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What Do You Know About Retail Marketing?
What Is Retail Marketing: Even if you work in the trade and have some experience in stocks of the type, this is a dynamic area that requires keeping up to date.
The term characterizes a series of communication actions aimed at sales, which retail companies can apply to increase their profits.
In practice, it uses the essential elements of traditional marketing, such as product, place, price, and promotion.
Still, retail has specific characteristics that differentiate it from other types of marketing.
With technological advances, especially with the increasing use of the internet, marketing as a whole has gone – and still goes through – through several transformations.
And with the retail trade, it couldn’t be different.
In this context, it is essential to be aware of the news and innovations to have the best strategies and tools, ensuring assertiveness in the offer to the public.
If you are interested in the topic and want to know more about retail marketing, keep reading this article.
In it, we will explore all the news in the area, presenting successful examples for you to be inspired by.
What Is Retail Marketing?
Through its actions, marketing works with consumer behavior and seeks to understand each individual’s needs and wants to trace purchase journeys that make sense for a particular audience.
We are talking about institutional communication, the objective of which is to ensure that the company closes the month with sales volume as expected, resulting in the earnings needed to pay all suppliers and employees, in addition to investing in the prosperity and longevity of the business.
In addition to boosting sales, marketing must also seek a relationship with customers, working on loyalty.
It is what will ensure that that individual returns for a second purchase or recommends the product or brand to friends and family.
If you prefer, browse the topics below:
How important is retail marketing?
- Place / Square
- The digitization of shopping and the new era of retail marketing
- The new forms of consumption
- The consumer experience
- What is the marketing atmosphere?
- Trends in the marketing atmosphere
- Digital retail marketing
- Types of retail marketing
- Examples of retail marketing
When we talk about retail more specifically, investing in loyalty is even more critical.
After all, you will ensure increased sales and profit growth through a good relationship with your audience.
And for it to be possible to establish this relationship, managers and the marketing team need to know precisely who the public they want to communicate with is.
We should then do a detailed customer survey to understand the average customer’s age, social class, education, and consumption habits, and finally, to understand and meet their needs.
It will only be possible to design the best retail marketing plan with the most appropriate strategies and distribution channels to achieve the expected results.
What Is The Importance Of The Retail Market
When it comes to marketing, many people are mistaken in believing this area is exclusive to large companies and famous brands. This error even appears in the discourse of managers who consider marketing just management’s perfumery, an oversupply in which one only invests if money is left in cash.
It turns out that marketing is an essential part of business, as it is the results of your actions that will ensure that you will return the investment made in the purchase stage in sales at the end of the month. In addition to boosting sales, in retail, marketing also works to maintain the relationship with the customer, a crucial step for those who want to maximize their results.
All this work is not done haphazardly and relies on a specific methodology designed by experts in the field. Below, we’ll talk in detail about the 4 Ps of marketing and how they apply to the retail industry.
The first P of marketing concerns the product, market value, and the source of all profits. The product must be the physical extension of the brand, as it is the only part of the business that concretely reaches the customer.
In this way, the consumer can experience in a sensory way all the work invested in the merchandise. We understand, then, that the product is the starting point for the construction of the entire marketing process since it materializes everything that will publicize as a brand in promotional actions.
When designing the definitions of its product, the company needs to think about the literal and figurative values that that merchandise will deliver. Literals in the sense of the piece’s practical matter, that is, how it will be involved in the client’s daily life
On the other hand, it will also figure because it is the job of marketing to attribute emotions to that piece so that they bring the customer closer to the image that the brand wants to convey, transforming the product into an actual consumption experience.
Place / Square
The second P of marketing concerns the square, which is nothing more than will sell your product and how the consumer should access it.
In the case of physical stores, questions such as the address, the space where the customer is received, if it is comfortable and welcoming, and if there are parking lots or public transport points close by are coming into vogue.
Also, the location contributes because its performance will differ if the store is in a central region, neighborhood, or an industrial zone.
In the case of virtual stores, it is necessary to understand how the site works, if it is intuitive, and if the delivery will make within the stipulated deadline, among other issues.
In short, it is necessary to be clear at this point what the distribution channels will be, how the logistics will carry out, and how suitable the location of the stores and service centers is.
The next P concerns the price, which, as much as it seems like a number given by a mathematical account, is a subjective factor but decisive for the sales process.
Let’s assume that you want to gain customer preference and reduce the value of your goods or services.
Those who use price as a marketing strategy can even conquer a portion of the clientele that seeks the lowest value on the market when choosing where and what to buy.
But that’s not all the price communicates.
Suppose you have the cheapest product on the market. In that case, you will inevitably evoke in public the perception that your merchandise is also the most affordable in terms of the quality of your offer.
Therefore, the price needs to be defined based on competitive analysis and a cost and profitability projection to ensure you will profit on that sale.
In the national market, specifically, it is also essential to consider how the discount and installment policies will be since the Brazilian public thinks this.
To identify how to position yourself against competitors, we suggest reading this article on SWOT Analysis.
What is Retail Marketing – Promotion
Finally, promotion approaches what most people have as a shared sense of what marketing is.
This P encompasses the various actions that are part of the company’s external communication to bring the target audience information about the product and its functions and arouse consumer desire.
This is where investments in digital, offline, point-of-sale marketing and brand recognition come in so that the public has that company as a reference in the sector.
We are talking about advertising, specifically, public relations work and the relationship with the media through the press office.
Also Read: What is App Marketing And How to work
Retail Marketing Digitization Of Shopping Is The New
The internet has changed many things, and the way of doing marketing is one of them.The Digitization Of Shopping And The New Era Of Retail Marketing
Technology development has brought new forms of consumption, dramatically impacting how companies communicate and do their marketing.
