5 Retail Marketing Strategies of Top-Performing Companies

When it comes to transforming prospects into paying customers, there’s no way we can underestimate the significance of your marketing team. After all, this is where the difference lies between a quality product that crashes and burns to one that becomes a household name as well as an industry standard.

From spreading awareness of your product, to persuading consumers that the value your company brings is worthy of their attention and money, marketing tackles it all one step at a time. So incorporating the newest innovations in retail marketing strategies into your business is an absolute must.

Cutting Edge Retail Marketing Strategies

Here are a few key concepts that should absolutely be part of your ecommerce marketing game plan going forward, if they aren’t already.

Automated Marketing Analytics

We’ve previously praised the advantages of automation to optimize multiple aspects of your business (such as pricing) and save you time in the process. However, when you use automation in concert with your market analysis, you can also gather intelligence that will drive other business decisions. With each passing year, more and more companies are incorporating automated analytics into their future plans. Roughly half are already onboard, and it’s about time your business does the same, lest you fall behind industry trends. The power that can be harnessed by automation is truly something that can elevate the performance and precision of what your business is already doing and make it exceedingly easy to take it to the next step.

The Customer Experience

First and foremost, your marketing campaign should cater to your target audience, but taking this philosophy a bit further might sweeten the appeal of your product enough to boost engagement. Design with the customer experience in mind, including everything from personalized messages to incentive programs and special offers to help prospects blossom into long-term customer relationships. Moreover, employ an omnichannel approach to your marketing that incorporates mobile apps, desktop websites and other forms of media, encouraging loyal customers to get involved in all sides of your business.

Content to Win

If you’re still unconvinced of the pertinence of content marketing in boosting business, allow us to put an end to your uncertainty right now. The past few years have incontrovertibly proven thedifference that regular content generation can make in getting the word out about your business. In fact, over one third of all traffic to shopping sites comes from search engines! Blogs, ebooks and whitepapers are among the most popular forms of free content that you can use to help prospects find you over search engines and/or entice them to sign up for your mailing list. However, what works for your specific niche may differ. Perhaps new media marketing like podcasts or a YouTube channel will suit you better. Regardless, you’re missing out if you’re not releasing some kind of content on a regular basis.

Introducing Proximity Marketing

Thanks to the location tracking capabilities now made mainstream via mobile devices, proximity marketing is a major part of many successful companies’ current strategies. With the localized data you receive, you can adjust your advertising content accordingly, speaking particularly to the physical location of your customer. Perhaps you might pitch them a relevant offer based on their shopping habits or attempt to sway them to check out a new offer on your website instead of visiting a the brick-and-mortar location of one of your competitors.

Research to Develop

In order to keep your company’s evolution running strong, be sure to devote a significant segment of your resources to market research. Whether these duties are assigned to a dedicated team or scattered among your business, it’s invaluable to gauge customer response — through surveys, direct messages or other means — as well as stay up-to-date on what companies both in your industry and beyond are doing to connect to their prospects. Oftentimes, this can be as simple as setting up alerts or connecting to relevant companies, publications and websites on social media and other networks for the latest news to be delivered to you directly.

Go Forth and Strategize

To remain competitive in the retail space (but particularly in the technology-centric world of eCommerce) is essentially impossible without remaining closely in tune with the latest and greatest approaches to spreading your company’s message.

The above techniques will help to make your marketing team that much stronger, but these alone aren’t enough to keep you on top for long. Marketing means never settling for the status quo, and so constant evaluation, testing, and implementation should always be in place to ensure that you’re providing the best service to your customers and doing justice to your products. The long-term life of your business may ultimately depend on it.

For more invaluable insights into how you should approach marketing your eCommerce business, check out our eBook, “Key Automated Marketing Strategies for eCommerce Store Success.”

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How to Use the Price Quality Matrix to Optimize Your Product Pricing

Product pricing is one of the biggest questions retailers face for a reason. The relationship between an item’s price and its quality — and perceived value to consumers — is oftentimes the deciding factor in shaping whether or not a purchase ever takes place.

In such an increasingly crowded marketplace, the concept of cash cow marketing has been called into question, leaving sellers in the eCommerce space and beyond to reevaluate how they approach their respective businesses. Fortunately, the Price Quality Matrix presents a simple way to leverage product value and address the pricing dilemma head-on.

