The large universe of retailing is comprised of businesses that sell products or services to customers for their own end-use. While the traditional definition focused on brick-and-mortar stores, retailing today includes on-line shopping and direct sales. The foundation for all retail businesses is a focus on satisfying the customer. As Jenny McKenzie said, “The customer is why we are here. If we take good care of them, they’ll have a good reason to come back.”
Retail businesses can thrive based on these principles:
- The customer is the most important person in the business. A successful business will know them and focus on their needs.
- Success doesn’t happen by accident. A solid business plan is essential.
- It is important to properly position the business so that the business stands for something and customers know who you are and what you offer—different from competitors.
- Go the extra mile in customer service. Deliver your product or service in a way that will result in long-term loyalty.
Marketing for Retail Businesses
The foundation of marketing for retail businesses is centered on what is described as “the four P’s:”
- The product must be right for the target audience customer. Product packaging is not an afterthought but is intertwined with the product itself.
- Product pricing must meet the financial objectives of the business and must offer a psychological value to the customer.
- Being in the right location physically and on-line is critical to success. Customers must be able to find and access your brand for you to achieve success.
- Good promotion includes the way a business communicates, advertises and incentivizes purchases.
Seek Professional Digital Advertising Assistance
Contact Pinpoint Digital Solutions, based in Saddle Brook, NJ to develop the perfect marketing strategy for your company—retail businesses and others. We provide your business with unique strategies that will help your company thrive. Complete marketing solutions, from web design and development to paid digital ads.