Establishing a Unique Brand Identity in the Retail Sector
retailciooutlook

Establishing a Unique Brand Identity in the Retail Sector

By: Retail CIO Outlook | Thursday, August 06, 2020

Retailers who are capable of creating their own brand and stand out in the crowd make a better impression among potential clients and capture more sales. However, finding the right way to do so takes some amount of research and creativity as it goes beyond just offering exceptional value

Fremont, CA: Large banners and successful franchises are capable of increasing profits, but they are far from optimizing the full potential of the business. Studies have shown that, in recent years, over half a million small businesses open every year. While these numbers may be motivating for entrepreneurs who want to enter the retail sector, they are also a sign of increased competition for retailers. The existing retailers need to find a way to stand out among the increasing number of businesses. Retailers who are capable of creating their own brand and stand out in the crowd create a better impression among potential clients and capture more sales. However, finding the right way to do so takes some amount of research and creativity as it goes beyond just offering exceptional value. Retailers need to take a holistic approach to ensure that the brand experience makes the business stand out and transforms new customers into forever admirers.

Understanding the Needs of the Customers

Knowing and understanding precisely what the customer wants is the first step toward a successful sale. Retailers who can understand the demands of the customer will be able to address the needs of the customer effectually. Fixing on one sales strategy is the wrong strategy that most retailers fail to realize. Retailers need to approach various sales pitches and individualize the efforts based on the customer. Take into account the customer's lifestyle, hobbies, passion, and more. These factors can help identify the uniqueness of the customer and recommend products and services based on the same. Keep ongoing market trends in mind. The customer will continuously change, and the retailers need to keep up with these changes. What a customer might have preferred in the past may not match with the contemporary tastes of the customer.

Focus on Demonstrating Solutions      

Products are a retailer's greatest strength. They can quickly help retailers stand out in a highly competitive market. This can be achieved by highlighting the features that are exclusive to their products. This helps to establish a unique brand identity from that of their competitors. It is essential to connect with the client's mindset simultaneously. Focus on demonstrating the solutions rather than explaining them, let the product talk for itself. Retailers should keep in mind that customers often do not like hard selling. Trying to convince a customer too hard may come off as needy. Avoid this in all circumstances.

A customer wants to know whether the product offered can solve the problem at hand. Act as a solution provider and make the customer realize that the product is the best option available in the market. If convinced, the sale will occur naturally. A customer's search ends when they are confident that the retailer can offer what they are looking for, and this should be the aim of every retailer. Apart from products, services also form a significant portion of the retail industry. Offering service packages that competitors cannot match with is another way to stay abreast in a highly competitive industry.

Boost Cross-selling

Cross-selling is a great way to increase sales. However, cross-selling can go wrong if the suggestions are not related. Moreover, there is a fine line between cross-selling and pestering. Retailers need to ensure that the customer is comfortable with the retailer suggesting other products to go along with the purchase. For instance, if the customer is buying a coffee machine, it is alright to suggest different quality coffees, filters, coffee capsules, other aromas, etc. These products will be useful to the customer and will also add on to the sales, something that cannot be achieved through hard sales.

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