How to Determine Your Retailing Mix?
The retailing mix consists of six P’s of the marketing mix (product, place, promotion, and price) plus presentation and personnel. The combination of these six P’s influence the consumers’ perception and to create the basic positioning of the store.
Step 2: Determine Promotion Strategy
The promotional strategy includes advertising, public relations and publicity, as well as all sales promotions. The goal of your promotional strategy is to ensure you can position your brand, product and services in the consumers’ mind. It’s important to think about the amount of promotional activities necessary to attract, retain and market to your target market. This can include brand campaigns, advertising campaigns, special annual events, seasonal events, media advertising, placement and other seasonal promotions to reach your target market.
Advertising is any form of impersonal, one-way mass communication about a product or an organization that is paid for by the marketer. Traditional media advertising includes TV, newspapers, radio, billboards and transit cards (incl. advertisements on buses, cars and taxis). In addition to newer methods, including websites, emails, blogs, sms messaging, social media and videos. The reason advertising is used is to communicate to a large number of people, hopefully who make up your ideal customer base or target market. It can also be used to micro target smaller groups of potential customers by placing print ads in special niche magazines, or product placement on commercials or specialty television shows.
If you are selling products locally, then your focus should be on “local advertising” used typically my mom-and-pop store fronts, providing more awareness of the goods and services you provide, where the store is located, type of merchandise, hours, prices, sales and the ideal target market. This is in contrast to e-commerce stores, online marketplaces or national brands who focus their advertising on their brand image and positioning themselves as leaders in the market, to gain or maintain market share.
Another advertising strategy is cooperative advertising in the form of collaborations, whereby you and another brand or business share the same customer base or want to target the same customer’s but sell different products or services. This can be a more cost effective way to reach your ideal customers, through collaboration and sharing the cost for campaign promotions. We see this most with product placement in commercials of TV shows, as well as with popular events, and influencer marketing.
This can also include acquiring or being acquired by a company who may have better advertising channels than you, for example Sephora.com, beauty brands receive more media coverage simply by being carried in Sephora, than they may receive if they were a stand alone beauty brand.
2. Public Relations
Public relations is the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance. Public relations is not only used to maintain a positive image but it is also used to educate the public about the companies’ goals and objectives, introducing new products, and achieve a competitive advantage.
A solid public relations strategy can generate favourable publicity. Publicity is public information about a business, product, service, or issue appearing in the mass media as news. Businesses generally don’t pay for publicity, however, even though it is not paid for, it should not be viewed as being free. Preparing news releases, staging special events to gain coverage, and persuade media personnel and writers to talk about or write about you costs money.
3. Sales Promotion
A sales promotion consists of all marketing activities other than personal selling, advertising, direct marketing and public relations that can encourage a customer to make a purchase. Sales promotions are used to increase demand and the aim is to encourage a purchase right now, often at the point of purchase. Sales promotions include free samples, contests and sweepstakes, premiums, trade shows and coupons. It is often used most in competitive markets, its been proven that sales promotions complement all forms of advertising by creating urgency and therefore a faster ROI (return on investment) on advertising campaigns.
4. Personal Selling
Personal selling is a purchase situation involving a personal, paid-for communication between two people in the attempt to influence each other. Traditional personal selling typically includes planned presentation to buyers for the purpose of making a sale. This can be done in person, over the phone or virtually via. Zoom or Skype. In the past, personal selling was seen more as cold calling and door to door sales, however, now personal selling focuses on building long-term relationships rather than on making a one-time sale. Personal selling should emphasize a win-win outcome for both parties involved and accomplish mutual objectives.
5. Direct-Response Communication
Direct-response communication refers to as direct marketing, is the communication of a message directly from a marketing company and directly to an intended individual target audience. This is often offers than can be tracked easily, measured, analyzed, stored, and leveraged to drive future marketing initiatives. the use of online marketing provides one-to-one communication with consumers, which makes it easier to monitor.
6. Online Marketing
Online marketing is communication delivered through the internet, this also includes mobile commerce. Often the first form of online advertising, is a companies website. You can develop your own website to provide consumers with information on the product pr services you provide, as well as provide information on upcoming collections, contests, special offers and more. A tactic being utilized today is to companies creating non- company websites that are developed to entertain, provide information, and other exclusive shopping opportunities to make their customer’s life more enjoyable by focusing on the overall lifestyle of their ideal customer.