Retail promotion is a strategy to increase consumer demands and sales. The idea behind offering effective retail promotion services 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 sales 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.
Few Retail Display Strategies that are Known to Have a High Success Rate:
1. Discounts!
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.
Read more:- Consumer Behaviour in Marketing: An Overview
2. Displays
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 to further your sales promotion strategies.
You can also opt for an in-store marketing company for displays. Hire an expert retail promoter strategizing company like PPMS to help you design in-store displays and decide where to put them to engage maximum customers.
Read more:- Store Inventory Management: Meaning & Benefits
3. Loyalty Programs
Loyalty programs are a great way to demonstrate appreciation for a regular customer; include these programs in your sales promotion strategies. 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.
Read more:- How to Use the Price Quality Matrix to Optimize Your Product Pricing?
4. Social Media
Social media is an important part of everyone’s lives now. Using social media channels like Instagram, Facebook, or Snapchat will sell more and appeal better to customers.
Before you begin your journey on any social media channel, it is important to research which channel is best for the retail business. Include the need of identifying where your customers in your sales promotion ideas 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.
Read more:- Optimizing the Right Product Mix for Retail Channels
5. Holding events
Events also make it to the list of creative retail promotions ideas. 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.
Read more:- What is Production Planning & Its Types
Conclusion
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 and sales promotion strategy created has consumer experience and the value they derive out of it, at its centre. It’s only then that the in-store promotion will be successful. And lastly, it is imperative to analyse a promotion, as it tells a lot about evolving customer preferences, styles, and buying patterns.
Read more:- Effective Ways To Optimise Your Retail Operations
Leave A Comment
You must be logged in to post a comment.