Are you about to set up a new retail store? Or have you been running a shop for decades? In both cases, getting new customers and holding the existing ones are substantial. However, achieving these retail marketing goals is not child’s play.
Considering your problem, I have listed a few retail marketing tips in this article. Advanced advertising techniques like retail geofencing and other strategies mentioned below can help you build a loyal customer base in this competitive market.
Fruitful retail marketing tips you should follow to get in front of the right audience.
1. Understand the 4Ps of retail marketing: The 4Ps are very important in marketing. These involve – Product, Price, Place, and Promotion. Now, as a retailer, working on these things may sound simple, but it requires intensive market research.
At first, you need to understand your target audience and gain customer insights to create customer-centric products. You should ensure that you offer highly-qualified products at a justified price and in an appropriate location. Once you have a clear idea about the three P’s, you can work on the last component, i.e., product promotion.
Here, you need to identify areas where it’s easier to reach the target audience. For example, modern customers spend more time on social media platforms and mobile apps. You can use these platforms to promote your business and steal the attention of potential customers.
2. Embrace geofencing technology: Many retailers leverage geofencing technology to grow their businesses. Even you can try the same! It is a location-targeting marketing strategy that allows enterprises to attract ready-to-buy audiences at a specific location.
Suppose you own a retail shop in a posh area. You can target every potential customer by building geofences around competitor stores, bus/train stations, office buildings, etc. With retail geofencing, you can send them promotional ads that follow these prospects for 30 days and excite them to visit your storefront.
Indeed, a proper retail geofencing ad campaign works well for every small and large-scale business. It can help spread brand awareness, generate quality leads, and increase local sales.
Check out this blog to learn how to boost retail sales with geofencing.
3. Promote referral marketing: When it is about gaining new customers, referral marketing equally works well with geofencing. It is a marketing tactic to drive in new customers through referrals.
Here, you can excite your existing customers by offering them rewards or incentives if they can refer or recommend your brand to their friends or family. In some cases, retailers even provide some discounts to the referred customers. Indeed, it’s a great tactic to grow a business’s customer base by seeking the help of existing customers.
Marketing your retail business to new or existing shoppers can be daunting. But if you follow the retail advertising tips mentioned above, you can experience a better bottom line in a business. After all, these tips have worked well for many small and large-scale retailers.
So, are you aspiring to grow your retail sales? I suggest you reach out to a digital marketing partner like Get Geofencing and share your business goals with their experts. It will help put your business in front of the target audience and improve customer acquisition rate.
Author Bio: Jack Davis is a retail and real estate geofencing specialist. Here he shares some retail marketing tips, helping retailers find new customers for the storefront.