With my extensive experience in marketing commercial retail real estate, I know how important it is to help tenants market and grow their businesses. Savvy retailers know that maximizing profits means smart marketing; however, it can be challenging to devote as much time to marketing as you need in order to be efficient with your efforts. To assist, below are five retail marketing ideas to help bring increased sales and more loyal customers.
Think About Your Target
What traits are shared by your three best customers? If you don’t know, you’re going to have a difficult time trying to target the people most likely to be your most profitable customers. Take the time to find out everything you can about your very best customers to develop a customer profile; then, target your mailing lists to reach those who match those demographics. Once you have your prime customers down, you can create multiple customer profiles for different types of customers for targeting purposes.
Free marketing opportunities
Do you take advantage of all your social media platforms as well as the social media sites your customers frequent? Do you cross promote your business with other tenants? Have you contacted other local companies who share your target customer base but don’t directly compete with you to develop unique package plans in which all of you market and sell for each other? For example, your retail shop could partner with a restaurant and spa to offer a Father’s Day package: a gift from your shop, a trip to the spa for a massage, and dinner for two. You can also take advantage of promoting these offers through an email marketing campaign. Email Marketing campaigns are so popular as they have no postage or printing cost, and allows you to get immediate feedback on your marketing efforts.
Tracking your marketing campaigns
What was the return on investment (ROI) with your last marketing campaign? Do you have a clue? If so, was it a success? Did you set specific and measurable goals? It’s important to set campaign goals and then develop mechanisms to track those goals for every marketing campaign you launch, online or off. What was the goal of your campaign? Is it more visits to your website, revenue driven by purchases, online post purchase reviews?
Whatever your goal you set, do a post campaign check-in to measure performance so you can use that information to shape your next campaign. A big piece of strategy is knowing what not to do and if something doesn’t work, you may choose to not do it again, or make some tweaks and retry it another time.
How often do you follow up with your customers after they’ve made purchases? A great way to build relationships and earn more sales is to reward your customers for their loyalty. Send new customers a special gift, such as a ten percent off coupon (which you can track), to encourage them to visit again.
Marketing supports sales; public relations supports sales, marketing and overall company positioning internal and external. Public relations and marketing might not be identical, but the end-goal is pretty similar: to make customers aware of your company, products, and services. When you have a new product, sale, hire, event, charitable contribution, or other newsworthy announcement, draft a quick press release to send to local newspapers, TV stations, radio stations, websites, and bloggers. You won’t always earn coverage, but it only takes a few minutes to write a press release and email it to media members.
Too much to think about and add to your plate? Hire the best advertising agency you know: knoodle.