If you loosing your market share or are new at retail, then you are losing you incomes. Possibly main reason would be lack of brand awareness or there is very little customer engagement with it.
There are three ways to solve this issue:
- Take market share from competitors
- Convince inactive prospects in market to sell your product
- Acquire the competitor
Take market share
Retail marketing can help you instore to take market share from competitors. Promoting your products instore will help you to gain novelty tyring and undecided customers instead of buying competitors product. Also, you can convince the customer to switch from your competitor’s product to your product, or at least try to do it.
When it comes to inactive prospects, you will need to convince new retailers that are not selling your product to make them purchase your product. If you work with largest retailers, expand your sales network with smaller retail chains. If you work with small retailers, it is time for next step – cooperation with largest retailers.
Acquiring competitorarket share
Finally, acquiring competition is the costliest strategy that will help you to increase market share. You can acquire another competitor with the less or same market share and expand your market immediately. But this more strategic business action, than marketing decision
But let’s consecrate on marketing topic
Nowadays instore there are lot of brands and product available on shelf. How can customer easily make a decision which one to buy?
When it comes to fast moving consumer goods is difficult to choose, except if you are product lover with all your heart. This why instore marketing is essential. For example, when customer goes to chocolate sector, he sees 10 of brands and even more flavours. By adopting a good in-store marketing you’ll be able to differentiate your product from competition.
The problem which not one of manufacture face is lack of product visibility. It is hard to increase product visibility when there are so many other product competing for attention of shoppers eyes. And here is when in store marketing action helps.
In order to increase your product sales, you will need to make your productive better noticeable. You can start from product packing review (design and colours), but if this already tested digital displays and shelf banners can help to increase product visibility, which will lead to even better brand awareness.
Covid-19 has a big impact on all retailers and brands who sell exclusively on physical stores. While eCommerce is booming, retail stores partly lost their customers flow and developing their own e-shops with home delivery systems.
During Covid-19 crisis, customers buy rarely and their shopping experience last much quicker. The only good thing is that work and live from home reality increased FMCG product consumption at home. Overall basket size increased pretty much, because snaking and home making now is every family’s duty, and we all buy more nowadays. That’s why it is essential to have a good product placement instore and marketing.
Definitely Retail marketing can help you increase revenue. A great sale will make people think twice before skipping the sale. BUT in store promotion will help in hurry shoppers to see your product better, to boost upsells and cross-sells. And you will not need to reduce product’s margin!
Well planned instore promo experience will create:
- Real – Feel connection
- Tell brand story
- Convert undecided customers
- Educate customers
- Offer better shopping experience
- Leverage impulse buying
With the help of in store marketing you will create better shopper experience to your customers. Use tools: Video, Music, Lights, Scent and even robots.