Emerging Trends in Retail Marketing strategy
The essence of retail marketing is developing merchandise and services that satisfy specific needs of customers, and supplying them at prices that will yield profits. Thereby the concept is a philosophy, not a system of retailing or retail structure. In today's CRM landscape the old analogy comparing the rifle and shotgun approaches to message and / or offer delivery is perhaps more appropriate than ever, as more retail organizations struggle to achieve one-to-one marketing-communications with customers and prospects.
Targeting allows a retail enterprise to channel its marketing budget4ere there is the greatest (and fastest) possibility of Return On Investment (ROI)
Retail Marketing mix
Retail Marketing mix is the term used to describe the various elements and methods required to formulate and execute retail marketing strategy.
The mix may vary greatly according to the type of market the retailer is in, and the type of products / services.
A marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage'. A marketing strategy should be centred around the key concept / that customer satisfaction is the main goal.
A strategy consists of a well thought out series of tactics to make a marketing plan more effective. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing. Plans and objectives are generally tested for measurable results.
Today’s retail Marketing Managers Must :
Understand the connections between the lifestyle and expenditure characteristics of customers, their propensity to purchase one product or brand over another, and leverage this understanding for competitive advantage.
Improve direct marketing response by ensuring they are targeting the right households at the right time, using the right media with the right message.
Leverage current consumer data to make better strategic decisions about products, marketing and locations.
Increase customer loyalty and retention with a scientific, data driven approach to analytical CRM.
Retail marketing managers can implement the following projects to understand their customer, market and store locations better; achieving a very strong ROI for their retail marketing efforts in the process.
Customer and Market Potential Estimates:
Estimate the revenue potential of your customers to determine their current, potential and life-time value
• Estimate your market potential for more effective acquisition initiatives
• Quantity and qualify your market opportunities.
Customer and Market Profiles:
• Develop more effective communication strategies through a better understanding of who your customers are
• Identify your market potential through a better understanding of your targets.
Customer and Market Segmentation:
• Develop more effective communication strategies through a better understanding of different customer groups and your market segments
• Customize your product offers by different customer and market segments.
The nature of retail Marketing:
* The key aspects of retail marketing is an attitude of mind. * In making retail marketing decisions, retailers must consider the needs of the customers. * Retail marketing decisions are driven by what the shoppers need and want. * Retail marketing is therefore a philosophy and is all about satisfying the customers * What the...
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