How to Build an Effective Retail Marketing Plan
Updated: Feb 9, 2021
The retail industry today is a highly dynamic business, with brick and mortar store owners deserting their stores for e-retailers and fast-moving products. Owing to a plethora of e-commerce businesses in the market at current, retail is in a state of crisis. In such tumultuous times,
a futuristic retail marketing tactic can send a business to the apex of its game.
Take, for instance: Sephora. The French-owned luxury beauty brand is thriving amidst a retail crisis. Reason? It’s upbuilt marketing plan: Sephora employs technology to give customers a satisfying shopping experience. Women can try 50 shades of lipstick without getting chapped lips by using
a mobile app with augmented reality for that. Customers can scan their faces to get their Color IQ,
a reference number used to find products that match their skin tones, or sit at digital workstations
to take classes in contouring cheekbones. This instantly sets Sephora as one of the most customer savvy brand in today’s age.
Sephora exemplifies that a unique retail marketing plan triumphs above all. A sound marketing strategy can foster your business’s growth. Consumer today adhere to modern methods like technology and social media to gain knowledge about a particular brand.
Retail Marketing Plan: Set Yourself Apart
The tagline speaks for itself. The entire e-retail industry banks on the power to set oneself apart, represent uniqueness. The dynamic nature of e-retail makes it highly volatile. A deeper understanding of your standing in the market and a strategy tailored to your product and
the users you hope to reach is the best way to tap into your business’s potential.
1. Create a Mission Statement
Before launching a retail marketing initiative, it is essential to understand your business’s mission and objective in the marketplace. Realize the key element which “fills the dots”: solves a key problem or provide a service your customers may not be receiving from your competitors. Understanding this will base your future decisions for product marketing based on this knowledge.
2. Know your audience
After establishing your role in the market, build your retail marketing campaign around your target consumer audience. This requires you to know which customers you’re targeting primarily. Creating a customer profile in mind while developing marketing tactics plays an integral role in determining your potential customer base upfront.
3. Be Internet savvy
Gone are those days when businesses only depended on television ads, billboards, and print media. A large number of this generation is hooked on social media, which in turn can be a potential tool for brilliant advertisement campaigns. Businesses should have a presence on leading sites like Facebook, Twitter, and LinkedIn. Moreover, having your presence on Yelp, YouTube and Google Plus can expose your business to new prospects and boost your SEO rankings.
4. Be an expert
Establish yourself as an expert in your trade. This makes you highly credible in the eye of your customer leading to loyal customers. Content marketing is a great way to advertise yourself as
a subject expert and highlight the key areas of your business’s functioning. Portraying yourself as
a thought leader in your industry can help you build profitable partnerships, guest posts on various sites lead to your recognition among potential customers. This can go a long way in establishing your credibility in your industry.
5. Monitor results and devise changes
Adaptability is a key aspect of any marketing initiative, the dynamic functioning of the market ensures that. Not being adaptive. If your retail marketing strategy isn’t reaping the results you want, it’s time to adjust your strategy. The flexibility to recognize a failed effort and adapt quickly can save your business from stagnancy. Periodically monitoring growth analytics help derive insights which can reveal key areas in which a business needs to alter its strategies.
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