In this world of digital marketing, many of the customers still prefer to shop from the brick and mortar store. Do you know why customers prefer to shop from a retail store rather than online shopping?
Because the customers find a brick and mortar store more enticing as they can touch/feel the products and they can also check and test the quality of the product in real time.
Every business desire for customer engagement, whether it is a small or medium-size business. The retail sector sale in the US is projected to reach 5.16 trillion US dollars in 2018. And according to the forecast, the retail businesses are expecting a sale of 5.48 trillion US dollars in 2020. In this blog, I will discuss the marketing tips that will help the retail businesses to boost sales.
10 Ways to Increase Retail Sector Sale
What is the objective of retail stores?
Is to bring the customer to their retail store and try to make an environment which convinces the customers to come back again to the store for more purchase. Through which they can ultimately boost their sales. There are many effective ways to boost the sale of a retail business so let’s start talking about them.
1. Track & Analyze your Competitors
For having a successful business, it’s necessary to keep an eye on your competitor’s strategies. You need to analyze their positive and negative points for defeating them. After analyzing your competitor’s strategy, you can make your strategy, that will help your business to rank against your competitor.
2. Set your Goal
Determining the goals of your business after tracking and analyzing your competitors. Do you know, the companies that don’t set their business goals are less likely to produce sale and revenue for their company.
By setting goals, the retailers are capable of measuring the difference between the result obtained from the objective. By creating goals, you have a clear about your progress and future goals.
The Retail Business has the following Goals to Accomplish
- Improve customer service
- Meet the target sale
- Track and analyze competitors strategy
- To use a different social platform to increase customer engagement
- To convert the visitors into sales-ready customers
- Use different marketing strategies to meet the sale target
3. Provide Training to your Employees
A trained employee is more beneficial for the business than a non-trained employee. As a trained employee knows how to talk to their clients and how to convince them for the purchase. Basically, they help in making the customer base strong.
They have the ability, to create the environment for customer retention. The trained employee will help the business in generating a loyal customer and to stack up a relationship. A trained employee, can make the customers happier, and a happy and satisfied customer is likely to purchases more and after a certain point of time, they become your promoters. Therefore by providing the training to the staff, the retailers can increase their ROI.
“Your customers don’t care how much you know until they know how much you care.”
4. By Increase Customer Retention
Customer retention defined as the ability of the companies to retain a customer. You must be wondering why retailers need to increase customer retention.
If a customer comes back to your store for more purchase, it means they are happy from your products and services. And do you know an existing customer spend 67% more than a new customer? Even to acquire a new customer, it costs a business about 5-25x more than an existing customer.
The benefit of customer retention, not over here. If the percentage of customer retention increases, it will encourage and motivate you and your staff towards efforts and work you have made. If a customer, comes back it means they are your loyal customers and after a certain point they can become your promoters. That’s why by increasing customer retention, the retailers can boost their sales. The brick and mortar can increase the percentage of customer retention by any one of the following activity.
Do you know the companies that use social media loyalty programs are 88% more profitable than the companies who don’t use?
By creating loyalty programs and rewards for the customers, the retail shoppers can increase the percentage of customer retention. The retailers can enhance the loyalty, engagement, trust, and relationship of customers through rewards and loyalty programs. [know how to increase customer loyalty of eCommerce in our blog How to Build a Successful Customer Loyalty Program in eCommerce?]
You can promote your loyalty program through social media strategy, email marketing campaigns, or by content marketing strategy. The retailers can make an email list of customers to whom they want to offer rewards and discounts. Don’t forget, if you create loyalty programs and rewards you have a great opportunity, to attract customers to your store.
If you want to know, the conversion rate of a loyalty program and the ways to increase social media loyalty program then refer our blog, How Social Media Can Enhance Loyalty Programs.
5. Interact with Customers
“The more you talk to your customers, the more you will increase the chances to drive the sale.”
First, of all, you and your staff need to understand the desires, wants and needs of your customers. Once you understand, what they want you can show them the right product or service. And then you can educate them towards the product or services they desire. The more healthy environment you and your staff create for your shoppers, the more they will visit your store. The more you talk to your customers, the more you will be able to understand them.
“Today’s customers want to feel valued, not just as a sale
or a transaction, but as an individual.”
6. Advertise on Social Media Platforms
Whether its a bakery store or any other brick and mortar store, the retailers have started using social media channels for advertising their products and services. According to Adobe Analytics, social media ads drive three times more new customers than an existing customer to retailers in 2018. That is showing a rise of 2.5 times from 2016.
Through social media advertising, the retailers can bring engagement, can attract customers, and can foster the audience towards their store. For social media advertising, there are various social media channels like Facebook, Twitter, Instagram, LinkedIn, etc. The retailers can choose the platform according to their needs.
But for creating a successful social media advertising, the content you use in it should be emphasizing and memorable. Therefore you need to make a content marketing strategy that meets the interest of your target audience.
7. Check your Prices
One important point, all retailers need to keep in mind is that their product prices should be accurate and acceptable. The retailers need to examine their pricing strategy with the competitors. You need to have a product or service price strategy, which is competitive but at the same time, it should be profitable. The product or service prices must be acceptable by the customers. The customer will not come back to your store if he/she is not happy with the product and service prices of your store. So, it’s mandatory to focus on the pricing strategy if you want to increase the percentage of customer retention.
8. Use Email Marketing
By using email marketing, the retailers can increase the ROI for their business. The customers like to read the email rather than any normal text or message. And do you know the retailers increase the frequency of email sent by an average of 50% during the November and December holiday sale?
The above stat shows, what important emails hold for the retailers. As through emails, the retailers can easily engage with their target audience. The email marketing strategy is used by every business, whether it’s a big or small business. By creating a valuable email content, the retailers are capable of converting the leads into sales-ready leads. One more thing you can also create a mailing list of the customer to whom you want to provide coupons, discounts, rewards or any special offer to reward them and make them feel special. Therefore, email marketing is a good option for the retailers to increase the sale.
9. Create Holiday Sale
The US holiday season sale is packed, between the months of November and December. The holiday sale always attracts customers and encourages them for more purchase. As the shoppers purchase more during the holiday season the retailers can create special holiday sale during the Black Friday and Cyber Monday. Know more about Black Friday and Cyber Monday in our blog Are you ready to go BOOM this BFCM and ring the bell in 2018?
But one question arising here, why you need to wait for the holiday season, try to create your own holiday shopping sale like the retailers can offer a discount on every second Monday of the month. To boost holiday sale try to offer free holiday shipping. Many of the online retailers already started using this tactic. That will help you to increase the ROI of your business.
10. Create Promotional Ads
Promotional ads are a kind of tool used by the marketers to attract customers and to encourage them towards more purchase. To create promotional ads, there are many social media channels such as Facebook, LinkedIn, Instagram and Twitter. The companies can choose the platform according to their needs. In promotional ads, the marketers can include rewards, coupons, holiday free gifts and discounts they want to offer the customers. If the customers like the promotional ads, they will retweet it and share it with their family and friends.
Even the retailers can create a sense of urgency in the mind of customers towards the products and services. Creating a sense of urgency in the customers is a good idea that every retailer should use to boost their sales. Therefore, promotional ads can also help the retailers to increase the ROI of business.
The Final Words
Whether it’s a retail sector or eCommerce sector increasing sales and revenue is their ultimate target. Therefore in this blog, I have discussed ten simple ways that will help the retailers to increase their sales and revenue. By using these strategies the retailers can make their customer base strong and increase the percentage of loyal customers.
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