What Is the Price Quality Matrix?

Designed by Philip Kotler, the Price Quality Matrix centers on the cross-section between the two metrics that lend the model its name. By determining the position of your products or services relative to the competition, retailers are able to use the price and quality of each item to identify where they stand in the market. Of course, this knowledge can then be incorporated directly into your decision-making process when it comes time to devise pricing strategy. Just think of it as another way to assess your relevance in today’s fast-paced and ever-changing business landscape.

 

price quality strategy model

How you price your products plays an integral role in how they’re perceived by consumers. So it’s important to ensure that the quality of your offer complements your price point accordingly. Based on Kotler’s nine-variable model, let’s take a closer look at the possibilities that result depending on how price and quality interact with each product or service.

  • Premium (high price/high quality): When a product’s high price is matched by its quality, this creates an image of a premium item that consumers consider a worthwhile investment, such as Apple products.
  • Over charging (high price/medium quality): Even if a product’s quality is sound, it can be tricky to elevate the price point beyond what the product offers. Tread carefully in this scenario.
  • Rip off (high price/low quality): In case the name of this category isn’t a dead giveaway, steer clear of this one at all costs, as selling a subpar product for such a high price point is a surefire way to stir bad word of mouth when consumers get wise.
  • High value (medium price/high quality): Conventional wisdom says that your price should surpass your product quality, since the implication is that your business will be able to turn a profit more easily. Yet, it may be worth it to offer a high-quality product at a slightly lower price upfront to build word of mouth.
  • Average (medium price/medium quality): As its name implies, these products are the very definition of “you get what you pay for.” Generally, consumers know that the value they receive from a given product is in line with the price point. It’s always a good idea to offer a lower priced alternative of premium products to encourage engagement.
  • False economy (medium price/low quality): The aforementioned danger in overpricing your products applies here as well, though to a lesser extent. You’re better off developing a better product or dropping the price to fall more closely in line with your product offering.
  • Superb value (low price/high quality): The best-case scenario for consumers, a high-quality product with a low price can be tricky to pull off and could end up getting into your bottom line.
  • Good value (low price/medium quality): Consumers are always on the lookout for an affordable, quality product. To foster long-term customer loyalty, it might be worth it to feature your medium-tier products at a slightly lower price point.
  • Economy (low price/low quality): There’s something to be said of economy options. In your business, this may simply be a free version of a product that offers fewer features. However, it’s an easy gateway to establish more profitable customer relationships down the line and well worth considering.

The Price Quality Matrix Revolution

In recent years, product pricing has become a bigger issue than ever before, thanks to the dynamic created by increased automation and the expansion of online retailers. However, by developing a better understanding of the connection between price and quality as described by Kotler’s model, you can use the psychological aspects of product pricing to create a trust with customers that will ultimately reap long-term rewards. Simply asking yourself where each of your product offerings fits within the above categories can shape a clearer vision of where you fit within the marketplace and the possibilities for growth that lie ahead of you.

For more details about how you can optimize your pricing and foster the success and reach of your business, check out our eBook, “A Comprehensive Guide to Competitive Online Retail Pricing Strategies.

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Pokémon Go – A True Game Changer For Retailers

It’s been just a few weeks since ‘Pokémon Go’ was released — a game that lets you live between the real world and its virtual one — and the world has gone crazy. Attracting kids and adults alike, this game has taken the world by storm, and is being played by millions of iPhone and Android users across the globe.

While players exercise their needs to discover new Pokémon, retailers stand to discover tangible benefits from the game — brands and marketers have more than one reason to be a part of the ‘Pokémon Go’ craze.

Leveraging The ‘Pokémon Go’ Madness To Your Advantage

Pokémon Go is the most downloaded app since its launch. If reports are to be believed,attractive advertising opportunities are making their way to the app shortly. You will be able to make the most of this by posting ads to drive traffic to your stores.

But we’re not just talking about possible ads in the future.

The search for Pokémon can take players anywhere — even your store. While many store owners prevent players inside their stores (unless of course, they intend to make a purchase), others are happy with the increase in foot traffic, even if it’s Pokémon-induced.

The ‘PokeStop’

Retailers can also consider purchasing a Lure Module with the gaming app, which takes you to PokeStops—places in the game that allows you to collect Pokemon balls and eggs so that you can catch more Pokémon. These PokeStops last for 30 minutes, enough for customers to look around your store and make a purchase.

