I’ve hesitated on writing this post mainly because one size (marketing strategy) does not fit all. To present the right strategy or strategies for a shop involves analysis, research and review on a variety of components, which obviously can’t happen with a blog post.
THE MARKETING STRATEGY MYSTIQUE
Is there a strategy that is just designed for retail and no other industry can use? The short answer is no. A marketing strategy is either niche, penetration, differentiation, etc.
And, any of these strategies are applicable to your business based on analysis, research and review on a variety of organizational components, such as competitive analysis, product choice, economics and business conditions, technology as well as your available resources.
And today’s successful retailers compete using more than one strategy and more importantly, being on all sales channels. If you’ve read a blog that says – do this and then do this and then do this – this is a to-do list – not a strategy.
But a strategy needs a plan.
IT ALWAYS STARTS WITH A PLAN
A properly developed marketing plan can accomplish a lot for a relatively small amount of time and effort. It stimulates thinking and can help you better use limited resources. Most importantly, it acts as a road map.
WHAT IF YOU ARE A NEW BOUTIQUE?
If you are in the planning stages of a new shop, a marketing plan will help you become aware of any problems ahead. Start with your financial analysis, monthly revenue, break-even point and how much marketing dollars you will need to build your retail brand.
Clear cut Target Audience
Go as deep as possible with your target audience, add as much information you can on who is your possible client, include personality elements, music and favourite social media platform. This will help you create the right promotion as well as keep you focused when defining your categories.
This should be developed based on what your competitors are carrying, trends and what your target audience wants as well as items that will make you unique. Category development should also be developed as impulse, trends and staple items.
WHAT ABOUT A BOUTIQUE IN CRISIS?
This could be due to any number of issues. Leadership, location, product choice or staff training. This can suggest that you don’t need a marketing plan but rather you need to implement the 120 day program where you only do activities that will generate sales or increase cash-flow.
Intuitively, even without a marketing plan you may recognize some of the problems and opportunities. However, without question, the more developed and analysis you do and the better your plan is prepared, the more you will understand what’s ahead, the potential pitfalls and what can be done about them.
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