We all make mistakes. It’s especially easy to slip up in a profession as complex and fast moving as retail marketing. Whether you’re relatively new to shopper marketing or an experienced brand manager, creating effective retail marketing plans requires hard work and a keen eye for detail. When budgets are squeezed and timelines are tight, it’s easy to overlook important factors that can make or break their success.
Here are five of the most common mistakes we see in retail marketing plans today and how to correct them.
1. Targeting your consumer, not your Retail Client’s
Clearly some of the people who buy your brand have an affinity with the retailer that stocks your products. However, to win over your retail client with an amazing marketing plan, you need to focus specifically on the perfect subset of its consumers. Hone your offer using insights about the right information, content, place and time that is perfect for your retail client’s customer.
2. relying on hunches instead of research
No one wants to get bogged down in a complex discovery process, but arming your retail marketing plan with quantitative and qualitative data is essential for getting your offer right for both your brand and your retail client. (I also touched on the importants of research in this blog post.) The trick is to know what kind of data will make the difference, and think innovatively about where to look for it: buyer behavior research studies, online search analytics, historical sales data, social conversations, within your organization or from your retail partner — the list goes on!
3. Planning For only a Single channel
As we emphasize in our Retail Marketing Success Guide, consumer engagement today can — and does — happen across a broad spectrum of platforms, both online and in store. Incorporating multichannel thinking to your retail marketing plan will help addresses challenges your retail client faces, and improve the consistency of the consumer experience.
4. failing to define success metrics
How do you decide if your retail marketing program is working? In the rush to get your offer in market, both you and your retail partner might forget this detail, but you need to work together to determine the answer to this question right at the start. Put some thought into what your program should reasonably achieve in order to meet both the goals of retail client as well as your brand's objectives, and make sure everyone is on the same page.
5. Trying to go it alone
Today more than ever, retail marketing is a team sport. If your program does not factor in how it will work in conjunction with the objectives and motivations of other initiatives your retail client has in play, it’s much less likely to succeed. Find ways to break down siloes and form partnerships with other players to build a multi-faceted program that's driving in the same direction.
Create a better Retail Marketing plan
The real secret to success in retail may not be a secret at all: get expert advice! Our handbook offers practical, easy-to-follow insights about the essential elements of smart, modern retail marketing programs.