When marketing a product or service, it is important to consider every element of your marketing campaign, including your target audience, and social media platforms. Here we are going to look at 5 vital marketing techniques for retailers to use when marketing a product, to help you to create a campaign that will get you ahead of your competitors.
Having a good brand presence is essential when it comes to your marketing campaign, so you need to consider who your target audience are and aim your concentration and efforts at them.
One way in which you can create a strong brand awareness is through printed paper bags, which can reflect your brand’s personality, what you are about as a business, in addition to including an interactive aspect, such as a hashtag. Creating bags with your name on, with an exciting backdrop will allow your customers to remember your brand and see you as a reliable business to buy from.
The 4 P’s
One of the traditional marketing techniques that should be considered in retail is the 4 p’s, consisting of price, product, place and promotion. Here is a quick look into each part, so you can see why they are so crucial to the overall marketing technique in retail.
This aspect can often be overlooked when in fact the price of the product is crucial to overall sales. If your price point is incorrect this can have a profound effect on the number of units that you sell and could mean the difference between you and your competitor receiving more revenue.
Having a product that excites and interests your target market is key. Think about whether there is a space in the retail marketplace for your new product and how it will be beneficial to your customers.
Once the price point and the product have been determined there is a large need to pinpoint the point of sale, as this will ensure that you reach your goal by selling the number of units you anticipated. If this is calculated incorrectly this can have a massive impact on the amount of stock you need.
Arguably the most important element of the marketing tactic is the promotion of the product. If it isn’t promoted effectively then it can reduce the success of the product’s performance.
Although this is only a new concept, the use of influencer marketing is beginning to grow, with companies beginning to see the marketing power of major influencers online. Now there is an increased focus on companies relying on our favourite social media influencers for marketing their brands across all social platforms.
With companies such as Morphe using beauty influencers like James Charles, it is clear to see the increase in their brand awareness, as well as a growth in sales. This has allowed them to reduce the overhead cost of other marketing elements such as TV adverts and traditional print.
When marketing a product it is important to ensure that your social media presence is portraying the same message. Use your social profiles to promote offers, in addition to offering a new personal level of communicating with both new and old customers. Nowadays everyone is tweeting, snapchatting or posting on Facebook or Instagram, so join in with these social channels to help market your brand.
Do make sure that any content that you write on your profiles are accurate, relevant and most importantly, engaging for the reader.
Email marketing is ideal if you are looking to meet a global audience, drive your revenue, and meet an already engaged audience. What’s more, you can use it to contact customers who have shown an interest in your brand via your website, to show them any deals or successes you have recently achieved.
This marketing technique is significantly lower in cost than other marketing channels and is a really easy way to deliver targeted messages to your audience.
As you can see, there are plenty of ways that you can market products that all have high success rates, making each of these worthwhile techniques for your business in the long term to help it to grow and expand.