The advancement of the internet has opened up a whole new range of possibilities for communication between brands and their audiences.
For better or for worse, the fact is that the consumer has never been so close to companies, being able to contact them with the speed of a click on the cell phone screen.
As great powers also bring significant responsibilities, companies must know how to navigate this environment.
It is a commitment to ensure humanization that allows for more horizontal communication without exaggerating and ending up losing its credibility or becoming a joke on social networks.
We live in the digital age, and brands must follow this trend, investing in their communication online and offline.
After all, in the new era of retail marketing, it is necessary to understand the consumer and know that he will inevitably use the internet in his shopping journey.
Therefore, having your product exposed in this environment is essential – even if your business only sells in physical stores.
The New Forms Of Consumption
The new forms of consumption involve technology and the use of the internet in their decision-making process. Nowadays, it is typical for consumers – especially young adults – to decide how and where to buy through internet research.
These new digital consumers were called omnishoppers by experts. The term refers precisely to that person who consumes through multiple channels, from e-commerce to the physical store, often using a hybrid path in their shopping journey that varies between on and offline.
By reading our article on omnichannel, you can better understand how it works.
What Is Retail Marketing
It is necessary to understand that this consumer is much more demanding as he arrives for the purchase armed with all possible information about the average market price and the value the competition delivers.
The new behavior directly affects the way brands promote their products. The truth is, it’s no use making empty promises like “the best on the market” or “the lowest price” if it doesn’t hold up after a quick search.
Thus, the focus shifts to establishing relationships with customers that can have a long-term impact on the perception of your brand, bringing affection to purchase connections.
The Consumer Experience
Above all, the retail sector needs to know its customers well and understand their particularities, needs, and desires to serve them best.
The consumer experience is significant in retail, as customers buy small quantities. In this way, the sector obtains its profits by the number of sales – since the average ticket is not as high as wholesale.
Still, it is essential to think that the satisfied customer has the potential to become an authentic promoter of the company, indicating its product to others and positively influencing more sales.
Its actions need to be focused on sales, but without ever giving up investing in strengthening the brand, bringing relevant content, and creating opportunities to enhance the relationship between it and the public.
It is essential to think about creating affective memories, which can positively impact the image before the clientele, awakening the affection of those on the other side of the counter and humanizing the entire process.
Therefore, Audience Research Is Essential.
It will determine the environments and language to communicate with your ideal client on and off the internet. That way, you can understand the expectations of those who are buying.
It also enables your company to present itself with the promise of meeting the desires and needs of each consumer in a personalized way – even with the help of automation and other technologies that make day-to-day work more accessible.
What Is Retail Marketing Atmosphere?
The marketing atmosphere concerns all the supernatural forces that relate to your company’s marketing and influence the customer’s purchase decision.
Think that when someone buys a product today, they are no longer just satisfying a practical need, as the decision is not limited to buying or not buying.
It’s not enough to convince the customer that he needs a toothbrush. You have to make him want your toothbrush and not your competitor’s.
Do You Understand The Difference?
Thus, the marketing atmosphere must be worked with a focus on the customer, thinking about creating a shopping environment – whether online or offline – welcoming and comfortable, capable of dialoguing with the specific reality of each one.
Trends In Marketing Atmosphere
With numerous brands on the market selling similar products, the need to provide a shopping experience that transcends the product and conquers the customer beyond the merchandise it will sell is increasingly evident.
And, by all indications, the path traced to connect with the public assertively has been personalization. The trend is not new and can see in big brands such as McDonald’s, which have personalized menus and offer different service variations in each country.
In addition, it is necessary to create strategies to communicate with the consumer at different stages of the shopping journey. The goal is not to be too aggressive, scare him away with an untimely offer, and not fall asleep on the spot and miss the moment of the sale.
Digital Retail Marketing
Everything that will sell about trends also applies to the digital environment – and with even greater intensity. That’s because digital marketing platforms are particular, allowing for the personalization of communication at the individual level, ensuring that each customer will receive the right message at the right time.
The internet gives you a much more accurate idea of how your investments have returned. You can also measure in real-time how your audience responds to the content promoted by the brand.
The secret is to study the subject in depth, knowing and experimenting with tools that will lead you to the right strategy. The Fundação Instituto de Administração (FIA) has a specific postgraduate course on the subject. Visit the course website here and learn more.
Types Of Retail Marketing
For example, the products sold, the company’s size, the business’s legal constitution, and the sales organization, among others.
Of these options, the classification that most influences marketing is related to the sales channel used.
Thus, we have the separation between business with a physical store and retail without a physical store.
The second type already promotes a different approach.
It allows for complete marketing, giving greater control over the last stage of the shopping journey, the sale itself.
Through the internet, as we explained before, it is much easier to measure the result of your efforts and also understand which part of the process needs optimization the most.
Retail Marketing Examples
As you may have noticed, retail marketing consists of strategies and actions to generate empathy with the brand.
It also aims to establish a lasting relationship with customers that will result in sales.
Some examples of actions of this type of marketing include:
Advertising on social networks
- print advertising
- Radio and TV commercials
- Business card
- loyalty programs
- Promotions that generate discounts and gifts
- Measures at point of sale
- Visual identity.
What is retail marketing is a handy tool for companies that want to be present in the market, guarantee good sales results and ensure that their product’s value will fully transmits to the public. In addition, communication will ensure that sales meet expectations of what is needed to cover production costs and generate profit.
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