Selling retail products are one of the most profitable businesses which start-up entrepreneurs and even experienced businessmen can go into. The variety of retail products you can choose from is endless (from clothes and clothing accessories to technical products such as smartphones, desktop computers, and laptops, to furniture and house appliances, and even food). Retail products are easy to sell since they have become a part of people’s lives. Retail products have become an extension of people’s lives and it has come to the point where people can no longer live without it.
Technology has also improved the functionality of retail products especially smartphones and household appliances. Manual functions are now being converted to automatic with some functions being interconnected with other gadgets, making them easier to use. You may also like marketing report examples.
Since retail products are high demand products, it does not mean they are being sold at a high rate every time. There comes a time where the demand for some products goes down drastically which may force some companies to replace products or remove it in their catalog completely. Although companies should not resort to making their products obsolete even if it doesn’t sell or does not click with the target market for a period of time, marketing can aid companies in making sure their products can get across their target market as well as to potential customers. You may also like marketing presentation examples.
It is a proven fact that marketing is important for any business, not only for large corporations but also for small enterprises as well. Marketing is not only limited to advertising and promotion but it studies and analyzes the entire business environment (internal and external).
The internal business environment revolves around the company (specifically its policies, products, and management team). Marketing analyzes which products need to be manufactured and eventually sold to the market and marketing also studies if the management creates the right short term and long term decisions.
For the external environment meanwhile, it studies the external factors which directly affects business operation analysis such as competition, government policies, international laws, and also sudden changes in the natural environment. Companies also need to study the external environment since the events that occur outside the company still greatly affects business operations. Competition obviously affects the operations of your company as you will have to adjust the quality of your products based on your competitor’s competitive advantage.
If you are selling retail products, here are some retail marketing examples you can use for your own company.
Word of mouth is probably the oldest yet most effective retail marketing tool used in business transactions. Word of mouth has been used since the dawn of time when the Chinese would sell their products in different countries. Despite the upward trajectory of technology over the past few years, companies still rely heavily on word of mouth to reach their products across different markets (both to the niche market and to potential customers).
If you thought word of mouth was a form of traditional marketing, well maybe you have forgotten about radio, television, posters, billboards, and newsletters (and no, these are not the email newsletters but the physical ones). Before the dawn of the 21st century, traditional marketing methods were highly used by companies around the globe. Anything related to marketing tools used before the internet is considered as traditional.
Radio and television advertisements are still being utilized by companies today since they easily reach customers. Additionally, the creativity seen and being applied to radio and television ads are always outstanding as companies try to outdo each other in terms of ads. The result is high-quality, entertaining and often times funny advertisements which customers enjoy and brings interest from potential customers. You may also like marketing styles.
On the other hand, marketing materials utilizing print media such as posters, tarpaulins, billboards, and newsletters have also been very effective marketing tools. Aside from billboards, they are easy to design and also print. They can also be placed anywhere as long as local security and the owner of the property allows it. The convenience in making these marketing tools have made them to go-to options for large corporations and small companies alike.
Social media is a product of technological advancement. The effectiveness of traditional marketing has evidently decreased with the rise of digital marketing. Companies can no longer survive without a social media presence to reach their customers. Social media site has been highly effective since most of the consumers are online and use internet on a daily basis. Social media includes Facebook, Twitter, Instagram, LinkedIn, Snap Chat, etc.
Companies can choose which social media tool they want to use, but most of the time they use Facebook and Instagram (Facebook for discount and promo updates while Instagram for photo and video promotion). Sometimes, companies use all of the social media tools available at their disposal (since these tools are free for download and don’t really require much effort for you to set-up your company business profile). Paired with word of mouth and traditional marketing tools, social media is a juggernaut and can easily defeat other forms of marketing.
Traditional marketing is now being converted to digital marketing for better or for worse. As you can see, posters and tarpaulins (and even flyers) don’t need to be printed out these days as you can just incorporate them into your own website or online portfolio. Through digital marketing, you can easily reach your customers since most of them are online. This is especially true when using email newsletters since you can send newsletters to your clients when you have special discounts or promotions for your products.
We hope you found our article on retail marketing to be informative as well as helpful for your retail business. Selling retail products is one of the most profitable industries you can go into. If you sell the right products (in terms of price, trends, and quality), then expect a high volume of customers coming into your store on a daily basis. You may also like marketing flow charts.