Retail companies heavily rely on foot traffic for sales. Therefore it pays to be constantly updating and developing marketing strategies to increase traffic & grow revenues. Being proactive in this space can have great benefits while keeping you ahead of the competition. Here are 3 retail marketing tips to stay ahead of the pack.
1) Partnerships – In the highly competitive space of retail it pays to have friends. Try searching out complementary businesses and create partnerships with them. For example if customers in a partners shoe store are looking for a dress that your store sells, have that partner direct them to your clothing store. You would then reciprocate for customers who were in your store shopping for a dress & looking for shoes to match. If you are able to find enough complementary stores to partner with you may be able to start a small network and even share advertising costs.
2) Become a Resource Center – Rather then compete with competitors on price, try to become a store known for expert product knowledge. Hire associates that are interested and have preference on the products your store sells – this will encourage conversation with inquisitive customers. Many customers do research online and consider themselves knowledgeable about their purchases, if your associates can nurture this behavior, they are more likely to feel confident in their choice of product and make a purchase. Your store will become sought out as the place to shop with friendly staff who give good advice.
3) Create Events – In store promotional events are a great & inexpensive way to generate interest and increase foot traffic through your store. Using platforms of social media, internet message boards and community papers are all ways to get the word out about your event. A simple event idea is bringing in a known figure that relates to your store; an author to do a signing in a book store for example. Or you could contact a local band to play outside of your store on a Saturday afternoon to pique the interest of onlooking passersby.