Retail Industry Trends to Take to The Bank: Omni-Channel Marketing

Retail marketing has garnered a lot of attention over the last few years, especially with the increasing competition coming from online sales. This has led many to question whether traditional retail marketing tactics still work - and we argue that they most definitely do - but we have also started seriously considering a new trend in the marketing world: omni-channel marketing.

What is omni-channel marketing? Essentially, this form of multi-channel retailing involves the use of multiple marketing mediums, not just one traditional form. For example, bricks and mortar locations using omni-channel marketing will employ not just traditional forms of marketing such as a flyer or radio ad, but online channels as well, such as a well-managed website and social media.

The goal of omni-channel marketing is to both keep the consumer well-informed and to garner more attention. Having only one marketing strategy can actually mean missing those who use other means for accessing information, thereby meaning missed opportunities for sales. This approach means creating a seamless experience for consumers, making information gathering AND shopping easier and more satisfying.

Want an example of omni-channel marketing and how it is working? Check out this great article from British newspaper The Guardian: http://www.theguardian.com/media-network/2014/nov/28/omni-channel-marketing-john-lewis-british-airways. The article takes a look at 5 impressive and effective marketing campaigns that have taken advantage of omni-channel marketing and used it to its fullest potential. 

Thinking about getting things in place for an omni-channel marketing strategy? Storesupport Canada can help. We have the experience and knowledge to make this seamless. Call us today at 1-877-421-5081. 

Out with the Old? Is Traditional Retail Marketing Outdated?

With the continued rise of online shopping, and the looming threat that is frequently spoken about, it can be easy to dismiss those traditional retail marketing tactics as a throwback to a less-digital age. Letting traditional methods fall to the wayside has become a means for some retailers - but is it the right one? We don’t think so.

Yes, consumer behaviour has changed a great deal over the past few years, and now far more factors influence that end sale - but that doesn’t mean that those tried, tested and true methods are no longer valid.

A few weeks ago we looked specifically at brand loyalty and how online versus bricks and mortar is impacting this concept. We hate to be repetitive, but the numbers tend to speak for themselves. In a recent study done by eMarketer, over 70% respondents stated that they felt the traditional bricks and mortar experience was preferable to online. Things like customer service and immediate possession play a major role in this.

What other traditional retail marketing is influential? There are various forms of retail merchandising that can be implemented when it comes to traditional tactics.

Experiential marketing: this has long been a method that has shown real results - and for good reason. Setting up a campaign that gets people talking and trying your product is a great way to catch their attention.  Pairing like items together can help boost sales and can also help enhance brand loyalty and recognition.

Planograms and displays: there is a great deal to be said about these two, very popular, forms of retail marketing. Even just the simple fact that, when customers see a well-executed planogram or display, the interest increases tenfold, should be enough to convince you to continue with these.

Retail intelligence: an often overlooked but incredibly important part of your retail marketing is knowing what is going on, on the store floor - and making changes to those things that require improvement. This form of traditional marketing is critical to stay informed about how your brand is performing, how retailers react, and the level of service provided.

Omni-channel marketing: this is the newest strategy for retail marketing, and it speaks to just how important traditional methods remain. That being said, the concept itself means integrating both new and traditional methods to establish a cooperating campaign that takes advantage of the various strategies that can make a big difference to your bottom line.

For more about just how important traditional forms of retail marketing are, please contact Storesupport Canada today by calling 1-877-421-5081. 

Retail Marketing Competition Conundrum – Financial Post Weighs In

The entrance of Target onto the Canadian retail scene has had a lot of tongues wagging over the last year – for a number of reasons – but as a recent Financial Post article suggests, one of the biggest reasons is its impact on competition.

If you are a retailer in the CPG industry, you are no doubt aware of the high level of competition out there. The stakes are high, and if you can’t keep customers coming through those doors, you might as well close them. As a the article, titled “Food fight among retailers expected to continue keeping prices lower,” proposed, price plays a big role – but is it the only factor?

Is cost the only thing that keeps customers coming back? No – and even if your prices are on par with other retailers, that doesn’t necessarily equal sales. When a customer shops, they are not only looking for the best deals and a variety of choices, they also shop at certain locations because of the atmosphere – even if unconsciously. If a customer enters a store and makes his/her purchases and has an overall positive experience, they will return. If, however, they leave the store feeling dissatisfied or put out by the experience, the chance of them returning has now seriously decreased. It isn’t rocket science – so why ignore it? 

We all know what things make the customer happy - helpful staff, a clean store, products on the shelf, not having to wait long at the checkout – so is your store making the most of the resources available and ensuring that when a customer leaves, they are leaving with the intention of returning?

The Financial Post article argues that most CPG retailers are using specific products as loss leaders to draw the customer in with the hopes that they will spend more on the bigger ticket items. We argue that this is not enough. If your prices are great but the shopper always leaves displeased, there is no guarantee that they will choose your store again.

In order to compete, customer experience should play a major role in your retail marketing. Whether this means increasing your staff during peak times to avoid line ups or to restock shelves, merchandising the store to make it more appealing, or even dealing with emergency product recalls in a timely manner, you need to be prepared.

