In-store promotions are necessary for brands to enhance their brand visibility. This can be done by holding events, putting up signs in the store, social media promotions, e-mail marketing, and much more. The good news is that data, best practices, and large multinational merchants have already paved the way so that you can learn from their mistakes and successes.
But most of these tips and ways to advertise inside a store have one big thing in common: they all help bring more people in. No matter what strategy or sales trick an in-store marketing company uses, a retailer’s ability to increase sales and income is often directly tied to how well they know their foot traffic.
Tips for Marketing Companies to Improve In-store Promotions
Add to the Story about the Product
Even if your buyers already know about your product, putting it on the shelf again is a great way to bring in new ones. Customers are more likely to see a brand’s product if it’s not just on shelves. Since customers ignore up to half of the products on shelves, it’s important to get the word out as much as possible. Displays in stores are also great for rebranding and making your product more appealing to shoppers who don’t know what it is.
Price Cuts that Make Sense
Trying out temporary price reductions (TPRs) can greatly affect sales promotion activities. Coupons can get people to buy more if they are used right. They would draw the customer’s attention to the product, even if they didn’t want to buy it in the first place. Another great thing about coupons is that they can be given out anywhere. Some are on the products themselves, while others are at the registers or floor displays.
With coupons, deadlines are important to making people feel like they need to act quickly as people worry about missing out on deals. If used right, coupons can be the final push that turns potential customers into actual sales.
Talk to Store Managers and Ask Them the Right Questions
Did you know that the right shelving can change sales by up to 10%? Even though it’s clear that customers don’t treat all shelves the same, you should talk to the store manager if you think a product would do better on a different side.
Also, retail stores’ out-of-stock (OOS) rates are about 8 to 10%, but research shows they are twice as high for promotional items. This makes talking to managers about your brand promotions even more important to their success.
Validate Promotional Success with Data
Numbers do speak for themselves, and just this past year, 70% of companies said they needed help with compliance and in-store execution for promotions that were aligned with retailers. Nothing will kill the chances of a store promotion faster than not following the rules. Worst of all, you could have done something to stop it. Luckily, brands that do well know that interesting data points and positive trends build trust with retailers and can even save a failing promotion in the air.
Some metrics are better than others at telling a full story. However, incremental revenue and the marginal return on investment are the two most essential indicators that may be utilized for any form of promotion when gauging the success of an in-store promotion.
Retail businesses have always benefited from having stores, and they will continue to do so. But now, the most important thing for these spaces is to offer interesting experiences, such as the best in-store merchandising solutions, to get people into stores.