Many eateries in New York saw a rise in sales after they dropped a lure. Some restaurants are actually advertising their locations as Pokémon Gyms and PokeStops.

Store owners are also coming up with special deals for Pokémon Go players. Retailers also have other ways of attracting players into their stores. According to the Financial Times, Niantic Labs (the creator of Pokémon Go) is planning to let businesses and retailers sponsor locations for gaming activities.

Although nothing has been confirmed by John Hanke (the CEO of Niantic Labs) yet, several techies claim to have discovered evidences in the game’s code that big eateries have forged such a partnership.

To sum it up, here’s a list of things you can do to capitalize on the Pokémon Go craze:

  • Advertise on the app: Though the creators are yet to announce the release of Pokémon Go’s advertising platform, it’s just a matter of time for it happen. Advertising on the app can go a long way in helping you getting noticed.
  • Sponsor a PokeStop: Many retailers are already sponsoring PokeStops at their brick-and-mortar stores, in a (highly successful) bid to attract players. You can use this to your advantage, opening PokeStops at all your outlets.
  • Offer Game Support: The game makes use of the GPS app present in mobile devices; as players stay glued to the game for long hours, their batteries get depleted fast. Your store can throw open your doors, offering it as a sort of free charging hub. This is sure to earn you goodwill; as players stay in your store for a longer bouts, you might even be able to convert a couple of leads.

Hanging signs like ‘Pokémon-friendly’ on the window can also attract tired and weary players who are finding it tough to hunt their Pokémon down the main street. You can also connect with players on social media, alerting them on recent developments like rare Pokémon spotted near your store or starting campaigns like ‘free gifts for Pokémon Go players,’ and otherwise using the popular app to drive sales.

An Insight Into The Future

Is the Pokémon Go craze here to stay? It’s hard to say how long this craze will last. However, as of now, it’s being used by millions of people, and the number is likely to increase in the coming days and weeks as well. Retailers and brands can jump on the bandwagon, taking advantage of this craze to attract more foot traffic into their stores.

The Pokémon Go fever still seems to be growing. While many retailers and businesses have already delved into its potential, there are still many other things that retailers can learn from the app.

Pokémon Go is a great example of how seamlessly the virtual world can blend with the real one. It’s a solid example of augmented reality. This great app succeeded in not only blending both worlds, but actually incorporating real world interactions into a game world effectively.

Friends (and strangers) playing this game get off their couches and talk to each other to hunt down Pokémon.  The best way to look at this game would be as a smartly designed platform that connects multiple pieces of technology to create a powerful product that can be monetized in various ways.

This is possibly the best time for retailers to make the most out of it, as the future of this game is still uncertain.

Riding the Back-To-School Wave to Retail Success

Anyone who’s been in the retail business knows how important capitalizing on the shopping wave during the back-to-school, or BTS, season is. Depending upon which expert you ask, this potential boom in sales is the 2nd, or 3rd, biggest one during a calendar year.

As summer camps draw to an end, parents start a frenzy of last-minute shopping for school, which, combined with back-to-college shopping, translates to a whopping $68 billion spent. This means that merchandising and marketing strategies, and the ever-important multi-channel shopping experience at retails chain, all need to be tweaked.

Let’s take a closer look and delve deeper into seasonal retailer and e-tailer techniques for riding the back-to-school wave, and what exactly BTS and BTC mean for retailers.

Understanding the Significance of Back-to-School Shopping

The BTS season is a little different from the boost in sales during ‘normal’ holiday seasons. In a nutshell, it’s longer than these other ‘boosted sales’ periods.

Parents may begin their research on products, prices, and promotional offers — usually online — as early as July. They compare the collected data and make their decisions by the month of August, making the purchase around the same period. Last-minute frazzled trips are usually done and dusted by September. This means that retailers have a longer window of potential sales compared to other big sales days, such as (say) Black Friday.

Products that receive a boost during the BTS shopping window include office supplies, apparel, electronics, and books. This long list of products, and the relatively longer sales window, make strategies a little more complicated during the BTS season.

Brick-And-Mortar Stores Rejoice!

