A retail marketing strategy is the plan that defines how, where, when and to whom a brand sells its products. More specifically, it will details: your target market, your products, your retailing strategy and your key differentiation points with your competitors.
Today, we will take a look at the different retail marketing strategies you can use in order to increase your revenue. Our list is all but exhaustive, but we have brought together the most iconic and recognisable strategies.
Introduced a few years ago, fast fashion has made companies like Inditex or H&M very successful in a short amount of time. Fast fashion aims at proposing new collections on a very regular basis (almost every week for a brand like Zara), following the latest trends. The design and production processes are squeezed in just a few weeks, allowing the final consumer to pick up new styles often and for a a low price points. This strategy increases the feeling of urgency as the end-consumer knows that products are only available for a very short time. Brands wishing to follow this strategy need to adapt their whole process (from designing to delivery) in order to be able to deliver new products as fast as possible. This also means that stock levels have to be be kept very low.
Creating a core product
A core product is an iconic product that consumers immediately associate with your brand. Think about underwear for Calvin Klein or trench for Burberry. A core product is often the first product launched by a brand and it will bring a lot of benefits, allowing you to:
- focus entirely on one product, and hopefully perfect it!
- test and learn in many different fields (design, production, retail, marketing, consumer engagement, etc.), without overcomplicating your work,
- create a strong story-telling for your brand (look at this piece of content created by Hermès around their famous ‘carré’),
- generate a pool of consumers that really appreciate your core product,
- generate revenues that you can invest in creating new product lines later on.
Expanding to online channels
E-commerce is a quick and cost-effective way to sell your products in your country and abroad. You can sell on your own website or through an online retailer (like Zalando) or marketplace (like Amazon). Expanding online can also be a first step in a new market, allowing you to test the water. Scaling your business online is much quicker and less costly, as you do not need physical retail space, can ship from existing warehouses and do not need to add infrastructure for employees as marketing and customer communication can be managed from your headquarters. You can use online channels not only to expand to new markets but also to create exclusive online offers in your existing markets to increase your sales and your profits directly. Selling online also allows you to store some data about your consumers and the products they like. This can be turned into great insights that can be leveraged to improve your revenues.
The last of the 4 retail marketing strategies is creating a space for yourself in a niche market segment.
This could be identifying what you are best at – and expanding on it further! In a niche market, you will face less competition but the demand will also be smaller. So you must also excel 100% to be taken seriously. There are many example of niche brands on fashionTrade:
Creating your own retail marketing strategy
There are of course many ways to customise these approaches to your own needs. If you wish to develop your wholesale strategy, sell efficiently to your current retailers and connect with new ones, fashionTrade is the perfect tool for you. Visit our brand page and sign-up for a free demo. We would love to show you around.