3 WAYS RETAILERS CAN DIFFERENTIATE THEMSELVES THIS HOLIDAY SEASONNOVEMBER 5, 2020| SpeedPro Towson
While it may be too early for consumers to deck the halls just yet, most retailers have already begun planning and preparing for the holiday shopping season.
As a retail business owner, developing an effective marketing strategy is crucial to capitalize on the holiday shopping rush – especially since the spike can easily account for 20 percent of your annual sales.
In-store signage and special promotions are tried-and-true tactics in retail marketing. However, in a highly fragmented and competitive industry, it can be difficult to stand apart from the crowd.
Here are three ways you can differentiate your retail business from the competition while capturing additional demand – and attention – from holiday shoppers:
1. GUIDE CUSTOMERS THROUGH EVERY STEP OF THE BUYER’S JOURNEY
During the holiday shopping season, a non-descript outdoor sign and several sparse window clings aren’t going to cut it – nor will they help you cut through the noise to stand out from competitors.
Instead, you should nurture customers throughout each stage of the buyer’s journey, engaging them at multiple touchpoints throughout the store. This not only fosters initial interest and awareness, but it also helps convert window shoppers into paying customers. Plus, through regular engagement and encouraging add-on sales, you can even drive additional revenue per transaction.
Once you’ve generated initial interest and incentivized shoppers through your doors, additional in-store signage should help move them throughout the space. Floor graphics can guide your customers to the next stage of the sales funnel, directing them to various special displays and store sections. Point-of-purchase (POP) displays lead customers toward the register while driving add-on sales and impulse buys during the transaction.
2. GRAB ATTENTION WITH SPECIAL HOLIDAY DISPLAYS AND PROMOTIONS
Curate special holiday displays by placing similar products next to each other, creating a theme purchase. With specific sections and displays dedicated to holiday sales and gift ideas, customers will be able to quickly and easily find gifts, stocking stuffers and other items they need. Be sure to incorporate signs throughout your store to promote cross-product sales and recommend purchase pairings to customers.
Use your holiday display graphics and signage to remind customers of the season, stirring up positive emotions with nostalgic holiday images and phrases. Studies show that creating an emotional response with consumers is often linked to higher sales, and there is no better time to establish an emotional connection with customers than the holidays.
3. IMPLEMENT A MULTI-CHANNEL MARKETING APPROACH
In-store signage and marketing collateral are effective avenues to inspire interest and drive onsite sales, but that’s only half the battle.
Customers rely heavily on mobile devices and digital technology to stay informed about holiday sales and product availability. By adding digital marketing elements to your media mix, you’re able to reach a wider consumer base through multiple channels.
For instance, geo-targeting technology gives you the ability to offer exclusive promotions and limited-time offers to nearby customers – whether they’re already within the four walls of your store, or simply in the broader local area. This helps incentivize shoppers, drive more foot traffic through your doors and ultimately, generate more sales.
Digital marketing strategies also help you gain additional traction from existing signage and marketing collateral since you can streamline digital content to include the same messaging and branding. Incorporating similar colors, themes and imagery in each marketing component also helps you cultivate a cohesive brand story that will more strongly resonate with audiences.