The Principles of Successful Retail Marketing

 

What is retail marketing?

Retail marketing is the process of bringing a product directly to customers in a retail store. It involves the planning, promotion, and presentation of a product. Having a unique commodity is only the first step -- addition components of retail marketing include ergonomic packaging, competitive pricing, and sales campaigns.


The four gold standards of retail marketing are product, food beverage sales agency price, place, and promotion.

 

 

Principle One: Product

This one seems pretty straight forward; before you can attack the marketing process, you have to have a product to market.

This product can be physical or intangible. Either way, it’s important to compartmentalize whatever you’re offering into a neat unit. How do you do this?

Packaging.

 

You can’t have a product without packaging

According to Forbes, a staggering 95 percent of new products fail. While Forbes chalks it up to a lack of quality and deliverance, Inc. offers up another insidious cause of product failure: bad packing.

The article urges you to think of brands such as Tiffany & Co. and Apple, can you picture their packaging?

 

 

Tiffany and Co.’s packaging is so iconic that “Tiffany blue” is now a widely recognizable color, while the Apple brand has crafted its entire brand around minimalistic, sleek packaging.

These examples definitely don’t work for every brand, but they do provide a rigid set of guidelines to follow. Here’s how Inc. breaks them down:

1. Know your demographic

2. Make cheap packaging look chic and personalized

3. Make the packaging part of the experience

4. Consider eco-friendly options

Principle Two: Price

With the right tools, you can tackle pricing head on. There are a lot of different factors to consider, such as overhead expenses,  competitors, profit, demand, product positioning, and market conditions. In order to optimize sales, you must find your product’s pricing sweet-spot.

Here are two of the most common pricing methods we see:

 

Cost-plus pricing

Cost-plus pricing involves determining your break-even price for a product, and then adding on a markup for each unit based on how much profit you want to make. This pricing method is often used for things uninfluenced by competition or market changes, such as commodities and services (think: credit card processing fees.)

Since it doesn’t take into account a product’s value or that of competing products, it’s not a great strategy for retail items.  

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