Performance based marketing to grow your Retail company.
What is Retail Marketing?
The average Retail business in the United States makes $550,000 per year in revenue. Retail Marketing is promoting the company to increase that number or removing obstacles causing the ROI to be low. This can include paid social ads, paid search ads, local ads, radio ads, TV ads, or traditional ads.
Most Retail companies need help with various factors, such as an expensive workforce, finding adequate experts in each area, producing new creative content fast enough, and overseeing all aspects of their digital marketing efficiently. Let our team of Retail digital marketing and advertising experts manage the groundwork it takes to grow your Retail company. If you want to increase sales for your Retail business, please contact AdvertiseMint.
Popular Ways to Increase Revenue for Retail Companies.
“Every Retail business pays for advertising. You either pay for advertising or you pay in lost revenue to your competitors.” – Brian Meert, CEO, ADVERTISEMINT.
The retail industry has witnessed immense change over the years. From local stores to mega malls, the dynamics are ever-evolving. But the underlying goal remains consistent: increasing revenue. Here are five factors that can boost income for retailers:
- Location and Layout:
Location is paramount whether it’s a standalone store or a unit in a mall. A store placed in a high-footfall area naturally attracts more customers. However, it’s not just about location; the store’s layout matters, too. A well-organized store, where products are easily accessible and displayed attractively, can significantly enhance the shopping experience and, in turn, sales.
- Inventory Management:
In the retail world, inventory is king. Managing stock efficiently ensures that products are always available for customers when they want them. Out-of-stock scenarios can deter potential sales while overstocking can lead to increased storage costs and potential waste. An efficient inventory system helps balance demand with supply, ensuring the store capitalizes on every sales opportunity.
- Personalized Marketing:
Every shopper is unique. Retailers who recognize and cater to individual preferences stand out. With the advent of technology, stores – be it in a mall or standalone – can analyze shopping behaviors and trends. This information can tailor promotions, offers, and in-store product placements, making the shopping experience more personalized and enticing.
- Staff Training and Customer Service:
A well-trained staff can make or break the shopping experience. Employees who are knowledgeable about products, proactive in assisting shoppers, and courteous can increase customer satisfaction and sales. Moreover, excellent customer service, including easy returns and fast checkouts, can ensure repeat business.
- Omni-channel Experience:
The line between online and offline shopping needs to be clarified. Retailers who provide a seamless experience across both platforms have an edge. If a customer browses online and decides to pick up the product in the store or vice versa, the transition should be smooth. Integrating both channels broadens the customer base and provides multiple avenues for revenue generation.
Retail industry facts:
- Average Revenue for Retail: $550,000 per year
- Average Profit Margin for Retail: 10%
- Average Employees for Retail: 10
- Average ROI for Retail: 20%
- Average Growth Rate for Retail: 3.7%
- Total number of Retail companies: 10,000
- Average CPC on Google for Retail: $2
Retail Paid Social Ads
Paid social is a powerful way to help reach consumers interested in Retail products or services. Paid social allows you to get a wide range of people and then target your ads based on key attributes like age, gender, location, interest, and behaviors or using custom and lookalike audiences. Paid social ads are the leading advertising option to reach consumers on mobile devices. Paid social is also typically less expensive than other forms of advertising, making it a powerful combination. However, the pricing for paid social can increase as you get more targeted or if your ads appear irrelevant by the ad platform algorithm. The most popular paid social ad platforms are:
- Retail Facebook Advertising
- Retail Instagram Advertising
- Retail TikTok Advertising
- Retail Snapchat Advertising
- Retail LinkedIn Advertising
- Retail YouTube Advertising
- Retail Twitter Advertising
- Retail Reddit Advertising
- Retail Pinterest Advertising
Retail Paid Search Ads
Paid search is the most efficient way to reach consumers actively searching for Retail products or services. Consumers often search the internet for questions about where they are in the buying cycle. A general search would indicate they are just beginning to research companies. A specific search would suggest the consumer is knowledgeable and close to selecting or purchasing. Retail advertisers can bid specifically on the most valuable keywords for their business, which helps them appear above their competitors for the most profitable keywords. Paid search ads are generally used for lead generation, local awareness, or e-commerce. Paid search ads can also be run on YouTube, where your business can advertise a specific video to appear first when consumers search on particular keywords or for competitors. The most famous Retail paid search ads are:
