{"id":54640,"date":"2021-05-07T10:00:06","date_gmt":"2021-05-07T07:00:06","guid":{"rendered":"https:\/\/newblog.creatopy.com\/blog\/?p=54640"},"modified":"2023-07-24T14:15:38","modified_gmt":"2023-07-24T11:15:38","slug":"retail-advertising","status":"publish","type":"post","link":"https:\/\/creatopydevelopmentblog.kinsta.cloud\/blog\/retail-advertising\/","title":{"rendered":"Retail Advertising In An Online Era: How To Do It Right"},"content":{"rendered":"

Internet retailing (eCommerce)<\/span><\/a> is the fastest growing market in the retail industry. <\/span><\/p>\n

Not only that, but while retail sales in brick and mortar stores have been dropping over the last few years, online retail has grown massively, including retail advertising expenses.<\/span><\/p>\n

<\/p>\n

This consumer switch affected big brands predominantly (some recent examples are Sears and Toys \u201cR\u201d US) and led to a surprising statistic: across the US, almost <\/span>6,000 stores closed<\/span><\/a> in the first three months of 2019. <\/span><\/p>\n

Don\u2019t get alarmed yet if you run a brick and mortar store. <\/span><\/p>\n

The chances are that consumers will never entirely abandon offline shopping, but, as we can see, they already started to favor online shopping more.<\/span><\/p>\n

When you have an offline and online presence, <\/span>retail advertising<\/b> needs to be part of the marketing mix. This is going to help you expand your reach, drive more (foot) traffic, and convert visitors into customers.\"\"<\/a><\/span><\/p>\n

But What Exactly Is Retail Advertising?<\/span><\/h2>\n

Retail advertising is the process by which retailers use store advertising (online and offline) to drive awareness and interest towards their products to generate sales from their target audience<\/a>. Through advertising, a retailer attempts to influence their audience to take a specific action. <\/span><\/p>\n

I can go even further and say that we cannot talk about a retail advertising definition without discussing the 4 P\u2019s of <\/span>retail marketing<\/b>. <\/span><\/p>\n

If you\u2019re a little bit confused, just take a look at the image below so you can understand more easily how retail ads fit into the <\/span>retail marketing mix<\/b>. <\/span><\/p>\n

\"retail<\/p>\n

Defining Retail Marketing <\/span><\/h2>\n

I explained what retail advertising is, but now I want to discuss the bigger picture, which is retail marketing. <\/span><\/p>\n

Retail marketing<\/b> is the process that entails everything from how you create the product, how you price it, where you place it for distribution, and how you promote it. <\/span><\/p>\n

Let\u2019s discuss each component of the retail marketing mix, namely the <\/span>four P\u2019s<\/b>.<\/span><\/p>\n

1. Product<\/b><\/h3>\n

Before you market a product, you first need to decide on what you\u2019re going to sell. <\/span><\/p>\n

In this first step, it\u2019s essential to think about the type of product(s) you want to add to your store, its features, the variety you\u2019d like to provide, the number of products (you can create a limited line), and the packaging.<\/span><\/p>\n

2. Price\u00a0\u00a0<\/b><\/h3>\n

Pricing is a critical element in marketing, one that can make or break your retail business. Your competitors, the market conditions, the overhead expenses, the profit, the demand, and product positioning are some of the most important factors you need to consider. <\/span><\/p>\n

In retail, a standard pricing method is the one called <\/span>value-based pricing<\/span><\/i><\/a>, where you set the price of a product by estimating how much your customers value what you\u2019re selling. <\/span><\/p>\n

Besides using this method, you also want to calculate the retail price so that you cover the cost of goods as well as additional overhead costs while thinking about profit as well.<\/span><\/p>\n

3. Place<\/b><\/h3>\n

Location is crucial when selling products offline. Here you need to decide whether you want to sell your products in a physical store that already exists, or if you want to establish your own. <\/span><\/p>\n

On top of having a brick and mortar store, having an online distribution channel such as an online shop will help you reach even more customers, specifically those who don\u2019t live in your country and can\u2019t visit your offline store.<\/span><\/p>\n

4. Promotion\u00a0\u00a0<\/b><\/h3>\n

Promoting your products is an absolutely necessary component of the retail marketing plan. You can have a wide range of objectives when communicating about your products. <\/span><\/p>\n

It can be everything from increasing brand awareness towards your company, sparking interest for the products you\u2019re selling, or simply converting visitors into customers and increasing sales.<\/span><\/p>\n

Promotion is all about having a deep understanding of your target audience and how to reach it, and retail advertising in an online era, as you\u2019ll see later in the article, plays a massive role in that sense. <\/span><\/p>\n

Now that we\u2019ve talked about the four pillars of retail marketing let\u2019s get into the strategy. <\/span><\/p>\n

What Does a Retail Marketing Strategy Entail?<\/span><\/h2>\n

\"retail<\/p>\n

A retail marketing strategy is a plan you use to attract new customers and convince them to either shop in-store or place an order online. <\/span><\/p>\n

Acquiring new customers is the top of the mind for all retailers. To ensure peak performance, the retail marketing strategy needs to be continually assessed. <\/span><\/p>\n

A powerful strategy is going to help you differentiate your retail business from your competitors. At the same time, it\u2019s going to highlight what makes you unique, why customers should pay attention to you, and most importantly, how you can effectively target these people. <\/span><\/p>\n

Here\u2019s what you need to know about <\/span>crafting a robust retail marketing strategy<\/b>.<\/span><\/p>\n

1. Define your target audience<\/b><\/h3>\n

You need to be extremely specific when describing the audience you want to attract to your store by the use of in store advertisement. The most critical aspects that you need to define about your target market are gender, age, income, location, marital status, hobbies, their wants, needs, and problems they encounter in their daily lives.<\/span><\/p>\n

The more specific you get, the better you\u2019ll be able to market your products towards them, especially when doing online retail advertising. <\/span><\/p>\n

Here\u2019s how you can easily define your target audience:<\/span><\/p>\n