Retail Marketing Is An Effective Strategy To Attract And Hold Customers
Category : Digital Marketing
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In order to attract and hold customers, retail marketing is widely regarded as a very effective strategy during the current period. Regardless of the existence of other marketing strategies, retailing remains very popular as a result of various reasons. The major reason is that the needs of the consumers are directly satisfied.
A lot of products are launched on a daily basis and it may be difficult for the consumers to know everything that is taking place in the market. As such, retailers have the capacity to market any product directly to the customers since this is mainly done inside the store or at any other designated point which is frequented by the targeted consumers.
In store retailing is mainly done to introduce a new product on the market. There are various products which are launched but some customers may not be aware of them if they do not visit the retail stores. In the case of a new product being launched, it is put on promotion and it is the duty of the retailers to explain its benefits to the customers.
The major benefit of retail marketing is that the customer is in contact with the product. There are likely chances of trying the product if it is the first encounter given that the customer can personally evaluate it to see if it is satisfactory. Being in contact with the product is also beneficial in that the customer has the opportunity to judge a product and make a decision about it. If the customers are interested, they are likely to refer other buyers to purchase the product. This leads to customer loyalty in the long run.
The customer can interact directly with the marketer which is one major advantage of this strategy. Should the customer require any information, it is readily available from the marketer. When the customers have knowledge about a particular offering on the market, they are likely to respond positively to it. All this information can be obtained from the retailers. Product development is mainly dependant on the views of the customers.
It is easier to conduct market research through the effective use of retail marketing strategy. Consumer opinions about a particular product are directly obtained and these can be utilized to shape it in such a way that it will be able to satisfy the needs of the customers. A satisfied customer is a loyalty one.
Retailing as a marketing strategy is cheap compared to other strategies used in this industry. There is no direct capital required to sponsor the campaign such as paid advertisement in the media. Everything is done inside the store or at a particular designated point. It is important to choose target market segments carefully and position them strongly in order to be effective. The use of loyalty cards can also be effective if the market segments are carefully chosen given that it will be easier to retain the customers.
In as much as product launch is concerned, retailers play a pivotal role in marketing it. There are various advantages of this strategy since it is relatively cheap and it involves direct interaction between the customers and the markers. With regards to attraction and retention of the consumers, retail marketing is very effective since the marketers interact directly with the consumers where a reward program can be established to motivate the buyers.
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