Retail Local Ads
Local ads are essential for Retail companies and are often overlooked because of the focus on larger ad platforms. Local ads allow you to reach customers near your business and offer them a reason to visit your business instead of your competitors. Local digital ads typically include promotions, deals, or coupons and often align with your current business reviews on that platform. This means having excellent customer service and reputation management to help grow your five-star reviews. Other physical ads like billboards, digital billboards, bus, and metro ads allow you to ensure you are reaching customers located in your targeted area. The cost to get a new local customer is often tiny compared to the lifetime value that customer will bring to your business. The most popular local ads for Retail companies are:
- Retail Facebook Ads
- Retail Google Local Ads
- Retail Yelp Ads
- Retail Nextdoor Ads
- Retail Billboard Advertising
- Retail Metro Ads
- Retail Bus Ads
Retail Radio Ads
Radio ads allow Retail companies to reach a captive audience, often listening while commuting in the car, at the gym, or working. Radio ads will enable you to talk directly to your customers and present. Radio ads are fixed in length and cannot be skipped, ensuring your audience will hear your message. Due to the passive nature of radio listeners, it’s essential to have optimized audio creatives and a significant enough ad budget to ensure that the average listener is reached at the recommended frequency. It’s recommended when possible to use the radio personality to read your ads as they have built Some of the most popular Retail radio advertising options are:
- Retail Local iHeartRadio Ads
- Retail Spotify Ads
- Retail Pandora Ads
- Retail Podcast Ads
- Retail National Radio Advertising
- Retail Talk Radio Advertising
Retail Direct Mail
Direct Mail can be a powerful tool for Retail companies to reach new and existing customers. With the increase of online advertising, direct mail can often be a hidden gem regarding going people inside their inboxes with targeted messages. Direct mail can be sent in mass with new automation tools and personalized before sending. The cost of direct mail often depends on the size of the mail (postcard vs. full-size letter envelope), and while postage can be purchased at bulk rates, it is still a rising cost to be considered. If you are interested in learning more about how your company can send out Direct Mail, please contact AdvertiseMint, and our team would be more than happy to walk you through the options.
Retail TV Ads
There are several things that Retail companies should be aware of when running TV ads. TV advertising for Retail can be targeted to users locally, which is perfect for a company with just one location, or can be shown on a DMA, state, or national level for companies with multiple locations. The price for TV ads will depend on the ad’s targeting, which often includes channel, programming, time of day and frequency you wish to display the ad. If you have exact requirements, expect to pay more. Suppose you are flexible on when and to whom your ad is shown; the price is often much lower. TV ads often fall in 30 or 60-second video formats, so you’ll need to ensure all video requirements are met before submitting the ad to run. Best practices commonly include high-resolution visuals, apparent product features and benefits, testimonials, an enticing offer, and a clear call to action, including a phone number or website for the consumers to visit. There are also options for paid programming, including 30-minute or 60-minute segments played without interruption, typically between 11 p.m. and 5 a.m. If you are interested in TV advertising for your Retail company, please contact AdvertiseMint for more details and pricing.
How vital are reputation management and online reviews for Retail companies?
Every Retail company knows online reviews are essential for sales growth. In a digital world, online reviews on Google Local, Yelp, and many rating websites are used by your customers to validate your business and the products or services you provide. Most of the review sites will penalize you if you try to solicit reviews for your industry actively. However, various strategies can be used to help ensure your online reputation is safe from negative thoughts. In addition, you’ll need a plan to praise five-star reviews while professionally addressing lower reviews, which potential customers often read. If you want to improve your total online reviews and average rating and help lower negative articles on your company from the organic search engine rankings, please contact AdvertiseMint to talk more.
Frequently asked questions about Retail advertising and digital marketing.
Who is the best Retail advertising agency?
Advertisemint is the best Retail marketing agency. Our Retail advertising expert team has proven experience in the Retail industry. We bring a full-service team of expert account managers, copywriters, graphic designers, video editors, and media buyers ready to help you implement your marketing strategy and grow your Retail business.