Many retailers have embraced the idea of creating a strategy for their business. There are many ways to go about it, but the goal is to create a long-term plan to help your company grow online and offline.
To ensure that you can create an effective retail strategy, you should analyze and study your competitors’ strategies and then develop an actionable plan for your business.
With this in mind, you need first to identify the resources available for the management of this task. You should also decide on how it should be managed, who will manage it, and whether they need specialized skillsets or not.
The next step would be drafting a list of goals with timelines and milestones that you want to achieve with your retail strategy. This list should include the following: increase your product line, increase customer retention, and generate more revenue.
Table Of Contents
- 5 Steps to Create a Successful Retail Brand Strategy
- Bringing your branding into the store
- Bringing it altogether
5 Steps to Create a Successful Retail Brand Strategy
1. Define the purpose of your retail brand strategy
Brand strategy is the process of developing a brand’s image, message, and appeal to its target market. A brand strategy can span from a single action, such as creating a new logo design, to a multi-year corporate plan.
2. Identify your target market
To successfully generate more sales in your retail business, it is vital to identify the target market. The target audience for your brand will depend on the type of product or service you are selling. To reach out to your audience, your marketing materials must be targeted towards them.
3. Determine your core values and principles for your retail brand
A retail brand is the first impression of your business or product. To craft a message that resonates with prospective customers, you need to be mindful of your brand’s values and principles.
4. Emphasize what makes your retail store different from competitors
Have you ever been shopping for a particular item, but the store is just too crowded, and you can’t find what you are looking for? Have you found yourself in a store, only to feel overwhelmed by the number of items on the shelves? Or are you tired of buying products that don’t meet your expectations? If your retail brand makes this a thing of the past, then your customers will love shopping at your retail store. You need to let them know this, though!
5. Create a plan for achieving your retail store goals
To achieve the goals of your retail store, you must create a plan for achieving these goals so that you have a clear understanding of what actions need to be taken. This can be done by identifying metrics and setting up specific goals for each metric. In addition, your team must share their opinions on different metrics so everyone understands how their work contributes to its overall success.
Now that you have a clear idea of your branding, it is time to look at incorporating that into your retail store.
Bringing your branding into the store
A brand identity is important for merchants with brick-and-mortar locations, but it is not the only factor to consider. Bringing this brand individuality to the buying experience is essential. Here are some suggestions for how retailers might accomplish this.
1. Consistency is key
Bringing your brand identity to life in your brick-and-mortar store begins with the emotion you want customers to associate with your brand and how their shopping experience may help them achieve that emotion. But it is not just about what is in your store; retailers must consider the larger picture and how all aspects of their brand are intertwined to create a cohesive whole.
All customer touchpoints must be consistent with the same logo, the same typefaces, the same look and feel in advertising and the stores. Then, when everyone works together, you can drive home the point.
Your brand must elicit the same emotional response from your customers, whether they connect with your company – in-store, via email, social media, or on your website. Therefore, the brand’s identity must be maintained at all times.
To guarantee this consistency, consider the following:
- Document your brand identity, which should include things like your voice, your mission, and logo usage guidelines, among other things. Make sure that this paperwork is distributed throughout your organization, and include examples of both good and poor behavior to assist employees in understanding the policy.
- Maintain control over your brand: Employees will be empowered to act as brand enforcers if they have received the appropriate training on your company’s brand identity. Inform them that if they notice anything not in keeping with the company’s brand, they should contact you. Some companies even have a dedicated team to ensure that brand guidelines are followed across all communication platforms.
- To keep on the same page, ensure that all aspects of the business—store managers, marketing, public relations, product managers, and other departments—are aligned and have open lines of communication with one another. This might be accomplished through a weekly all-hands meeting or by sending out regular progress updates via email.
Without a consistent system, the brand’s identity will become lost in the plethora of interaction touchpoints. Coherence across all channels increases the power of the brand identity’s resonance, which increases your company’s relatability.
Signage is frequently the initial point of contact between a consumer and a brick-and-mortar establishment. As a result, retailers must establish their brand identity in this area.
Even the store name that is displayed over your entryway is significant. It is the best opportunity to make a lasting first impression.
Window displays are also included in the definition of signage. At the entrance to the store, the brand identity must be robust; visitors want to feel like they are entering your world when they enter your store.
An A-Board, which can be placed on the sidewalk out front, is a creative and inexpensive method to make an excellent first impression on customers. Retailers can attract foot traffic, particularly people who may have passed by your window displays without noticing them.
Make sure that the brand’s identity is reflected in all signage, from directional signage to marketing. There is the chance to express your brand identification on everything from employee uniforms and custom swing tags to changing room seating and flooring. Maintain consistency in fonts, colors, voice, and tone – all while remaining true to your brand identity.
3. The logo
Along the lines of graphics, your logo is an integral part of your company’s overall identity. As part of the brand identity development process, you will develop a logo representing your company’s identity. In addition, the logo must have a role in the in-store customer experience.
It is not simply a matter of plastering the brand on every surface where there is room for it. It must be strategic.
The logo can be used on various items, including product displays, receipts, shopping bags, and price tags, among others. It is critical not to overload customers while also not underwhelming them at the same time. All of this is dependent on the brand’s identity.
4. Sales employees
Your sales employees on the floor are the living embodiment of your company’s brand. This team is responsible for bringing the retailer and the products to life. Therefore, they must be viewed as an integral part of the brand’s overall identity and strategy. When onboarding new staff, make sure they receive thorough training. Make sure they are familiar with the brand identity and understand what it represents and how they can embody it. Keep this in mind when interviewing and vetting possible new employees.
Bringing it altogether
Retailers must be familiar with their customers and their own brand identity. Create an experience that will allow customers to form lasting ties with you. In today’s marketplace, emphasizing the experience rather than the product can be highly beneficial and set you ahead of your competitors in the market.