What is retail marketing?
Behind the term Retail marketing Generally speaking, is the Marketing activity of a trading company. This usually involves the production of consumer goods and these are either sold directly or with the support of retailers to end consumers.
Many different areas of marketing and marketing in retail companies are considered. All areas that influence the Customer journey can take are relevant in retail marketing. This includes, for example, the design of the shop (PoS for short), the sales process, advertising, the pricing of the product and the processing of the purchase process.
The four P's in marketing
Similar to general marketing theory, the famous can Four Ps of marketing can also be applied to retail marketing.
Product
This is the Product to be purchased by customers. To design and deliver the right product, you must The fire Be aware of what the own target group Would like and which Customers' needs wants to fulfill it. The final products can ultimately be sold individually or combined in packages.
Price
Together with retailers, the manufacturer defines how The price that the customer has to pay for the product is high. Play here not only procurement costs, but also current customer demand a role. The price can influence the sales and popularity of products, for example because particularly cheap products are bought spontaneously and particularly expensive products are usually regarded as of very high quality.
Placement
In order to ultimately sell the product, it must right places be placed. The placement decides Where the product is offered and sold. This can be, on the one hand, the decision about various retailers and stores and, on the other hand, the decision as to whether the product offline, online, or anywhere should be distributed.
promotion
The doctoral department decides which marketing activities Be done to the product To market in the best possible way. It is important to decide here: Which marketing channels best suit the product, manufacturer and retailer and how to advertise. For example, discounts, cross-media campaigns or product packages can be offered.
Another 2 Ps in retail marketing
In addition, various sources add two more categories to the four Ps in retail marketing: People and presentation.
The People section decides which Personalities represent and represent the company and the brand. Both your own employees, sales partners, retailers and advertising personalities (such as prominent ambassadors) can play an important role here. In order to make the best possible use of these personalities for retail marketing, it is necessary to determine how they should interact with customers.
Presentation is understood to mean how the presents the product and brand to buyers and interested parties. It is decided how the product will be presented and what first impression should ideally be created on interested parties. The setup at the point of sale and the website are particularly important.
trade marketing
What makes trade marketing stand out? What are the challenges? Retail Marketing 2.0: How
Advertising companies in the digital world
Local retail marketing
Retail marketing strategies are primarily Very popular in local retailer marketing. Local marketing by local retailers and stores is still increasingly carried out at the point of sale. The design of the actual sales area using marketing materials such as window displays or posters is a important influence on the first impression and willingness of local customers to buy. In addition, retailers and companies try to convince local audiences of their own products through ads in local magazines and coupons (e.g. with discounts).
Auch digital and online measures are becoming increasingly popular in local retail marketing. The phenomenon of Retail Convergence, the fusion between online and offline This is becoming more and more visible. Following the first major online boom, brands and retailers are now increasingly trying to to connect the digital and analog worlds. For example, online shopping sites that offer to pick up what you have ordered in store (in-store pick-up), digital advice offers or coupons that can be redeemed both digitally and locally are suitable.
Retail marketing strategies
1. Be close to the customer
With the right retail marketing strategy, you are in exactly the places where your customers and interests can also be found. To make this possible, you need to know your target group and their interests and living conditions. They know on which platforms (e.g. social media) the target group can be found, which media they consume and what the target group is interested in. Only then will you select the right marketing measures to reach as many touchpoints as possible on the customer journey. Regardless of whether it is social media, Google Ads, personal recommendations or the design of the point of sale.
2. Social media
Use social media. Even though local contact is important in retail marketing, there is no way around digital and online measures such as social media, especially among younger target groups. On platforms such as Facebook, Instagram, Pinterest and TikTok, you can not only provide your potential customers with content, but also advertise specifically and reach a large number of people. Paid ads in particular can reach the ideal group of people based on precise targeting and provide information about their own brand and products. In addition, influencers and ambassador programs can be used to reach even more people and achieve greater brand recognition.
3. Video marketing
In addition to images and texts on your own website, on brochures or even on social media, video productions help to present the product and brand even more vividly. With the help of a video, the products can be shown in action and you can highlight the resulting benefits even better. Basically, video marketing helps to attract even more attention and to be remembered better. When choosing the right publishing platform, it is once again important to know your own target group and their user behavior. In principle, however, video marketing is suitable both for the PoS and for digital marketing channels such as the website or social media.
4. Successful partnerships
In addition to your own online and offline marketing activities, it also helps in retail marketing to enter into targeted partnerships and make use of synergies. Such partnerships can be entered into either with individual shops and vendors or with special retailers. It is recommended to search specifically for distribution partners who serve a similar target group. These therefore offer an easy way to address customers, achieve greater reach and generate more sales. In addition, in addition to sales cooperation, organising events together can also be a successful opportunity to reach more people.
How can software support?
Anyone working with various distribution partners in retail marketing and selling their own products through them will increasingly be faced with the challenge of equipping sales partners with marketing materials. Despite the different distribution partners, it is important to rely on a to set a uniform and coherent marketing strategy along the customer journey. This consistency and efficient use of marketing opportunities can be achieved through a Software solution supports and simplifies become. In order to easily distribute marketing measures and plan joint local retail marketing, A marketing management solution helps. In such a software solution, cross-media marketing materials of all types can be personalized and processed and ordered, printed or reserved directly from the service provider. It is not only possible to create printed materials, but also to place digital advertisements and to create and even promote posts on social media. The large mix of different marketing materials Makes it possible to complete retail marketing campaign with the right marketing measures to accompany.