E-commerce has influenced more retailer investors to invest in them, and private label brands when a large number of SKUs from new and established brands continue to grow. Here we are discussing best ways for brands to approach today’s marketplace in brick and mortar stores
Fremont, CA: Commerce is changing very quickly. E-commerce has influenced more retailer investors to invest in them, and private label brands when a large number of SKUs from new and established brands continue to grow. With quick access to more data, brands are pressured to deliver timely performance using less space shelf.
What are the best ways for brands to approach today’s marketplace in brick and mortar stores? Here are few tips:
1. Identify Your Target Audience
With the help of new data, systems producers can identify a brand’s target consumers. Understanding the buyer’s “soft corner” and neatly defining this can help retailers of your product reach the potential customers who are ready to trial and purchase
2. Prove Your Worth
Brands should gather accurate data and do their analysis to prove their worth. Researches on their core consumers, where they are considering to purchase from, whether the consumers are trading up in the category to their product, whether the products are welcomed by new shoppers, can help them see where they stand.
3. Focus on Smaller Markets for Product Launch
Brands can begin focusing on smaller markets before turning to national advertising. Choosing a lesser amount of retailers for product launch will increase the chances of success. By focusing on smaller markets for a longer period can provide the data, the brands need to stay on-shelf.
4. Understand Retailer’s Strategy and Buyer’s Interests
While crafting sell story or deciding on the product assortment relevant to buyers, brands can benefit from a close understanding of the retailer’s strategy.
Category incrementality is one of the key factors. A good relationship with the buyers can allow the brands to understand which factors are crucial to them and their incentives. Brands can demonstrate how they can take care of the buyer’s interests by incorporating those factors into their products.
It can be challenging to gain a customer’s attention in crowded stores. Brands can work with their retailers to achieve sufficient space (circular, digital) and display (secondary placement).
5. Speak Directly to the Target Audience
Hyper-targeted social media in the retailer(s) local markets can be useful for the brands to make sure their message reaches the potential buyers in time. Including influencers to spread the brand’s message may create more impact on the buyers than a banner advertisement. For smaller brands, this idea of social influencer marketing can bring the best out of their limited budget.