Question

• Discuss the strategy retailers use for selling to their customers.
• Explain why it’s important to strategize in order to be profitable.
• Describe a strategy that you have found to be effective when it comes to retail sales.

Answer 1

Retail marketting strategies are important because of the increasing competition which makes it very important to find out innovative ways to capture the attention of the potential and existing customers. Some of the most effective retail marketing strategies are -

1. Proximity: Unless the seller is close to the target group of customers, it is not possible to make big sales. This does not just have to be geographical proximity these days, it can also be a valid social marketting strategy.
2. Advertise: Use extensive and targetted advertising to be able to reach out to the prospective groups of customers. For instance, if the target group is college students, then reach out to the college students by advertising in places like cafés, photocopy places, colleges, etc. Digital marketting and word of mouth are also equally important
3. Store display: Store display goes a ong way in attracting new potential customers. The way the products are arranged in the store should reflect their use and also create a demand for them for anyone who sees it. This also included trained and motivated sales staff.
4. Online marketting: Promoting the product through targetted emails and messages brings out the presence of the product for the customers and helps create more business.
5. Influence: Using celebraties and popular figures to help endorse your brand to the target market is another very effective retail marketting style. A new feature is also referral marketting, in which the existing customers are given benefits for referring the brand or the product to their friends.