Retail promotion is a strategy to increase consumer demands and sales. The idea behind a retail promotion strategy is to engage directly with the end consumer and influence their purchase decision.
The challenge today, however, is a string of available retail strategies to reach the customer. There are reward points, membership cards, buy-one-get-one offers; the customer is bombarded with these in every email, SMS, or phone call. Therefore, it is difficult to come up with promotion ideas for retail stores that satisfy the needs of today’s consumer. A retail promotion strategy needs to fit right as per your business model and should satisfy the needs of consumers. There are a few tried and tested in-store promotion strategies, but it is important to consider some variable factors while taking up a promotion activity.
Here are a few retail display strategies that are known to have a high success rate:
That’s right. Who does not love sales? Every shopper loves getting retail clothes at a marked-down price. In fact, some shoppers wait for the sale season to particularly buy clothes that they cannot afford otherwise.
Retail stores put up products for sale due to a number of reasons. Last season’s products that are usually trendy give way to a new season and therefore a new trend. Sales are hence also needed to make more space on the counters for new products that come in after a season has passed. This can be seen for stores that put Diwali gift packages and Diwali consumable gift hampers on sale after the festival has passed. After the festival, most hampers from hotshot brands can also be bought on heavy discounts.
If people are walking in the vicinity of your retail store, having an attractive window display can be your ace card. You can advertise your discounts and deals in big, bold letters, or write something to pique people’s interests.
Since window displays are primarily the first impression of your store that the customers will have, make it so that the impression lasts. Unleash creativity and make something memorable or eye-catching out of your store’s window display.
You can also opt for in-store displays. Hire an expert retail promotion strategizing company like PPMS to help you design in-store displays and decide where to put them to engage maximum customers.
3. Loyalty Programs
Loyalty programs are a great way to demonstrate appreciation for a regular customer. Purchase history, loyalty cards, and manufactured discounts put loyalty programs on a pedestal in terms of customer satisfaction.
More customers like it when retail stores approach them with individual offers rather than blanket promotions. It is also considered smart to have different channels offering discounts. As a retail owner, you can approach customers through email, SMS, social media, etc. However, the discounts offered through loyalty programs have to be through a specific and subscribed channel only.
4. Social Media
Before you begin your journey on any social media channel, it is important to research which channel is best for the retail business. Identifying where your customers are will help you appeal to them on the right channel. Otherwise, you can be advertising on Instagram while your customers could actually be on Facebook.
5. Holding events
Events also make it to the list of creative ideas for retail promotions. Shopping most often can become boring, and store owners should step in to make the experience more interesting. Otherwise, customers will only come to a store when there are discounts.
As the products in the markets increase and new fads keep coming up, it is important to maintain value in the eyes of the customer. Ensure that each retail promotion strategy created has consumer experience and the value they derive out of it, at its center. It’s only then that the in-store promotion will be successful. And lastly, it is imperative to analyze a promotion, as it tells a lot about evolving customer preferences, styles, and buying patterns.