With the likes of Amazon and Walmart dominating the retail world it is essential for small business owners to maximize their marketing dollars. Having unique products and a great staff can only take you so far. Marketing is more important for retailers than in years past due to the number of purchasing options people have these days. So what does it take for owners to maximize marketing dollars and increase brand awareness?
Social Media Engagement
Engaging with current customers and potential clients through social media can humanize your brand and create loyal customers. With more people currently communicating through social media and text message than by telephone, social media offers the best opportunity to have a live touch with your prospects.
Experiential Marketing
Experiential marketing is a great way for small businesses to get noticed and create memorable experiences for their customers. Creating a memorable experience by holding an event that allows participants to interact with your products and staff can greatly improve your bottom line and can provide a great return on investment.
Product Launch Events
Taking the opportunity to create an event centered on a new product launch can give a boost to your new product as well as your established lines. Creating a buzz around a new product line and funneling that energy towards an exciting event can generate excitement and an increase in brand recognition.
Customer Experience
With so many options and avenues to take, creating a world-class customer experience is necessary to differentiate your brand from the competition. Gather input from current customers to identify ways your business can improve the customer experience. This may include renovations, increased seating or even potential new products.
Creative Pricing
Even if you get everything else right, inappropriate or excessive prices will stop buyers in their tracks. Knowing how to price products and understanding the value of exclusivity can help you to improve profit margins and give you ammunition for new and creative promotions.
Optimize Store Layout
The way your store lays out and product placement has a significant impact on the success of your marketing efforts. Knowing where and how to place sale items and impulse buys will help you move product and truly take advantage of your marketing campaigns.
Small retail stores have become more dependent on marketing with the advent of social media and technology advancements that have completely changed the way people make purchase decisions. Having the proper funding and agency to perform your marketing tasks will ensure you get the best return on investment while maintaining the available time to grow your business.
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