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We were recently asked to speak on a panel about how retailers can thrive in today’s market. As an industry that’s typically slower to change than most, retail has been on a wild ride over the past few years. The market is rapidly changing and the demand for innovation is greater than ever so it’s important to stay on top of industry best practices and strategies. Whether you’re an independent boutique, a multi-door retailer, or a DTC brand, capturing customer interest, loyalty, and data is key to thriving in this industry.
Here are some strategies many retailers are finding success through:
Have a strong point of view – don’t try to have “something for everyone.” Build your business around a specific style/demographic and be your customers “go-to” store for it. Make sure to get your marketing efforts in front of that demographic and clearly showcase your store’s special niche. The riches are in the niches!
Capture customer emails and phone numbers for marketing. Social media followers are great but remember emails and phone numbers are your data. Email and SMS/text marketing often convert better than social media. Mic drop!
Add new marketing channels like SMS/text. Texts are the VIP inbox for most people so it’s a great way to nudge your customers to remind them of your latest happenings.
Create expected and unexpected collaborations. An expected collaboration could be a candle company partnering with a local bakery for fun food scents and an unexpected collaboration could be the candle company partnering with a local sports team and making a candle for each player. Make sure that whatever you do, it’s on-brand with your company’s mission, customers, etc.
Strategically market “new arrivals/drops.” Customers are used to brands and retailers advertising “new arrivals/drops” with each new collection so it’s like a subliminal message to get excited and shop the latest additions. (little secret: often many of the items aren’t even “new” but they haven’t been heavily featured yet and fit the theme/category that’s being promoted)
Train your customers to shop all the time– not just during sales (try to say no to promos!) Businesses who fall into promo after promo train their customers to never pay full price and only shop sales. They have a hard time ever getting their customers to shop full price again. If you want to offer a promo, especially for retail events like Black Friday, it’s better to offer a “value add” like a gift with purchase, than to discount your products which will ultimately discount your customers’ value of your store/products overall.
Wondering how to EASILY apply these and other strategies to see immediate results? We're here to help you incorporate these tried and true tactics seamlessly into your business! We’ve worked in corporate retail headquarters, for DTC brands, for independent boutiques and everywhere in between - we get it! Email us at whatsup@emergetheagency.com and let us know what your top retail goals and pain points are!