The digital age has massively changed retail marketing. Getting ads or products in front of consumers used to be relatively easy. However, an influx of online consumers and businesses has made the space more competitive than ever. Of course, this doesn’t mean it is impossible. It just means businesses must focus on improving their product and service marketing campaigns.
Some businesses may want to improve their marketing but don’t know where to begin. This is why we have compiled this quick Retailer’s Guide to Marketing Mastery. The below is far from everything needed to improve strategic marketing, but it is an excellent foundation for the current landscape.
What is Strategic Marketing?
One of the best ways retailers can improve their marketing is by practicing strategic marketing. Rather than purely promoting what is already there, strategic marketing focuses on improving strengths and competitiveness. It also considers higher-level data, such as targeted markets, which products and services should be marketed, pricing, and platform changes.
The last point above – platform changes, is an increasingly important factor in retail. Numerous retail businesses rely on social media and other platforms to get their product in front of those who would buy it. Although, a significant enough change can cause a massive disruption in a retail business’s sales.
An excellent example of this is Facebook and Instagram considering offering a paid plan to remove advertisements. This shift is primarily in the EU at this time, but it may also become an option in the United States.
In other words, pay attention to where the market and audience is heading, rather than doubling down on the current landscape.
Consider Consumers in the Strategic Marketing Plan
Gone are the days of throwing up an ad campaign and letting it run relatively free. Strategic marketing is a more sentient approach to advertising, as it needs to be updated and adapted to a shifting space. The goal is to improve competitive advantage and meet consumers where their attention is directed.
An important factor is figuring out where your audience is spending their time. Blasting out advertisements on every platform is a waste of time and resources. Instead, employ surveys or develop audience personas to find out what platforms customers are using.
For instance, connected TV (CTV) is an ever-expanding space, with most large networks now offering streaming services. CTV was considered an underdog in the past, but the pandemic and streaming offerings have caused a significant shift. According to a MNTN and Worldwide Business Research (WBR) poll, CTV usage is now nearly tied with linear TV. The poll also showed how retail marketers have adapted to this change, with 81% of retailers saying they run smart TV ads.
Personalization is Key in Marketing
Generally, one of the most essential points of modern strategic marketing is personalization. Consumers in the digital age are bombarded with ads, emails, and other campaigns, which makes it easy to ignore another generic marketing attempt.
Check almost anyone’s email inbox, and you’re likely to see a slew of promotions from every retailer. The question is: how many of these get deleted before they are opened because the headline is simply about weekly deals or irrelevant products that are on sale? Businesses can send as many emails as they want, but it can be pointless if there’s no personal connection. Marketing needs to connect with customers, whether it be through deals on products they have viewed, items similar to what they are looking for, or discounts specifically for them.
Realistically, with the regular bombardment of ads in the digital space, even consumers have come to expect personalization. According to a 2023 poll from Bolt of over a hundred e-commerce companies generating over $5 million in online GMV, 75% of shoppers are willing to pay for more personalized online shopping, and 45% chose not to purchase due to a lack of personalized options.
How Will You Improve Your Marketing in 2024?
Now that you’ve gained more understanding of retail marketing essentials, how will you apply them to your business in the coming year? Effective marketing is always changing, which makes it important to regularly monitor and adjust your strategy. Staying on top of your efforts will ensure your business achieves its highest potential.
