Studies show that more than half of all small businesses fail within their first five years. Statistics such as this can be daunting for aspiring store owners and entrepreneurs, as it reveals the highly competitive nature of small businesses today. But there are ways to ensure your store remains open for business long after the five-year mark, including a proper marketing strategy.
Don’t focus your marketing efforts strictly on outbound techniques. Sure, some outbound techniques can drive sales, but there’s been a growing trend towards the use of inbound marketing techniques in recent years. Inbound marketing involves creating content and advertisements that indirectly promote a business’s products or services. Instead of directly promoting your store’s products, for instance, you can create content that’s relevant to your target audience, encouraging them to seek out your store on their own.
Create an Online Presence
I know what you’re probably thinking: why do I need an online presence if I sell products in a retail brick-and-mortar store? Even if you have no intentions of selling your products online, having an online presence will benefit your store in several different ways. For starters, it helps produce greater brand recognition so your audience knows who you are and what you do. Furthermore, it allows prospective customers to find your business more easily. When a prospective shopper wants to find your store’s address, he or she may search online. And without an online presence, you could end up losing this customer to one of your competitors.
Track Your Results
Another helpful marketing tip for retailers is to track your results. In other words, use metrics/analytics to determine which advertising platforms are generating sales and which ones aren’t. Using this information, you can tweak and optimize your campaigns for a higher return on investment (ROI).
Offer Competitive Pricing
You can’t expect shoppers to buy your products if a competitor offers the same or similar product for less. The advent of smartphones and mobile technology has made it easier than ever for shoppers to research product prices. Before making a purchase, many shoppers will check to see if another store sells the product at a lower price on their smartphone. To prevent those shoppers from leaving your store, offer competitive pricing and/or a price-match guarantee.
If you have any questions at all about visual merchandising, please give us a call at 800.241.6897 or email us at https://www.melvinroos.com/contact-us/.