In this video, I am explaining retail marketing. Marketers can be classified into wholesale marketers and retail marketers. Usually, retailers, buy goods from wholesalers or manufacturers, and they’re directly selling to the customers. There are 6 decision-making things in retail marketing, and they are product, price, place, personal, presentation and promotion. Thank you. With regards, search analyst Sasikumar talks.
Retail marketing is the process of promoting and selling products or services directly to customers through physical or online stores. It involves a series of strategies and tactics aimed at creating customer awareness, building brand loyalty, and driving sales. Here are the steps involved in retail marketing with examples:
Market research: Before launching a product or service, it is important to conduct market research to identify the target audience, understand their needs and preferences, and evaluate the competition. For example, a fashion retailer may conduct a survey to determine the fashion preferences of a particular age group.
Product development: Once the market research is done, the next step is to develop products or services that meet the needs and preferences of the target audience. For example, a sportswear brand may develop a new line of running shoes for fitness enthusiasts.
Pricing strategy: The price of a product or service plays a key role in customer purchase decisions. Retailers must determine the right pricing strategy that meets their revenue goals while also being competitive in the market. For example, a discount retailer may offer lower prices to attract price-sensitive customers.
Promotion: Promoting products or services is crucial for building customer awareness and driving sales. Retailers may use a mix of advertising, social media, public relations, and other tactics to reach their target audience. For example, a beauty retailer may use Instagram influencers to showcase their products to a younger demographic.
Store design and layout: The design and layout of a store can influence customer behavior and purchase decisions. Retailers must create an inviting and easy-to-navigate store environment that showcases their products effectively. For example, a grocery store may use a simple and organized layout to help customers find the products they need quickly.
Customer service: Providing excellent customer service is key to building customer loyalty and repeat business. Retailers must train their staff to be knowledgeable, friendly, and helpful to customers. For example, a luxury retailer may provide personalized service and offer complimentary alterations to enhance the customer experience.
Sales tracking and analysis: Retailers must track their sales performance and analyze the data to identify areas for improvement and measure the effectiveness of their marketing strategies. For example, a retailer may track sales by product category, store location, or customer demographic to gain insights into customer behavior.
By following these steps, retailers can develop effective retail marketing strategies that attract customers, build brand loyalty, and drive sales.