Happy Tuesday retail friends!
First things first: unfortunately, our interview with James Yu of SimplyGlobo will be posted NEXT Tuesday, but have no fear, I have lots of great content to share with you in the meantime!
Today I want to talk a little bit about the importance of marketing. Have you ever marvelled at a store layout, and as a result, been attracted to a product which, when placed in an alternate setting, seems less grand? This often times leads to buyer’s remorse, take it from a professional. You wonder to yourself, how come it looked so great in the store and so drab in my living room? Whether it be dimly lit fitting rooms to cloud our judgement on how a piece of clothing really looks, or a not so great book being placed in the store window of Barnes and Nobles, marketing, once again, won.
Marketing has become necessary for every business, no matter its size or product. It has become a way for vendors to implicit guide your purchases to the products they wish you to purchase, even if there may be a better product out there.
So what exactly goes into marketing? Just like in the movies, nothing is left up to chance. Everything we see, from the packaging to the placement in a store, has carefully been calculated to maximize profit. When you are picking which protein bar to buy, the arrangement of choices you see on the selves infront, above, and below you have been systemetically placed. The packaging you see in front of you has taken months of deliberation, market analysis, and design. It is an process we are not supposed to see. It may seem inherently unfair, being that larger and better funded marketing departments may find themselves the center of attention in stores, but this is not necessarily the case. Marketing benefits companies and brands of all sizes.
Earlier we discussed being ready for retail. Part of this preparation is having a marketing strategy. Having a great product is not enough! It is about how it is marketed. Marketing is your chance to provide the public a preview of your product or service. Therefore, you should take this opportunity to highlight what the consumer gains from your product!
Though a tedious and time consuming task, the necessary evil that is marketing can provide many benefits. Here are just a few:
1. It is an opportunity to create a brand image, particularly, the brand image that YOU want!
2. It has been shown to improve sales.
3. It encourages brand recognition.
4. Over time, it can establish a trusted and loyal customer base.
Hopefully this blog has proven to be beneficial and informative!
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See you Thursday!