Continue to Part II: Marketing Strategies for Retail Stores»
IntroductionMarketing is a wide open field which can encompass basically any way a merchant tries to get a client to buy something. Retail marketing is a combination of branding and packaging, and is typically done in a fixed location such as a store or kiosk, but can also include delivery. Traditionally, retail stores buy their goods from wholesalers, manufacturers, or importers, and are the last stop along the supply chain. More recently, ecommerce has become a fixture in the retail marketing world. Ecommerce is the process of selling goods and services through a virtual store online, where customers can come to the site and view different products, read about them, and make a purchase.
CostsRetail marketing is such a varied and wide open field that it is impossible to determine costs. These costs vary from industry to industry, store to store, and product to product. Hiring a professional marketing firm can cost a good deal of money, depending on many variables, but also can help come up with a working, profitable plan to increase profits dramatically.
TimeframeRetail marketing is an ongoing process which should last for the life of your business. Branding and franchising are just two parts which never end and should always be focused on.
Execution PlanFranchising, branding, and packaging are all key components to retail marketing, and all of which should be considered when devising a retail marketing plan. Franchising and branding are long-term parts of the equation. Branding is the process of coming up with a logo, phrase, color scheme, and using all of these to create an identity for your company and product that stays with people and is easily identifiable. Coke, Nike, McDonald's, Starbucks, and all of the major companies in modern business have spent years coming up with designs and plans so that their stores and logos will stand out in customers' minds, and are well known enough that merely the red and white pattern with a wave through it can instantly be recognized as Coke's. A giant yellow 'M' is known the world over as the sign for McDonald's.
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