Retail Marketing Strategy Ideas in a Tough Economy
The retail industry is showing signs of improvement following the pandemic, but consumers are burdened with inflation and fears of a recession. This can make it challenging to create an effective retail marketing strategy.
On top of all that, retailers are pressed for time and often short on resources. Fortunately, there are some things you can do to find a retail marketing solution that works, even during a tough economy. Below are some ideas to help you craft an engaging retail marketing strategy:
Get Creative With Engagement
Shopper engagement creates a personal connection that can go on to generate word of mouth marketing and increased sales per square foot. There are plenty of ways to engage shoppers, but the simple act of talking to them goes a long way in building relationships. Customers seek retailers that understand the general public's financial difficulties during a tough economy.
Retail managers and employees can take time daily to chat with customers and learn about their experiences. The key to success with this strategy is to practice active listening. Ask about the CPG brands customers love or discuss what kinds of in-store promotions they want to see. Shoppers' answers can then be incorporated into your retail marketing strategy to narrow its focus.
If your store has employees that are underutilized, consider placing them in more productive positions as needed. One way to do this is to allow your workers to assist with a store demo or store sampling experience funded by your vendors.
Your workers can earn a little bit of extra pay, and they also have a chance to interact with your customers. This is a win-win situation, and it also helps customers to become more familiar with CPG brands.
Create a Note Station
Another retail marketing strategy involves positioning your store as the place to go for positive, uplifting shopping experiences. One way to make this happen is to set up a table with paper, pens, or markers. Write some encouraging phrases, quotes, or messages and leave them for customers to take.
You can also encourage shoppers to write their own uplifting messages for others to take, thus creating a chain of goodwill that can spread positivity throughout your store. This simple yet effective retail customer experience can get shoppers talking, and it also has the potential to gain local media attention and attention online.
Leave Room for Improvement
Your retail marketing strategy should never be rigid. While you need to set clear goals and have a system in place to measure success, you should also leave room for changes and improvement.
Evolving circumstances may necessitate adjustments to your strategy over time, and a rigid retail marketing strategy won't be effective if and when this happens. Keep an open mind and try new marketing ideas. In doing so, your store is more likely to enjoy success.