Marketing: A guide to efficient sales in retail

Overview

Retail marketing is a means of creating awareness for products and services to enhance sales. It entails promotions, researches, advertisements of goods and services and generation sales from consumers. Strategic marketing in a retail business cannot be overemphasized. Different approaches and strategies- retail marketing mix- are used by various UK retail store to enhance sales.

Retail marketing mix

This is a fundamental and strategic approach that most retailers use in promoting their businesses. They are also referred to as 'the 4 Ps of marketing'. They are:

  • Product
  • This has to do with the kind of merchandize a retailer is willing to sell; it ranges from hard products like appliances and cars to soft products like clothing and edibles.

  • Price
  • The retailer has to ensure that prices cover the cost of the product as well as other overhead cost. This is very important.

  • Place
  • Location of a business is just as important. Retail business should be located in a place where it would actually meet consumers' needs.

  • Promotions
  • This is the final marketing mix and the basis for this article. Promotions include personal selling, advertising, sales promotion, direct marketing, and publicity. This serves to enhance sales and introduce new products to the market.

    Types of marketing strategies you can adopt
  • Word of mouth marketing
  • Viral marketing
  • Mass marketing
  • Undercover marketing
  • Public Relations marketing
  • Online marketing
  • E-marketing
  • Offline marketing
  • Direct marketing
  • Freebie marketing
  • Content marketing
  • Direct marketing and a host of others.
  • Any of the aforementioned strategies can be adopted in promoting a UK retail business.

    Online Retail

    Sometimes to be on an online retailer, all you need is a computer with internet access and a wholesale store to supply your goods. No rent fee, location issues or other store utilities such as chairs, counters and the likes. The UK retail businesses are really harnessing the benefits of online retailing. So if you want to be a retailer eventually, online retailing might just be a good start up point for you.