Marketing is essential for businesses today, but in competitive markets and against bigger brands, many small businesses would be forgiven for thinking reaching big audiences requires big budgets. That, thankfully, is not the case.
Consider Australia’s hyper-competitive retail sector. Retail marketing is the combination of tactics used to promote your business, acquire new customers, retain existing customers and build a strong brand presence. And the best thing is, it needn’t cost the earth. Here are just a handful of the many cost-effective ways you can fill your store without emptying your bank.
Promote key information
Start with the basics. If you want people to find you, ensure your stock items, address, prices, website, contact details and opening hours are added to business listings and on the likes of Google and Facebook. Build free profiles on Facebook, Instagram and anywhere else your digitally-savvy shoppers are searching. Use hashtags and experiment with geotags on your post. After all, if you’re not there at the discovery phase, your business doesn’t exist.
Customer reviews
Your existing customers are your biggest, most influential advocates when it comes to reaching new audiences. They’re an incredibly powerful social proof that can either encourage people to visit your store or avoid it entirely. Almost nine in ten people trust what others say about a business through reviews, while Harvard Business School research found that a business’ average star rating translates to a five to nine per cent revenue increase. So, encourage your customers to leave them for you, and even consider incentivising them with the offer of a discount on a future purchase.
Search engine optimisation…
…or SEO is the process of increasing your ranking on search engines like Google. The better your SEO, the higher your store will appear when related keywords are searched. There are a number of easy ways to boost yours. For example, claim your Google Business Profile, use local keywords – such as ‘homewares retailer near me’ or ‘vinyl record store Newtown’ – optimise your website for mobile, add backlinks to your website (for example from social media, blogs or local directories) and encourage online reviews.
Promote special offers such as LTOs
‘FOMO’ is real, so tap into it. Limited Time Offers (LTOs) are a common tactic to attract potential shoppers because they are regarded as rare and special. If you decide to drop a new collection or discount a popular item, LTOs build it up as something unique enough to draw shoppers and help boost your sales for a short period of time.
Local event marketing
Local event marketing helps get your name out there. Handing out flyers or even hosting a sample stand at various local events are some examples of ways to use event marketing to your advantage. Think outside the box and find creative ways that help your business stand out from the rest. Consider posting QR codes in the local neighbourhood that link to your website.
Loyalty programs
A loyalty program is a great way to drive customer retention. Tied in with a POS, a loyalty program allows you to track customer buying habits and create campaigns around those habits. For example, you could offer shoppers a free product when they make a purchase over a certain value or a voucher to spend on their birthday (remember, LTO!). Or if you notice most of your shoppers purchase just one item, you could offer ‘buy two get one free’. Email marketing is one of the most cost-effective methods, making it great if you’re on a budget.
As interest rates and inflation continue to put pressure on small business budgets, it’s likely that you have a little less to invest in marketing than usual. However, that doesn’t have to come at the expense of impactful customer retention and acquisition strategies that work just as hard for your retail business as you do.
