Over the years, retail consulting firms have paved the path for innovation, creativity and hard work. There are various ways to promote a product and the items are added to this list constantly as there are additions in the industry or information technology market every single day. Let us begin to explore about Retail Branding, which uses retail destinations as a marketing tool. There are different types of retail branding techniques which cater to different types of organizations and their unique needs. Retail is also known as the last mile destination due to it being the final step before the actual sale. This makes it the nearest avenue to the users and also the most important one. The direct connection to the consumers enables real feedback without any adulteration.
There are other benefits to it:-
• First-hand feedback.
• Brand Visibility.
• Effective promotional techniques.
This brings us to the most delicate thread in the process- the Retailers, without enthusiastic efforts from them; this whole plan cannot be very effective. If there were hypothetical pillars to retail merchandising or branding, a dedicated team is the wisest one. We have seen the advantage and the willingness of the marketers to opt for this medium, as markets have grown significantly at approximately by 7.45 percent since the year 2000.
Huge Investment and Long Time Commitment
Whenever an organization puts in resources, it is a charge on its profit and therefore it should be justified. What starts to gain attention are the details, any strategy has to lead to one end result- a customer buying the product.
In India, about 92% of such customers rely on retailers— general stores or mini markets around their houses. This provides a very narrow focus point for the companies. Since the retail branding is favorite to the marketers, companies roll in a lot of currency towards it. Every Indian businessman understands the game; however, the results of the implementation of such strategies are not easy for everyone to understand. At the same time, these results are key data to obtain a plan and its usefulness for the company. This is also a long-term investment and thus a continuous process which needs determination and dedication from both the marketers and the retailers.
What is the solution?
“RETAIL AUDITS”
They simply mean the study of a sample of retail outlets selected randomly or by use of a special model, wherever a subscription-based service is being provided. In layman’s terms, it is collection of data in regards to-
- Sales Volumes and Trends.
- Stock Level.
This is done to ensure that the demand and supply chain can be maintained and no inconvenience is caused to the customers due to non-availability of the products at the concerned outlet. Analysis of this data also clarifies which product, outlet and region are the profit Centers and can be targeted to expand sales further. Another aspect of these audits is assurance that the retailer is making your brand visible, for example, the posters are stuck at a place of visibility, and merchandise is made noticeable. A retail outlet sources many different products and possibly similar ones from your rival brands, so proper steps should be taken so that a product outshines its competition.
This can be done by:-
- Promotional offers made known to the customers by way of posters and through the word of mouth.
- Advertising should be evident in the outlet and if not over shine others, it should still be attractive to the customer.
An experienced retail branding and merchandising consultant can always help ease this process out.
