-error method for every retail site. You cannot expect ‘one size fits all’ in product placement strategy. However, once you have figured out the most effective product placement, the sales figures will automatically respond.
10. Deploy product promoters for better product awareness
Most FMCG brands deploy product promoters at large-format stores. Product promoters not only promote brand awareness but also prevents stock-outs of your product at the retail site. Product promoters App works at the retail sites providing your brand insights about market demands and competitor products.
11. Tracking the performance of Product Promoters
Even if you have already deployed product promoters, it is essential to check their compliance to your company goals. Using technology can help you track down the performance of the product promoter. You can also analyze how they are actually boosting your sales.
12. Regular Audits of Retail Marketing strategies
It is essential to regularly audit the compliance and performance of your retail marketing strategies. You may use sales reps, separate audit teams or SFA platforms to execute retail visual merchandising audits at retail stores. While separate audit teams can make retail marketing audits a lengthy and expensive process. You can execute quick and effective audits using visuals clicked by your sales reps at the time of store visit using the software.
Strategy that Works
Retail marketing investments are important but it is more important to analyze if the retail marketing investments are working as you have expected. BeatRoute is a SFA CRM platform that helps companies to achieve better sales through a sales goal driven approach. Therefore, it not only reduces your cost and time for audits but also provides deep insights about existing retail marketing strategies to boost sales.
