Online and in-store promotional strategies of retailers
In the current retail landscape, retailers are always looking for new ways to differentiate their products. Promotional strategies are one of the key ways to stand out from the competition, both online and in-store. Online promotions require a different set of strategies than those used in-store, and this article will discuss the implications and best practices for both mediums.
For online platform retailers, the main strategies used for promotion involve the use of search advertising, display advertising, content marketing and targeted promotion via email, as these strategies are cost effective, measurable and targeted. Since the primary objective for any promotional strategy is to increase sales, the best practices for online platform retailers include, but are not limited to:
1. Optimization of website for higher search engine rankings: Optimizing content, images and video for search engine visibility (SEO) is a basic but important online promotional task.
2. Invest in pay-per-click (PPC) advertising: PPCs are a cost-effective way to drive qualified traffic to the website by appearing at the top of search engine queries.
3. Utilize email marketing: Email marketing is highly effective, as 95 percent of all internet users have at least one email address, with 53 percent using more than one.
4. Develop and use an effective content marketing strategy: Content marketing is an effective way to reach a large number of customers. Producing quality content that resonates with the target market can help build relationships and trust.
5. Leverage social media accounts: Social media can be used for both organic and paid marketing campaigns to target a larger audience and build customer loyalty.
In-store promotional strategies focus on marketing point-of-sale materials, in-store events and promotions, online deals and exclusive discounts. The best practices for in-store promotional strategies include:
1. Utilize point-of-sale materials: These materials, such as banners, posters and displays, can help to market products and deals to customers in the store.
2. Organize and promote in-store events and promotions: In-store events, such as product launches, special offers and discounts can be effective ways to draw customers in store.
3. Leverage online deals: Online deals, such as discounts and flash sales, can be used to entice customers to purchase products.
4. Offer exclusive discounts: Retailers can leverage both physical and digital coupons to offer exclusive discounts to customers.
5. Develop a loyalty program: Loyalty programs ensure that customers are continually engaged and incentivized via tailored offers.
Retailers must continue to develop new and innovative promotional strategies and tactics to ensure they stay ahead of their competition. Utilizing a combination of the strategies discussed above will help ensure the success of both online and in-store promotional efforts.