Five Tips for Retailers to Win at Marketing in a Booming Economy

Money flows in America today: GDP is growing; deregulation freed up corporate money; and with the collapse of the late 2000s, apart from a distant memory, consumers are finally spending money again.

The following five tips can help US retailers make the most of this recovery in the US economy.

  1. Identify your best customers

Consumers exhibit different buying behavior in different stores. Some people only buy items for sale in one place, but pay high prices for the best-selling items elsewhere. Find out which customers are willing to pay for their value for your products and focus on attracting more customers to your website and store.

Count on data, not intuition, to optimize marketing for your main customers. A / B tests different messages to see which ones are most popular with your target audience. Use this feedback to target your most profitable segments until you have even more visitors ready to spend.

  1. Differentiate your brand

Unless you have a very specific niche, someone else will probably be selling what you are selling. If another company offers a relatively cheaper alternative, don’t go into a price war that you can’t win. Stay out of the crowd, showing customers why you deserve their business.

Modern consumers tend to look beyond products to judge the brands behind them. Take advantage of this, representing more than just profit. For example, REI charges a premium for its outdoor products but maintains the respect of its audience through initiatives such as Opt Outside, its response to the Black Friday frenzy.

  1. Optimize your projects

Modern UI and UX designers make a lot of money for that reason. Good design leads to sales, while bad design limits sales.

Invest in your online presence by removing clutter, reducing loading times, and navigating your site more easily. Create an attractive showcase in physical locations to impress customers and interest them in the product on display (and in everything around them).

  1. Organize an event

Low season sales and busy weekends are perfect occasions to host a big event. Avoid discount opportunities that limit your earning potential and focus on greater community-led efforts to attract buyers.

Partner with a local charity to run a campaign to collect donated goods. To get bonus points, choose an item that fits your brand, as a benefit for a poor mother in a baby clothing store. Don’t forget to attract a large audience by inviting a DJ, announcing prices at the door, and alerting the local media.

  1. Create a simple loyalty program.

Customers love loyalty programs, but not all programs are created equal. Instead of offering hard-to-pay rewards and adjusting earnings criteria, keep it simple by offering consistent rewards for a consistent business.

Kohl’s, for example, is very dependent on its loyalty program. Kohl’s Cash is not activated until a few days after purchase, but the discount is big enough to motivate customers to return the following week (and then the following week). The winning number is easy to remember – $ 10 for every $ 50 spent on promotions or $ 5 for every $ 100 spent on prizes in general – and cashiers are trained to talk about the value of savings with each purchase.

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Wallets are full in America. As the shopping season approaches, retailers must move quickly to get their share of the pie. By following the tips in this article, large and small businesses can take advantage of customer spending this year and lay the foundation for long-term loyalty.