16 Jan
Today’s consumers’ behaviours have changed since it was once upon a time. However, keeping up with changing trends can be overwhelming for most businesses. In this ever-changing world, business owners will have no choice but to make sure that their brand is marketed well in order to remain relevant to their key audiences. Therefore, its crucial to constantly evolve your retail brand’s marketing strategies to stay relevant and appealing to the audiences.
In this article, we will look at some of the proven marketing strategies for retail brands, that will keep customers coming to your business. Having digital interaction with your customers, devising targeted marketing strategies, deploying enticing loyalty programs, and using short videos on social media are some of the strategies that we cover in this article. Let’s take a deeper look at them.
1. Digital interaction with your customers
In today’s digital world where your customers are bombarded by so many messages and distractions, keeping them engaged is indispensable. However, interacting with them physically is time-consuming and resource-heavy, and it might not even bring you the results you desire. This begs the question, is there a better solution?
This is where a CRM comes into the picture. Many businesses today implement a CRM system to collect customer data and better understand customers’ buying behaviors. Many CRM solutions today, including Advocado, can automatically engage customers with targeted messages based on historic data.
Another primary reason why a CRM system is a must-have for brands today is that it provides businesses with the capability to interact with their customers directly. In fact, CRM software literally takes care of everything, enabling business owners to save on important resources such as costs, time, and labor while removing any chances of human error.
On the other hand, customers have easier access to updates and promos as they are sent directly to their mobile devices while also encouraging impulse buying. For example, an optical store reminds its members of an upcoming free eye check-up. Once the customers come down, they might decide to upgrade their frames, buy more lenses or purchase their stock of cleaning liquid.
Read this article below to discover more about CRM software programs and why you need one for your brand if you haven’t implemented one.
2. Targeted Marketing Strategy for Retail: Engaging your audience with the right messages
Continuing from the previous point, having the capability to reach out to your audiences in a borderless and cost-effective manner won’t mean anything when you don’t have the right message.
Engaging a prospect who is just getting to know your brand is very different from a regular who has been loyal for years. So there is no one-size-fits-all message to suit your entire customer base. What you need to do is create customer segments and craft messages that are tailored to each segment differently. Targeted messaging is the best marketing strategy that you can have for your retail business.
Check out the examples below in terms of customer segments and targeted messages.
3. Short Videos on Social Media
Where do we spend most of our screen time nowadays? Chances are, you have been spending time scrolling bingeing on short videos and reels on Tik-Tok, YouTube, or IG, whether you are conscious of it or not.
Short videos are the in-thing today. If you have yet to implement short videos as part of the marketing strategy for your retail brand, you are at risk of losing out to your more in-trend competitors. When it comes to the type of content you can feature via short videos, the possibilities are endless. You can feature your product’s demo, customer’s review, and much more.
Short videos also require less commitment for your viewers as they do not have to sit through 1-2 minutes of video to understand the message you are trying to convey. Press play, watch for 15 seconds, and done!
What’s more, creating short videos doesn’t cost an arm and a leg. All you need is your smartphone, and a selfie stick/tripod, and you’re pretty much good to go!
4. Loyalty Program
A savvy business owner will know the importance of a loyal customer. Studies have shown that loyal customers tend to buy more often, at higher price points, and at a bigger volume. Increasing customer retention rates by just 5% can increase profits up to 25% – 95%.
How do you ensure that your customers stay loyal for longer? Sign them up for a membership program that offers additional perks. Market your membership rewards program like an exclusive club where only a selected few are able to join. This sense of exclusivity, as well as the extra benefits offered, will motivate your loyal customers to stay longer with you and keep coming back for more so that they can fully benefit from their privileges as a member. Loyalty programs are the need of the hour, and can be great addition to the marketing strategy of your retail business.
Know more about Loyalty programs here.
For example, let’s take a look at One Futureworld’s (Premium Resellers of BOSE Music systems) loyalty program. They have a 3-tiered membership program that is based on customer spending. Along with the best quality music systems, the members also receive perks like cashback, free gifts, and birthday treats.
Checkout what One Futureworld have to say about their loyalty program and their partnership with Advocado:
5. Provide excellent in-store customer experience, and encourage customers to give reviews.
Imagine this: after endless branding and marketing strategies for your retail brand, you have finally managed to bring people to your store, but they are irked by their in-store experience that they will be reluctant to come back again. Isn’t that a major waste of all the time and effort that you had put in?
Providing a pleasant customer experience is the least you can do for a customer who has decided to choose your brand over others. Make them feel comfortable and appreciated, take the time to understand them and their needs, and you will be rewarded with a loyalty that might last a lifetime!
With easy access to information in today’s world, many customers will rely on online reviews and testimonials of other customers to validate their purchasing decision. Therefore, it has become extremely important for businesses today to earn social credibility in the form of positive customer reviews.
Encourage your customers to leave reviews on your Google My Business site, social media account, GrabFood page, etc. You also connect this back to the loyalty program, and send vouchers to these reviewers as a note of thanks.
FINAL WORDS:
By implementing the steps above, you’ll be able to devise brilliant marketing strategies for your retail business. This will help you boost your customer retention and acquisition efforts, which in turn increase your profits and ensure better sustainability in the long run. As your resident loyalty solutions expert, Advocado has all the tools your brand will need to increase your loyalty marketing efforts. To date, we have worked with over 900 outlets across Singapore to help them implement effective loyalty solutions with amazing success.
