4 Major Problems in Executing Retail Marketing
There is a high level of competition in the retail industry, but one way to stay ahead is to be concerned with the marketing aspect of your retail outlet. Regardless of what strategy your store uses, there are problems that arise along the way that hurt the success of your store. When planning the marketing campaign for your store, consider these four major issues that accompany retail marketing. For experienced retail owners, you may be able to relate to the following issues, but if you’re just starting out in the retail industry, read ahead to anticipate issues that will allow you to create a more streamlined, effective marketing plan.
A store is more than just its product. While the product is important, it’s not the only marketing component that a retailer needs. Anyone can have a great product, but without proper marketing it won’t be seen or bought by the right people. One problem in the execution in retail marketing is sending marketing materials and it not being on display. Boards and other displays are meant to attract customers and without them, why would a customer feel compelled to walk into your store?
One of the main issues in retail marketing is sending stock that is not being put on the shelves. No retailer can sell a product that is not on display. It’s important to keep in mind that the products make the store. Not only can lack of displays hurt profits but it can also change customer perception of the store. From the viewpoint of a consumer, a store that doesn’t stay up-to-date with trends and lacks products is not a place to be shopped at. Failing to place products on shelves can result in several back orders and overstock. Making customers wait for products and not being readily prepared can cost you.
Promotional material can range from posters, banners, and cutouts, to simple flyers and stickers to be posted around the store. Not only is it costly to produce, but promotional material is constantly changing due to addition of new products or seasonal requirements. With all these opportunities to grab the attention of customers, not enough retailers are putting their material out on time – or even correctly. Visual materials should be visually appealing, attention grabbing, and compelling. After all this material is the second most important advertising component to the product itself. Promotional materials that are in the wrong areas, hung the wrong way, or simply placed wrong can affect the overall marketing strategy. Customers need to see these materials in order to be aware of the products and services you offer, along with what sales and promotions you may be having at the time.
Retailers don’t have a way to verify that all of their locations are effectively executing their marketing strategies. the At this point in time there is no specific way for a retailer to see the retail marketing strategies they have executed in real time. The only way to “check” if all these establishments are doing what they should is to rely on the “feet on the street” mentality, hoping that people see the brand in the same view regardless of location. Without the ability to see improvements and changes across a large footprint, it makes it difficult to spend money on marketing.
Proper execution of retail marketing is essential to the success of a store. Retailers should want to showcase their products at optimal times. Failure to display materials and unpreparedness are just two causes of ineffective retail marketing. Anticipating these problems will help you prepare for the future of your store and its success as you create opportunities attract customers.