As more and more e-tailers take over territory originally occupied by brick-and-mortar retail outlets, you could be forgiven for assuming that retail stores won’t be doing much business. To the contrary, though, it’s these stores that will see more traffic than their online counterparts. While parents will head to their laptops to buy devices and wearables for their kids, all other purchases will get them walking into brick-and-mortar stores.

School supplies such as notebooks, textbooks, and writing materials drive parents to stores, with kids in tow. Stores are the primary choice for parents buying writing materials and books (87%). These are followed — in terms of brick-and-mortar store demand — by shoes (80%), jewelry and accessories (64%), and clothes (64%).

Even as store-based retailers gear up for wars with e-tailers during the upcoming holiday season, they are set to receive a boost in sales from BTS parents.

It’s easy to see why: parents need to shop with their kids to accommodate their preferences, and most feel this is best done at a store, rather than online.

Tailoring Your Strategies Accordingly

Since we’ve already discussed the massive potential of this season, let’s take a look at marketing — and merchandising — strategies designed to help you achieve optimal returns.

First, you’ll need to understand that customers are primarily concerned with who offers the best deals. As a retailer, your first priority would be to think along those lines, and come up with a strategy that helps you put your brand right there. Even Apple — not a brand known for offering sales — caves in during the BTS season, offering discounted ‘student’ and ‘education’ prices.

Clothing giants such as Urban Outfitters and H&M target children from middle-school through college age with carefully planned ads. Take a closer look at textile e-tailer websites, and you’ll probably see smiling school and college kids, with huge blurbs advertising discounts up to 70%.

Take a look at your competitors, and make sure you stay ahead of the game. Build marketing strategies around the BTS shoppers, and you’ll see your sales numbers rise.

E-Commerce-Specific Strategies, Techniques, and Ideas

With so many consumers spending so much of their time online, the retail industry today — while still relying on in-store interactions — has grown to depend on big data and online transactions.

If you haven’t done so already, it’s time to embrace social media platforms like Facebook, Instagram, Pinterest, and Twitter. In fact, that last tweet-broadcasting platform now has a ‘buy’ button, letting you sell products right off your Twitter timeline. If you aren’t aware of what the ‘Twitter’ timeline is, your brand’s social media game is in need of some serious updates this BTS season.

Seeing as 41% of college-goers base their buying decisions on smartphone-based research, M-commerce is another concept that needs to be embraced in order to ride the BTC wave.

Wherever your potential customers spend their smartphone browsing time is where your brand needs to be front and center. For instance, the humor app ‘9GAG’ had 164 million visitors in December 2015 alone. Considering that most of these users are college students on their phones, this is a great place to advertise.

You can use retail analytics software providers such as Intelligence Node to help you build strategies based on big data and competitor trends.

Embracing concepts like new social media platforms and big data, and understanding the significance of a strategy tailored to buyer trends in the BTS season, you’ll be able to capitalize on the buying trends of parents scurrying to stores with school-going kids close on their heels.

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Analytics Is A Retailer Must-Have – But Only The Right Analytics

Cat’s out of the bag, analytics is steadily rising on top of every other retailer’s list of priorities, but are they going to maximize their opportunity here – or waste it?

 

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#EarthDay #sustainability #dressforacause

The Inuit tribe in the northern reaches of Canada has experienced the most tangible effects of the changing climes. According to them, the Earth is ‘wobbling.’ And just maybe, humanity will once again be pitted against extreme weather conditions and tested thoroughly to be able to prevail.

But before the advent of another ice age, or some as yet unthought-of natural possibility, we have been warned. And no, global warming is not the problem. The problem is apathy. Today is Earth Day (the Google Doodle is awesome, BTW), which makes today a great day to start an awakening. A revolution, if you will!

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The Power of the Brand Mapping/Positioning in Retailer’s Life

 

Kit Kat, Hersheys, Snickers, MnMs, Cadbury, (okay… so we love chocolate), Pepsi, Coca Cola, Parle-G, Bournvita, Parachute Hair Oil, Complan, Tata Salt, Johnson’s Baby, etc. What do these names have in common? Everyone knows them, and what they stand for. Most of these are all items of daily use or for quick consumption- most, in India still can be brought for 50 Rs. Or less. But they are institutions that we have grown up with- just like our religions. We know them like a good friend who was with us and still is. They are BRANDS.

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