To find out how you can beat the competition with a retail marketing strategy that sells, please contact Storesupport today by calling 1-877-421-5081, or visit us online at www.storesupport.ca.

Retail Marketing Myths: Don’t Fall Prey

The Loch Ness Monster, Sasquatch, mermaids: all myths we have heard about and likely dismissed as false. Just because someone tells you something is true doesn’t mean you should automatically take it as fact, right? So why fall prey to retail marketing myths that seem so common? Need some clarification? No worries, we’ve debunked the four most popular.  

Myth #1: Customer retention is a lost cause. Sure, gauging repeat clientele can be tad difficult, this is no surprise, but it isn’t impossible – and that by no means suggests that these costs are not worth it. In the retail sector, your bottom line often relies a great deal on repeat customers, so money invested in retaining them is never a waste. No matter what retention strategies you adopt, implementing them is critical. People want to be loyal (well, most of them do), and when they feel as though their patronage is valuable, they are more likely to return – and recommend your products or services. 

Myth #2: Online will become the new in-store. Nope. Sure, online shopping has definitely become more popular with the rising popularity of smartphones and tablets, but this doesn’t mean that the retail location is becoming obsolete. Online sales are expected to continue to rise in the years ahead, but the likelihood of these channels overtaking the bricks and mortar store is slim to none. True, having an online presence is always a good idea –or rather not having one is a bad idea – but that doesn’t mean that relying solely on online will be the only way to survive in the future retail market. What does this mean for you? To compete you have to stay a cut above, so having creative marketing, inventive merchandising, and high levels of customer support and service are crucial. 

Myth #3: Social media doesn’t matter. Big mistake. Social media has become a major part of many successful marketing plans – and it doesn’t cost an arm and a leg! Social media has become a significant tool to influence too – people like your store, they’ll like you online. But watch out, if they don’t like your store, product, etc. they will talk about that too! Managing your online presence gives your customers the chance to see that you care – a good tool for customer retention. 

Myth #4: Price is the main determining factor. The most recent Price Waterhouse Coopers’ global survey report found that price isn’t always king. Instead, the report noted a 10% increase in spending when retailers focus on and provide innovative marketing and high levels of customer service. Just because something is on sale, doesn’t mean that it will be what gets put in the shopping cart. There are many other factors that determine influence, so don’t rely exclusively on price point.  

There is no magical retail marketing book that you can use to solve all of your woes – trust us, we’ve looked – but avoiding common misconceptions is always a smart idea. 

For more information about retail marketing myths, or marketing at retail in general, contact Storesupport today by calling 1-877-421-5081 or visit www.storesupport.ca.

  

Jingle Bells Chime for Retail Marketing Boom

The holiday season is fast approaching, and with it comes the inevitable traffic surge and selling boom. Shoppers will be out there filling their carts with the latest and greatest from everyone’s wishlist and getting foodstuffs stocked for that holiday party or big family dinner, and retailers, while feeling the added pressure, are the ones to reap the benefits.  

Here are our tips for smart retail marketing to get you prepped for the busiest season of the year. Sure, some of them may seem pretty simple, but it never hurts to get back to the basics.

Tip #1: Keep shelves stocked. This may mean reiterating to employees the importance of ensuring shelves remain full, implementing a strategy that sees them refilled throughout the day, or hiring extra staff to manage the stockroom. If customers don’t see what they are looking for on the shelf, they may just head somewhere else!

Tip #2: Stay social. We all know how important social media can be in the retail world, so make sure that you are maintaining yours. Update statuses and posts regarding sales or promotions. Manage complaints to help boost customer loyalty and brand recognition.

Tip #3: Keep floors well staffed. With the traffic comes extra-long line ups, which no one likes. Make sure that you have enough staff on hand to cover surges throughout the day as well as to be around the store to help assist customers.

Tip #4: Make the most of visual merchandising. We are not saying throw up some holiday decorations at random. Instead, use the season to pull at people’s emotions and guide their purchases by putting together displays that make connections they make not have thought about.

Tip #5: Keep the store clean. Ok, we don’t just mean ensuring janitorial duties are completed each night. During the holiday season you have to be extra diligent about keeping stock organized and in place. Holiday shoppers tend to be less, let’s just say, cognizant, of their actions, so staff members need to be sure to try and keep the store in tip-top shape throughout the day.

The holidays can be the perfect time to cement your brand image and ramp up customer loyalty. How you manage your retail marketing over this period can bode well for the entire year, so let your actions speak for your reputation.

Want some extra back-up for your holiday retail marketing campaign? Storesupport has you covered. Contact us today by calling 1-877-421-5081.

Retail Marketing Trends - Can You Keep Up?

The retail industry, especially the CPG industry, has never been a place where the phrase “set it and forget it” applies. Continuous change requires strategy in order to keep up. We are more than halfway through 2013 and in order to keep you up-to-date we thought it time to give you some advice on how to stay current.

Here is our list of the top retail marketing trends as we continue into the latter part of 2013.

