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.