Marketing strategies at the point of sale make it possible to encourage purchases and increase the value of the average basket.
Retail marketing represents that set of actions and strategies carried out in one or several points of sale.
Continiously, campaigns are created aimed at potential customers of a store, with the aim of encouraging consumption, creating an environment conducive to it using all the available tools, including display stands.
There are different intermediary objectives, such as increasing customer satisfaction, increasing the average length of stay, improving store entrances, improving customer recurrence, etc... But they all share the same final objective, to improve results.
Actions such as background music, smell, lighting, product distribution, etc.. are part of retail marketing strategies.
But, how can you achieve a higher level of conversion? What are the guidelines to follow to improve results thanks to retail marketing?
We will previously point out that when carrying out retail marketing strategies, we have to think of a connected, omnichannel and unfaithful consumer with brands due to the wide range of possibilities that exist when consuming.
THESE ARE SOME OF THE KEYS IN RETAIL MARKETING:
1- Importance of showcasing:
Showcases represent one of the most important points in attracting customers. It is the most direct point for potential buyers and is part of the brand identity.
In fact, in an omnichannel world, the showcase is already an extension of the store itself, where the window display can be a springboard to the online store even when the point of sale is closed.
2- Personalized incentives
In current retail, sales periods have lost strength in recent years. Sales are no longer a one-off event, they are chained throughout the year so consumers no longer pay as much attention to these general offers.
To have an effective impact on the consumer, the offers must be much more personalized, such as the consumer having a discount for making a certain number of purchases, discount codes for the online store when buying in a physical store, promotions for using the loyalty card, etc…
3- Impulsive sale:
Impulse selling generates an extra profit for the company relatively automatically.
The strategic placement of products and the study of the customer journey inside the point of sale is a determining factor in improving sales of this type of product.
At this point, the use of displays as a claim to attract the attention of the potential is the proagonist, by strategically locating them in the customer's journey and hot spots on the surface.
4- Optimize the customer journey within the store:
This point, in relation to the previous one, not only allows to place impulse sales products strategically, but it is also key to maximizing sales.
Depending on the type of stores, the distribution of space and products is one of the most important factors. Consumers often visit stores without a clear buying interest, so properly displaying products and planning the customer journey can go a long way to increasing sales.
5- Loyalty:
Loyalty is often achieved by offering a correct purchase and after-sales experience.
Maintaining contact through the different communication channels available and sending them valuable information is the best way to build customer loyalty.
MEASURING THE RESULTS OF A RETAIL MARKETING STRATEGY
It must be keep in mind that the first step in creating a retail marketing strategy is that it be in accordance with the objectives to be achieved.
When carrying out actions at the points of sale to achieve specific objectives, it must be very clear what KPIs you want to impact. It is not advisable to make many changes at once when looking to improve results.
To verify the impact of marketing strategies at the point of sale and obtain the ROI of each strategy to assess its impact, customer behavior data must be measured and KPIs extracted from the point of sale.
If we try to improve the number of visits to the store, as well as impulse sales and the average length of stay, we run the risk of not knowing if the actions carried out have really had an effect or what has caused what.
In a future article, we will delve deeper into how to measure and analyze these results, clarifying concepts such as KPIs and ROI, fundamental in analyzing commercial performance data.