Power of a physical presence – just as online shopping has had an impact on bricks and mortar locations, many online-only retailers are recognizing the power of a physical presence and setting up shop as a result. This necessitates the demand for retailers to maintain a high level of customer service in-store and well as the need for innovative customer attention-grabbing maneuvers.

Generational marketing – retailers need to be cognizant of the gaps that exist between generations. As baby boomers, society’s largest group, age, their needs change, and so too does the need to market to them specifically. Don’t rely solely on things like social media or mobile marketing – these tactics are often lost on this group. (But don’t ignore them either – they are critical!)

Cost-cutting measures – employee cutbacks are no longer the most intelligent business practice as far as cutting costs. Retailers looking to bring overhead down need to appreciate the impact that getting rid of employees can have on the bottom line. Too few employees in-store can mean shelves are not being stocked efficiently, line ups are far too long, and customers are not getting the assistance they need/want. Instead of hiring and firing as the market dictates, consider working with a merchandising company that can offer staffing support only when needed and avoid the additional costs that accompany this seasonal output.

Print is here to stay – printed advertisements and displays still remain a very powerful vehicle on the road to customer attraction. But remember, if a display is static, regulars will forget it, and it loses its power altogether.  Constant change with regard to displays and planograms is critical in order to stay in the game.

So how can you achieve your goals by employing these trends to your advantage without having to increase greatly the time spent on them? Find a merchandising company that offers a suite of services which includes the things outlined here. That way you can be sure that trends are being followed correctly.

For more information about retail marketing trends for 2013 or to find out how a merchandising company can help you harness their power please contact Storesupport by calling 1-877-421-5081.

Retail Marketing Solutions Must Include Retail Customer Experience Management

Customer experience management has become one of the most important retail marketing solutions that both retailers and brands are investing in today. There are many factors that contribute to a positive customer experience. The customer experience begins at the point when a customer becomes aware of a brand or product and extends through the life of the relationship that the customer has with the brand or retailer. 

The goal of customer experience management is to move customers from being satisfied to loyal, and then from loyal to being advocates of the brand. Customer experience management involves strategy, process modelling, technology, design, strong management and optimization of the end-to-end customer experience process. 

Today’s consumer experience must include service, convenience and product availability. The pillars of the customer experience that must be considered with a customer experience management strategy include: 

How easy are you to do business with? The way employees of brands and retailers interact with customers is very important. A customer’s experience at retail should leave them feeling that they have been treated as an individual and genuinely cared for. Product knowledge is important in this area, and ensuring that representatives in-store are able to knowledgably speak with and answer questions about your promotion asked by prospective customers is very important.

How attractive is the proposition that you are making to your target customers? Are you running competitive promotions and marketing them in-store and online so that customers are aware of them?

Are your products accessible and are you ensuring a smooth purchasing process for your customers? Systems and processes are important because they make the purchasing process smooth, convenient and organized. This means that your products must be consistently accessible to customers, both easy to understand and to purchase.

Here are some interesting statistics to take into consideration:

1.       Companies that committed to service excellence demonstrating strong capabilities outperformed their competition by 81%. Source: Peppers & Rogers Group

2.       The top two drivers for investing in customer experience management are: improve customer retention and brand loyalty (42%), and improve customer satisfaction (33%). Source: Aberdeen report – “Customer Experience Management: Engaging Loyal Customers to Evangelize Your Brand”

3.       A customer who has a bad customer experience will tell 9 to 15 people about their experience. Source: White House Office of Consumer Affairs, Washington, DC

4.      80% of North American companies plan to use customer experience as a form of differentiation. Source: Forrester’s The State Of Customer Experience

5.       86% of customers who had a bad experience with a company stopped doing business with them altogether. Source: Harris Interactive, “Customer Experience Impact Report”

6.       For every customer complaint, there are 26 other customers who have remained silent. Source: Lee Resource Inc.

7.       Customer churn is caused by customer feelings of poor treatment 68% of the time. Source: TARP

8.       It takes 12 positive service experiences to make up for one negative experience. Source: “Understanding Customers” by Ruby Newell-Legner

9.       91% of unhappy customers will not willingly do business with your organization again. Source: Lee Resource Inc.

10.   Attracting a new customer costs 5 times as much as keeping an existing one. Source: Lee Resource Inc.

Retail marketing solutions that enhance the customer experience can include:

·         Ensuring that your products are in-stock and on the shelf at all retailers where they are available to be purchased

·         Ensuring that your products are in the area where a customer would expect to purchase them

·         In-store promotions through product demonstration and visual marketing displays

·         Mystery shopping to identify issues at the retail level that could be impacting your customers’ experiences

·         Additional sales support at the retail level, and more

Retail marketing solutions should be considered by brands and retailers because the stakes are so high. There have been studies that draw a direct connection between the customer experience at retail and the profitability of the retailer and brands that sell their products there.

For more information about how you can improve your customer’s experience or for information about our retail marketing solutions, please contact Storesupport at 1 (877) 421-5081 or visit www.storesupport.ca