Retailers must develop different marketing strategies to increase store attraction and ensure repeat purchases. What strategy did Stew Leonard use in his store? And how can you account to its efficiency?
Nowadays retail stores are popping up in abundance in small towns and large cities. Since the competition is often cut-throat, retail shop owners have to come up with creative retail marketing strategies to put their businesses in front of new potential clients, while coming up with strategies to turn current customers into loyal repeat buyers.
While developing a strategy everything from store layout and pricing to customer service and advertising must be examined to come up with effective strategies. But the main focus point of a retail marketing strategy should be the needs and wants of the consumer. As the work force becomes more diverse and the retail environment continues to change, consumer's needs are rapidly changing. That’s why it’s vital for today's retail Marketing Managers to understand the connections between the lifestyle and expenditure characteristics of customers, their propensity to purchase one product or brand over another, and leverage this understanding for competitive advantage.
Another important feature is Sustainable Competitive Advantage - an advantage over the competitors. There is a model, which includes five essential areas , that can steer a retailer towards success: Winning with Price, Winning with Dominant Assortments (The dominance of a particular category), Winning with Fashion (Following fashion and trends), Winning with Solution (Service-oriented problem solving), Winning with Fast Service. According to this model, the retailer should strive to be the best in one of the categories for specific groups of customers, rather than trying to be the best in everything and everyone. A retailer has to decide on how to differentiate