Mantras of staying in Retail Business
Companies are investing heavily in marketing to showcase their products and build up customer loyalty. There are many options available for increasing your market share. For instance companies are using: Email Marketing, with this you can keep your customer updated on the new arrivals and the upcoming sales. Organizations are using all kinds of tools from customer surveys to taking feedback online to build up their brands.
You need to keep promoting yourself so that the customer knows you are there.The basic idea is to increase your market share. For this you need to do thoughtful planning. Keeping a dedicated staff, where service is the priority will go a long way in keeping your customers happy and regenerating business. Customer referrals are a big part of your success story. A satisfied customer would bring in more business by referring to their friends and associates to shop at your place.
You need to have your store placed strategically to attract potential customers as customers seek convenience and innovations. A clean and attractive décor with visibility of products would ease your customer in your store. As rightly said by Kaushika Madhavan, Manager retail practice– AT Kearney “We need different models of retailing to tap the entire gamut of opportunity that exists.” The main challenge for Indian retailers lies in offering value for money to the price conscious Indian consumers.
Marketing message needs to be sent to target audience several times to influence a buying decision. Ads can be given in many newspapers to make your presence felt. These can be combined with ad on the local radio station and television. With the soap operas being so popular and being watched by families as a whole, it is a fast way of reaching a whole lot of people. Trapping the huge network of mobile users, SMS is fast becoming a good and cost effective way of promoting your brand.
In today’s very competitive marketplace a strategy that insures a consistent approach to offering your product or service in a way that will outsell the competition is critical.The essence of retail marketing is developing merchandise and services that satisfy specific needs of customers, and supplying them at prices that will yield profits.
Many online retailers are targeting shoppers to social sites like Facebook , MySpace and YouTube with online marketing. The new generation is a more frequent user of internet and this influences their online spending habits. Online retailers create profiles on existing social networking sites to promote their products. To strengthen the company’s online presence they tie up with various online marketplaces such as Amazon, Buy.com and others.A retailer needs to thrive and not just survive in business.
