The Influence of In-Store Marketing
Are TV and Radio Ads Your Only Option? Any marketing team has researched intensively through industry ROI data, discussed possible marketing strategies over extended meetings, and developed extensive product development strategies. These are all designed to answer those crucial marketing decisions regarding marketing budget allocations. How do I increase my marketing ROI? Are expensive TV and radio broadcasts the best way to go? Should I look into developing my product’s in-store marketing capabilities? How do I raise customer awareness of my products?
Calculating marketing ROI is not easy; there isn’t a solid way of gauging what effects customer buying decisions. There are tendencies, and obvious ways of improving product awareness, but the only sure method is to employ an immense marketing budget that will raise product sales through a steady increase of product identity across the range of public perception.
Large conglomerates have the ability to launch incredible marketing campaigns, intended to raise brand awareness on a global level. The ROI however, is not efficient in the short term and therefore this option is not viable for small and medium sized companies. Companies of this size just cannot compete with corporate monsters like Pepsi or Walmart.
Interestingly enough, this does not have to be a problem. Though the effectiveness of in-store marketing has always been known at least to some extent, recent data has hinted at much greater effectiveness than previously realized. Research companies like POPAI, B&T and others, have shown that an average of 70% of purchase decisions are made by a customer while walking around in the store!
This statistic makes perfect sense, and has far-reaching consequences. Let’s quickly discuss what this entails; a customer can be at home and watch a visually persuasive TV commercial, but then not be in any kind of position to make a purchase based on that ad for hours, or even days. So why would smaller to medium-sized companies ever want to spend huge amounts of company funds on TV or radio ads, when most customers just aren’t in a position to buy anyways? There’s got to be a better method.
And that statistic made mention of above clues us in on a very important marketing factor influencing the decision to buy. And that is recency. How quickly after a customer saw your marketing material or advertisement were they able to act on it and make a purchase?
Consequently, the most ROI-efficient marketing method small and medium sized companies can employ is in-store marketing, or the use of “Point of Purchase” displays. These displays represent the only marketing medium available at the time and place when customer, the money to buy, and the product all come together. Then is the time to worry about product imagery and communication of product benefits.
Retailers are always glad to receive POP displays from their product vendors. Though “clean-store” policies are an issue, they do not have to be a hindrance. A well-crafted and carefully designed display creates a much more appealing environment for their shoppers to peruse, and retailers are always looking to improve in-store appeal for their customers. Just be sure to meet the needs of your retailer in your product displays.
Be sure to hire the right marketing personnel, partner with an educated manufacturing firm, and design POP displays with intense visual imagery and excellent presentation of product benefits; therefore ensuring you have the resources to make the right marketing decisions. This is the key to improving your company’s sales and profits.
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